Pengaruh Struktur Modal Terhadap Kinerja Perusahaan Pada Industri Manufaktur Kriteria Syariah di Bursa Efek Indonesia

Muhamad Umar Mai, Setiawan Setiawan


Abstract. Sharia criteria companies are not permitted to have a ratio of total interest-based debt to total assets of more than 45%, and a ratio of total non-halal income to total income of more than 10%. Financial literature and research results to date have yet to agree on the relationship between capital structure and firms performance. This research was conducted at Sharia criteria manufacturing companies on the Indonesia Stock Exchange in 2011-2017. This study uses a balanced panel data that is analyzed by E-views software through the Random Effect Model. The results of the analysis prove that the capital structure (BLEV) has a positive effect on firm performance (TBNSQ and ROE). SIZE and AGE control variables are positively related to firm performance (TBNSQ and ROE). This research proves that liquidity (LIQ) has a positive relationship, and TANG shows a negative relationship with firm performance (TBNSQ and ROE).

Abstrak.Perusahaan-perusahaan kriteria Syariah tidak diperkenankan memiliki rasio total utang berbasis bunga terhadap total aset lebih dari 45%, dan rasio total pendapatan tidak halal terhadap total pendapatan lebih dari 10%. Literatur keuangan dan hasil-hasil penelitian sampai saat ini belum sepakat tentang hubungan antara struktur modal dan kinerja perusahaan. Penelitian ini dilakukan pada perusahaan-perusahaan manufaktur kriteria Syariah di Bursa Efek Indonesia tahun 2011-2017. Penelitian ini menggunakan balance panel data yang dianalisis dengan software E-views melalui Random Effect Model. Hasil analisis membuktikan bahwa struktur modal (BLEV) berpengaruh positif tehadap kinerja perusahaan (TBNSQ dan ROE). Variabel kontrol SIZE dan AGE berhubungan positif dengan kinerja perusahaan (TBNSQ dan ROE). Penelitian ini membuktikan bahwa Likuiditas (LIQ) memiliki hubungan positif, dan TANG menunjuk-kan hubungan yang negatif dengan kinerja perusahaan (TBNSQ dan ROE).

Kata kunci. Kinerja Perusahaan; Perusahaan Kriteria Syariah; Struktur Modal.


Kinerja Perusahaan; Perusahaan Kriteria Syariah; Struktur Modal.

Full Text:



Achchuthan, S., & Kajananthan, R. (2013). Corporate Governance practices and Working Capital Management Efficiency: Special Reference to Listed Manufacturing companies in Sri Lanka. Information and Knowledge Management, 3(2), 216–226.

Al-Taani, K. (2013). The Relationship between Capital Structure and Firm Performance: Evidence from Jordan. Journal of Finance and Accounting, 1(3), 41.

Ardalan, K. (2017). Capital structure theory: Reconsidered. Research in International Business and Finance, 39(PB), 696–710.

Berger, A., & di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30(4), 1065–1102.

Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital Structures in Developing Countries. The Journal of Finance, 56(1), 87–130.

Çekrezi, A. (2013). Impact of Firm Level Factors on Capital. European Journal of Sustainable Development, 2(4), 135–148.

Chakraborty, I. (2010). Capital structure in an emerging stock market: The case of India. Research in International Business and Finance, 24(3), 295–314.

Charles, D., Ahmed, M. N., & Joshua, O. (2018). Effect of Firm Characteristics on Profitability of Listed Consumer Goods Companies in Nigeria Dioha Charles. Journal of Accounting, Auditing and Financial Studies, 4(2), 14–31.

Connelly, J. T., Limpaphayom, P., & Nagarajan, N. J. (2012). Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand. Journal of Banking & Finance, 36(6), 1722–1743.

Dawar, V. (2014). Agency theory, capital structure and firm performance: some Indian evidence. Managerial Finance, 40(12), 1190–1206.

Deesomsak, R., Paudyal, K., & Pescetto, G. (2009). Debt Maturity Structure and the 1997 Asian Financial Crisis. Journal of Multinational Financial Management, 19(1), 26–42.

Degryse, H., de Goeij, P., & Kappert, P. (2012). The impact of firm and industry characteristics on small firms’ capital structure. Small Business Economics, 38(4), 431–447.

Delcoure, N. (2007). The determinants of capital structure in transitional economies. International Review of Economics & Finance, 16(3), 400–415.

Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42, 689–709.

Ebaid, I. E.-S. (2009). The impact of capital-structure choice on firm performance: empirical evidence from Egypt. Journal of Risk Finance, 10(5), 477–487.

Faccio, M., & Xu, J. (2015). Taxes and Capital Structure. Journal of Financial and Quantitative Analysis, 50(03), 277–300.

Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217–248.

Graham, J. R. (2000). How Big Are the Tax Benefits of Debt? The Journal of Finance, 55(5), 1901–1941.

Gungoraydinoglu, A., & Oztekin, O. (2011). Firm- and country-level determinants of corporate leverage: Some new international evidence. Journal of Corporate Finance, 17(5), 1457–1474.

Hart, O., & Moore, J. (1995). Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management. American Economic Review, 85(3), 567–585.

Huang, G., & Song, F. M. (2006). The determinants of capital structure: Evidence from China. China Economic Review, 17(1), 14–36.

Jensen, M. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323–329.

Jensen, M., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.

Kraus, A., & Litzenberger, R. H. (1973). A State-Preference Model of Optimal Financial Leverage. Journal of Finance, 28(4), 911–922.

Lappalainen, J., & Niskanen, M. (2012). Financial performance of SMEs: impact of ownership structure and board composition. Management Research Review, 35(11), 1088–1108.

Lazăr, S. (2016). Determinants of Firm Performance: Evidence from Romanian Listed Companies. Review of Economic and Business Studies, 9(1), 53–69.

Lazăr, S., & Istrate, C. (2018). Corporate tax-mix and firm performance. A comprehensive assessment for romanian listed companies. Economic Research-Ekonomska Istrazivanja, 31(1), 1258–1272.

Le, T. P. V., & Phan, T. B. N. (2017). Capital structure and firm performance: Empirical evidence from a small transition country. Research in International Business and Finance, 42(C), 710–726.

Li, K., Niskanen, J., & Niskanen, M. (2019). Capital structure and firm performance in European SMEs. Managerial Finance, 45(5), 582–601.

Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34(3), 621–632.

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.

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(2), 187–221.

Nunes, P. J. M., Serrasqueiro, Z., & Sequeira, T. (2007). Profitability in Portuguese service industries: a panel data approach. The Service Industries Journal, 29(5), 693–707.

Piaw, L. L., & Jais, M. (2014). The Capital Structure of Malaysian Firms in the Aftermath of the Asian Financial Crisis 1997. In Conference proceedings of the 2nd International Conference on Management. Malaysia.

Ramli, N. A., Latan, H., & Solovida, G. T. (2019). Determinants of capital structure and firm financial performance—A PLS-SEM approach: Evidence from Malaysia and Indonesia. The Quarterly Review of Economics and Finance, 71, 148–160.

Sadeghian, N. S., Latifi, M. M., Soroush, S., & Aghabagher, Z. T. (2012). Debt Policy and Corporate Performance: Empirical Evidence from Tehran Stock Exchange Companies. International Journal of Economics and Finance, 4(11), 217–224.

Serfling, M. (2016). Firing Costs and Capital Structure Decisions. Journal of Finance, 71(5), 2239–2286.

Sibilkov, V. (2009). Asset Liquidity and Capital Structure. Journal of Financial and Quantitative Analysis, 44(05), 1173–1196.

Strebulaev, I. (2007). Do Tests of Capital Structure Theory Mean What They Say? Journal of Finance, 62(4), 1747–1787. Retrieved from

Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3–27.

Vo, X. V., & Ellis, C. (2017). An empirical investigation of capital structure and firm value in Vietnam. Finance Research Letters, 22, 90–94.

Yildirim, R., Masih, M., & Bacha, O. I. (2018). Determinants of capital structure: evidence from Shari’ah compliant and non-compliant firms. Pacific-Basin Finance Journal, 51, 198–219.

Zeitun, R., & Tian, G. (2007). Capital structure and corporate performance: evidence from Jordan. Australasian Accounting, Business and Finance Journal, 1(4), 40–61.



  • There are currently no refbacks.

Creative Commons License

Jurnal Riset Akuntansi dan Keuangan  is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats