Analisis Struktur Modal Optimal Pada Perusahaan yang Tercatat di Jakarta Islamic Index (JII) Pada Bursa Efek Indonesia
DOI:
https://doi.org/10.63607/jcmb.v14i1.59Keywords:
struktur modal, likuiditas, profitabilitas, struktur aset, ukuran perusahaan, JIIAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh likuiditas, profitabilitas, struktur aset, dan ukuran perusahaan terhadap struktur modal pada perusahaan yang tergabung dalam Jakarta Islamic Index (JII) di Bursa Efek Indonesia. Menggunakan data panel dari sejumlah perusahaan selama periode 2022–2024, metode regresi Random Effect dipilih sebagai model estimasi terbaik berdasarkan hasil uji Hausman. Hasil penelitian menunjukkan bahwa likuiditas berpengaruh negatif dan signifikan terhadap struktur modal, sedangkan profitabilitas berpengaruh negatif namun hanya signifikan secara marginal. Sebaliknya, struktur aset dan ukuran perusahaan tidak memiliki pengaruh yang signifikan. Temuan ini mendukung Pecking Order Theory yang menyatakan bahwa perusahaan lebih memilih pendanaan internal ketika memiliki likuiditas dan laba yang cukup. Studi ini memberikan implikasi praktis bagi manajemen perusahaan dalam merancang kebijakan pendanaan serta bagi investor dalam menilai kualitas keuangan emiten berbasis syariah.
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