Analisis Pengaruh Struktur Modal Terhadap Kinerja Perusahaan pada Perbankan Syariah di Indonesia

Kelvin Kelvin, Hery Haryanto

Abstract

This study aims to examine the relationship between capital structure as measured by leverage and control variables, namely firm size, firm age, firm growth, tangibility and liquidity on company performance at Islamic commercial banks in Indonesia registered with the Financial Services Authority in the 2012-2021 period. Data were analyzed using descriptive statistics, panel regression analysis, t test, F test, and coefficient of determination and the results showed that there was a significant influence on leverage, company growth, and liquidity on the performance of Islamic banking companies. While other variables, firm size, firm age, and tangibility have no significant effect on the performance of Islamic banking companies in Indonesia.

Keywords

Firm Performance; Capital Structure; Islamic Banking

Full Text:

PDF

References

Abidin, A. Z., Ahmad, D. A., Shah, D. N. H., Khan, M. N., Arif, D. M., & Khan, D. I. (2021). A Comparative Analysis of Unlevered and Levered Beta and its Impact on Firm Performance. International Journal of Innovation, Creativity and Change, 15(4), 784–800.

Adeoye, S. D., & Olojede, S. O. (2022). Impact of Capital Structure on Financial Performance of Selected Quoted Food and Beverages Manufacturing Industries in Nigeria. Journal of Economics, Management and Trade, 28(1), 1–14. https://doi.org/10.9734/jemt/2022/v28i130384

Afroze, S., & Khan, S. A. (2022). Impact of Capital Structure on Firm Performance: Evidence from the Pharmaceuticals & Chemicals Sector in Bangladesh. The Cost and Management, 50(01), 27–40.

Ahmed, A., & Teru, D. P. (2020). The Impact of Capital Structure on Financial Performance of the Listed Deposit Money Banks: Evidence from Nigeria. International Journal of Research in Finance and Management, 3(2), 13–18. https://doi.org/10.47752/sjbmm.41.12.16

Akmalia, A., & Aliyah, S. A. (2022). The Role of Financial Performance in Mediating the Effect of Institutional Ownership, Company Size and Sales Growth on Firm Value. Jurnal Manajemen Bisnis, 9(2), 274–288.

Al-Hunnayan, S. H. (2020). The Capital Structure Decisions of Islamic Banks in the GCC. Journal of Islamic Accounting and Business Research, 11(3), 745–764. https://doi.org/10.1108/JIABR-02-2017-0026

Alhaji, A. A. (2022). Capital Structure and Financial Performance of Commercial Banks in Nigeria. Global Journal of Management and Business Research, 22(1), 33–41.

Alhassan, I. (2021). Capital Structure and Financial Performance of Consumer Goods Companies in Nigeria. International Journal of Accounting Research, 6(2), 58–67. https://doi.org/10.51976/gla.prastuti.v2i1.211302

Andarsari, P. R. (2021). Pengaruh Struktur Modal dan Struktur Kepemilikan Terhadap Kinerja Perusahaan (Studi pada Perusahaan Sektor Jasa Keuangan Periode 2015-2017). Jurnal of Accounting And Financial Issue, 2(1), 11–20.

Aulia, H., & Gandakusuma, I. (2020). The Effect of Capital Structure on Firm Performance of Manufacturing Companies in ASEAN 5 Country. Advances in Economics, Business and Management Research, 144(Afbe 2019), 473–477. https://doi.org/10.2991/aebmr.k.200606.080

Avelia, T. E., & Esita, P. (2020). Pengaruh Corporate Governance dan Umur Perusahaan Terhadap Kinerja Perusahaan. Jurnal Ekonomi, Bisnis Dan Industri (EBI), 2(4), 33–41. https://doi.org/10.52061/ebi.v2i2.21

Bawa, S. Y. (2022). Impact of Capital Structure on Financial Performance of Listed Industrial Goods Companies in Nigeria. Research Journal of Management Practice, 2(8), 24–49.

Cooper, D. R., & Schindler, P. S. (2014). Business Research Methods 12th Edition. In Business Research Methods.

Dat, N. D. (2022). Impact of Capital Structure on Firm Performance of Food and Beverage Listed Companies on the Stock Exchange of Vietnam. International Journal of Current Science Research and Review, 05(09), 3425–3432. https://doi.org/10.47191/ijcsrr/V5-i9-21

Diana, L., & Osesoga, M. S. (2020). Pengaruh Likuiditas, Solvabilitas, Manajemen Aset, dan Ukuran Perusahaan Terhadap Kinerja Keuangan. Jurnal Akuntansi Kontemporer (JAKO), 12(1), 20–34. https://doi.org/10.33508/jako.v12i1.2282

Dinh, H. T., & Pham, C. D. (2020). The Effect of Capital Structure on Financial Performance of Vietnamese Listing Pharmaceutical Enterprises. Journal of Asian Finance, Economics and Business, 7(9), 329–340. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.329

Djuaeriah, N., & Winarta, B. J. (2022). The Effect of Capital Structure and Agency Cost Towards Profitability. Socialis Series in Social Science, 2, 29–47.

Do, L. H., Luong, K. T., Mai, A. N. H., Dam, L. A., Pham, H. T. L., & Nguyen, N. T. (2022). The Impact of Capital Structure on Firm Performance: Case of Listed Firms in Processing and Manufacturing Industry in Vietnam. International Journal of Economics, Business and Management Research, 6(03). https://doi.org/10.51505/ijebmr.2022.6307

Etim, E. O., Confidence, I. J., & Umoffong, N. J. (2020). Financial Performance Determinants at the Nigerian Oil and Gas Sector. East African Scholars Journal of Economics, Business and Management, 3(12), 941–951. https://doi.org/10.36349/easjebm.2020.v03i12.004

Fauziah, F., Latief, A., & Jamal, S. W. (2020). The Determinants of Islamic Banking Capital Structure in Indonesia. Jurnal Ekonomi Dan Bisnis Islam, 5(2), 125–138. https://doi.org/10.2139/ssrn.1740500

Guluma, T. F. (2021). The Impact of Corporate Governance Measures on Firm Performance: The Influences of Managerial Overconfidence. Future Business Journal, 7(1), 1–18. https://doi.org/10.1186/s43093-021-00093-6

Hoque, H., & Liu, H. (2022). Capital Structure of Islamic Banks: How Different are they from Conventional Banks? Global Finance Journal, 54(1), 100634. https://doi.org/10.1016/j.gfj.2021.100634

Hossain, M. I., Azam, M. S., Uddin, M. R., & Shovon, M. K. H. (2022). Capital Structure and Financial Performance of Food Industry: An Agro-Based Emerging Economy Perspective. International Journal of Accounting & Finance Review, 10(1), 53–60. https://doi.org/10.46281/ijafr.v10i1.1654

Islam, Z. ul, & Iqbal, M. M. (2022). The Relationship between Capital Structure and Firm Performance: Evidence from Pakistan. Journal of Finance and Accounting, 9(2), 81–92. https://doi.org/10.11648/j.jfa.20130103.11

Jensen, M. C., & Meckling, W. H. (1976). Theory of Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of FInancial Economics, 3, 305–360.

Khan, J. M., Kamran, M., & Imran, M. (2020). Impact of Ownership Structure and Board Composition on Corporate Performance in Indian Companies. Journal of Banking and Finance Management, 9(1), 44–66. https://doi.org/10.1177/0974686216635787

Kurniawan, D., Ardyan, E., Istiatin, & Luhgiatno. (2022). Impacts of Company Size, Company Age, and the Generation of the Leader on Firm Performance. Binus Business Review, 13(3), 273–283. https://doi.org/10.21512/bbr.v13i3.8213

Mai, M. U., & Setiawan. (2020). Pengaruh Struktur Modal terhadap Kinerja Perusahaan pada Industri Manufaktur Kriteria Syariah di Bursa Efek Indoneia. Jurnal Riset Akuntansi Dan Keuangan, 8(1), 159–170. https://doi.org/10.54371/jiip.v5i5.569

Miah, M. D., & Suzuki, Y. (2020). Murabaha Syndrome of Islamic Banks: A Paradox or Product of the System? Journal of Islamic Accounting and Business Research, 11(7), 1363–1378. https://doi.org/10.1108/JIABR-05-2018-0067

Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261–297.

Mukumbi, M. C., Eugine, K. W., & Jinghong, S. (2020). Effect of Capital Structure on the Financial Performance of Non-Financial Firms Quoted at the Nairobi Securities Exchange. International Journal of Science and Business, 4(4), 165–179. https://doi.org/10.5281/zenodo.3787293

Murdiansyah, I., Wahyuni, N., & Lestari, Y. O. (2020). Pengaruh Struktur Modal, Ukuran Perusahaan dan Agency Cost Terhadap Kinerja Perusahaan Manufaktur Terdaftar di BEI. Jurnal Ilmiah Akuntansi Peradaban, 6(1), 108–123.

Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 574–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x

Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions when Firms have Information that Investors Do Not Have. Journal of Financial Economics, 13, 187–221.

Nazir, A., Azam, M., & Khalid, M. U. (2021). Debt Financing and Firm Performance: Empirical Evidence from the Pakistan Stock Exchange. Asian Journal of Accounting Research, 6(3), 324–334. https://doi.org/10.1108/AJAR-03-2019-0019

Ngatno, Apriatni, E. P., & Youlianto, A. (2021). Moderating Effects of Corporate Governance Mechanism on The Relation between Capital Structure and Firm Performance. Cogent Business and Management, 8(1).

https://doi.org/10.1080/23311975.2020.1866822

Ngoc, N. M., Tien, N. H., Chau, P. B., & Khuyen, T. Le. (2021). The Impact of Capital Structure on Business Performance of Real Estate Enterprises Listed at Ho Chi Minh City Stock Exchange. PalArch’s Journal of Archaeology of Egypt/Egyptology, 18(8), 92–119. https://archives.palarch.nl/index.php/jae/article/view/8050/7524

Nguyen, H. T., & Nguyen, A. H. (2020). The Impact of Capital Structure on Firm Performance: Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 7, 97–105. https://doi.org/10.13106/JAFEB.2020.VOL7.NO4.97

Nguyen, T. X. H., Pham, T. H., Dao, T. N., Nguyen, T. N., & Tran, T. K. N. (2020). The Impact of Foreign Ownership and Management on Firm Performance in Vietnam. Journal of Asian Finance, Economics and Business, 7(9), 409–418. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.409

Nini, D. P. (2020). The Effect of Capital Structure for Firm Performance in Manufacturing Companies Listed of the Indonesia Stock Market. Advances in Economics, Business and Management Research, 152, 17–23. https://doi.org/10.2991/aebmr.k.201126.003

Nyaga, R. M., & Deya, D. J. (2022). Influence of Capital Structure on Financial Performance of Construction and Allied Firms Listed in Nairobi Securities Exchange in Kenya. International Journal of Finance, 7(2), 35–55. https://doi.org/10.47941/ijf.904

Osagie, E. I. E., & Enadeghe, I. B. (2022). Capital Structure and Performance of Non-Financial Firms in Sub-Sahara Africa. International Journal of Finance Research, 3(1), 49–62. https://doi.org/10.47747/ijfr.v3i1.682

Otoritas Jasa Keuangan. (2022). Siaran Pers Strategi Keuangan Syariah Bertahan di masa Pandemi. https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Strategi-Keuangan-Syariah-Bertahan-di-Masa-Pandemi.aspx

Rahmayati. (2021). Competition Strategy in the Islamic Banking Industry: An Empirical Review. International Journal of Business, Economics, and Social Development, 2(2), 65–71. https://doi.org/10.46336/ijbesd.v2i2.133

Rofi’atun, & Nabila, R. (2021). Faktor-faktor yang mempengaruhi Struktur Modal pada Bank Umum Syariah. Journal of Accounting and Digital Finance, 1(2), 59–71. https://doi.org/10.53088/jadfi.v1i2.78

Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40. https://doi.org/10.2469/dig.v27.n1.2

Rossi, M. (2016). The Impact of Age on Firm Performance: A Literature Review. Corporate Ownership and Control, 13(2), 217–223. https://doi.org/10.22495/cocv13i2c1p3

Shamsuddin, Z., Kamel, A. M. M. A., Daud, W. M. N. W., & Yusoff, W. S. (2020). Analysis of Capital Structure and Financial Performance in the Jordanian Insurance Sector. Humanities & Social Sciences Reviews, 8(3), 1310–1320. https://doi.org/10.18510/hssr.2020.83133

Shoaib, A., & Siddiqui, M. A. (2022). Earnings Management and Theoretical Adjustment in Capital Structure Performance Pattern: Evidence from APTA Economies. Borsa Istanbul Review, 22(1), 20–36. https://doi.org/10.1016/j.bir.2020.12.001

Sitompul, H. F., & Muslih, M. (2020). Pengaruh Tata Kelola Perusahaan, Remunerasi Direksi, dan Ukuran Perusahaan Terhadap Kinerja Perusahaan Dimoderasi oleh Komite Audit pada BUMN Bidang Keuangan Non Publik. Jurnal Kewirausahaan, Akuntansi, Dan Manajemen TRI BISNIS, 2(2), 141–159.

Sudiyatno, B., & Suwarti, T. (2022). The Role of Liquidity in Determining Firm Performance: An Empirical Study on Manufacturing Companies in Indonesia. European Journal of Business and Management Research, 7(6), 183–188. https://doi.org/10.24018/ejbmr.2022.7.6.1711

Sundas, S., & Butt, M. (2021). Impact of Liquidity on Profitability and Performance. A Case of Textile Sector of Pakistan. International Journal of Commerce and Finance, 7(1), 122–129.

Trong, N. N., & Nguyen, C. T. (2021). Firm Performance: The Moderation Impact of Debt and Dividend Policies on Overinvestment. Journal of Asian Business and Economic Studies, 28(1), 47–63. https://doi.org/10.1108/JABES-12-2019-0128

William, J., & Sanjaya, R. (2017). Faktor-faktor Yang Mempengaruhi Kinerja Perusahaan pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Bisnis Dan Akuntansi, 19(2), 152–162. http://jurnaltsm.id/index.php/JBA

Wilson, B., Idachaba, I. O., & Shallangwa, G. M. (2022). Impact of Capital Structure on The Financial Performance of Listed Financial Institutions in Nigeria. Journal of Economics, Finance and Management Studies, 5(1), 91–97. https://doi.org/10.47191/jefms/v5-i1-11

Wiyasa, I. W. S., & Basyith, A. (2020). The Impact of Capital Structure on Profitability in the Telecommunication Industry Listed on the Indonesian Stock Exchange. Advances in Economics, Business and Management Research, 117, 88–92. https://doi.org/10.2991/aebmr.k.200131.019

Yuliani, E. (2021). Pengaruh Struktur Modal, Likuiditas dan Pertumbuhan Penjualan Terhadap Kinerja Keuangan. Jurnal Ilmu Manajemen, 10(2), 111. https://doi.org/10.32502/jimn.v10i2.3108

Refbacks

  • There are currently no refbacks.
echo 'slot gacor