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Sobre la revista
Enfoque y alcance
La Revista OPCIÓN es una publicación auspiciada por el Departamento de Ciencias Humanas y por la División de Investigación da la Facultad Experimental de Ciencias de la Universidad del Zulia. Aparece tres veces al año en los meses de abril, agosto y diciembre de cada año. Es una publicación de ciencias sociales y humanas, con énfasis en antropología, ciencias de la comunicación y de la información, filosofía, linguística y semiótica, problemas del desarrollo, la Ciencia y la tecnología. El Comité Editorial podá decidir la ampliación de sus áreas temáticas en las ciencias sociales, según la demanda que surja al respecto. Es financiada por el Consejo de Desarrollo, Científico, Humanístico y Tecnológico (CONDES). La Revista OPCIÓN publica trabajos originales con avances o resultados de investigacion ; revisiones es español, francés, portugués, italiono o inglés, reseñas y resúmenes de investigación culminadas o de publiaciones recientes, ensayos ,
comunicaciones rápidas, cartas al editor, notas técnicas, noticas, recensiones, documentos, así como entrevistas. Todos referidos a las áreas que publica la revista.
Sus objetivos son:
1 Estimular la investigación en las áreas de las Ciencias Humanas y Sociales y contribuir con el progreso científico de las mismas, mediante la divulgación de resultados de las investigaciones en esos campos del saber.
2 Constituirse en un espacio editoral donde puedan confrontarse y discutirse las más avanzadas ideas en las áreas científicas mencionadas.
Política de acceso abierto
Esta revista proporciona un acceso abierto a su contenido, basado en el principio de que ofrecer al público un acceso libre a las investigaciones ayuda a un mayor intercambio global del conocimiento.
Comité Editorial Editor en Jefe
José Vicente Villalobos Antúnez. (LUZ)
Comité Editorial
Luis Romero (LUZ), Adan Oberto (LUZ), Antonio Boscán (LUZ), Jacquelin Vílchez (LUZ).
Comité de Asesores Nacionales
Teresa Espar (ULA); Arnoldo Pirela (UCV); Migdalia Pineda (LUZ); Antonio Pérez Estévez (+) (LUZ); Jacqueline Clarac de Briceño (ULA); José Enrique Finol (LUZ); Emanuele Amodio (UCV); Lourdes Molero de Cabeza (LUZ);
Dilia Flores (LUZ); Alfredo Romero (LUZ); Flor Ávila (LUZ); Álvaro Márquez-Fernández (LUZ).
Comité de Asesores Internacionales
Erick Lamdowski. Centre National de la Recherche Scientifique (Francia); Bernard Peottier. Universidad de la Sorbona (Francia); Ana Isabel Navarro. Universidad de Alicante (España); Daniel Cassany. Universidad Pompen Fabra(Esoaña);Manuel Hernando Calvo. Consejo Superior de Investigaciones Científicas(España); Didier D`Gall.
Universidad de Caen (Francia) Alessandro Serpe.Universitá Leonardo Da Vinci,Universitá Gabrielle D`Annunzio.
(Italia).
Asistente de Publicación
Adriana Sánchez
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Normas para autores / arbitros
1.- Enviar sus manuscritos a el/la Editor (a) de la Revista OPCIÓN, en archivos adjuntos tipo word a las siguientes direcciones electrónicas: revistaopcion@gmail.com jvvillalobos@gmail.com y
jvillalobos@fec.luz.edu.ve. También lo puede enviar a la Facultad Experimental de Ciencias, Oficina de
Publicaciones Científicas, Universidad del Zulia, Av. Universidad, diagonal al Cuartel El Libertador, Venezuela.
2.- Los trabajos deberán ser inéditos y no haber sido propuestos simultáneamente a otras publicaciones. A tal efecto, el o los autores deberán acompañar junto con el manuscrito, carta de exclusividad de envío. La Revista Opción podrá decidir la publicación de trabajos ya publicados, cuando así lo considere.
3.- Los trabajos versarán sobre temas relativos a investigaciones científicas concluidas parcial o totalmente, ensayos críticos, con reflexión teórica o discusión sobre problemas coyunturales.
4.- Los trabajos serán aceptados por la relevancia del tema que traten, su originalidad, aportes, actualización y nivel científico, normas de estilo y normas editoriales convenidas.
5.- Los trabajos serán sometidos a una experticia doble ciego por parte de un Comité de Árbitros-Especialistas de reconocido prestigio, a fin de mantener un elevado nivel académico y científico.
6.- La Revista Opción es completamente gratuita, por tanto no realiza cobro alguno por procesamiento editorial ni por la publicación de los trabajos evaluados.
7.- Cuando se envíe el trabajo en físico, el autor enviará un original y tres copias ciegas de su manuscrito, o mediante archivo adjunto cuando se trata de envío digital, de acuerdo con las siguientes normas editoriales:
- Extensión del Trabajo: En el caso de artículos, la extensión no debe ser mayor de veinte (20) cuartillas, incluida la bibliografía. La sección de Ensayo podrá contener hasta treinta (30) cuartillas.
- Los márgenes, de los cuatro lados de las páginas, deben ser de tres (3) centímetros.
- El tipo de letra de todo el texto será times new roman, en hoja tamaño carta, por una sola cara y entregado en forma digital a las direcciones electrónicas antes mencionadas (revistaopcion@gmail.com
jvvillalbos@gmail.com y jvillalobos@fec.luz.edu.ve ).
- El tamaño de la letra, desde la introducción hasta la bibliografía será 12, a espacio y medio (1,5) en los párrafos. Y entre párrafos y entre títulos y párrafos a doble espacio. Los párrafos tendrán una sangría de medio (1/2) centímetro.
- Titulo: Debe ser de un máximo de (12) doce palabras, explicativo y contener la esencia del trabajo. Si el artículo es en español, el título debe traducirse al inglés. Si el artículo es en francés, el título debe traducirse al
inglés y al español. Si el artículo es en inglés, el título debe traducirse al español. Lo mismo si es en francés, portugués o italiano. Los títulos en los diferentes idiomas, deben escribirse en letra tamaño dieciséis (16), tipo oración, y sólo el principal título en negrita. El título de los abstrac no han de ser en negrita.
- Autor (es): Indicar los nombres y apellidos completos, sin títulos profesionales. No podrán ser más de (4) cuatro autores. En caso de ser más de cuatro (4) autores, deberán dirigir carta explicativa al Comité Editorial, indicando que pertenecen a al mismo grupo de investigación. Los nombres han de escribirse en negrita y cursiva, tamaño de letra catorce (14).
- El nombre de la institución donde se realizó el trabajo y la dirección electrónica de la institución a la cual pertenece (n) el/los autor/es debe ir completa; colocar solo una sola dirección electrónica personal o institucional por autor, en letra tamaño 12.
- Resumen: No mayor de cien (100) palabras, espacio sencillo, en español e inglés, o en el idioma del artículo más español e inglés, y debe contener el objetivo principal del trabajo, la metodología, los resultados y conclusiones o reflexiones principales. Al comienzo con una sangría de un (1) centímetro, escrito todo el resumen en un solo párrafo.
- Palabras Clave: Con el fin de facilitar la inclusión del artículo en las bases de datos internacionales, deberán incluirse palabras clave luego del resumen en español y en inglés, en un número no mayor de cinco,
separados con punto y coma (;)
- Apartados y sub-apartados: La estructura del trabajo tendá apartados y como máximo un subapartado por cada uno. Ejemplo: 2. Marco Teórico. 2.1. Las toerías aplicables al caso. 2.2. Terías referenciales (2., 2.1.; 2.2.).
No podrá haber 2.1.1, etc. Se recomienda dividir el trabajo en resumen (incluyendo el abstract), introducción, fundamentos teóricos, metodología, análisis o discusión de resultados, conclusión o consideraciones finales y referencias bibliográficas. Los diferentes apartados o sub-apartados, a partir de la introducción y hasta las conclusiones, serán expresados con números arábigos.
- Citas: Las referencias de las citas van incluidas en el texto. La cita debe indicar: Apellido del autor, seguido de coma, año de publicación; todo entre paréntesis. A pie de página sólo deben ir las notas explicativas. Si hubiese una publicación de un mismo autor en el mismo año, la distinción se hará con letras minúsculas, siguiendo el orden alfabético. Esta indicación debe mantenerse en la bibliografía, de forma que el lector distinga a qué obra corresponde cada cita. Cuando la cita es textual y no excede de 3 (tres) líneas, debe incorporarse al texto principal entre comillas, sin cursiva, e indicar seguidamente, entre paréntesis, el apellido del autor, coma, año y luego dos puntos, seguido del número de página. Si la cita excede de las 3 (tres) líneas, se separa del texto principal y se coloca márgenes de un centímetro, tanto del lado derecho como del lado izquierdo del texto de la cita y no se colocará entre comillas.
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- Bibliografía: Las referencias bibliográficas se referirán ÚNICAMENTE a las citadas en el trabajo y se ordenarán en estricto orden alfabético. Los autores son responsables de la fidelidad de las referencias. A los fines de garantizar la actualidad de los trabajos, se recomienda el empleo de bibliografía en idioma inglés en un buen número de referencias de revistas arbitradas indexadas y de alto impacto. El interlineado de las referencias debe ser de 1,5, y entre autor y autor colocar doble espacio.
La primera línea de la referencia bibliográfica, no debe tener sangría, sino a partir de la segunda línea de un (1) centímetro. Ejemplo:
COLOMER, Teresa. 2010. Introducción a la literatura infantil y juvenil actual. Editorial Síntesis. Madrid (España).
DÍAZ-AGUADO, María José. 2003. “Adolescencia, sexismo y violencia de género”. Papeles Del Psicólogo.
Nº 84. Disponible en: http://www.papelesdelpsicologo.es/vern. Consultado el 08.06.2015.
Si se trata de libros o manuales, deben contener apellido (s), del (de los) autores en mayúscula, el nombre tipo título (punto); año de publicación (punto); título de trabajo en negritas (punto); editorial, ciudad (país).
Ejemplo: ZAMORA, José. 1982. Dialectología hispanoamericana. Teoría-Descripción-Historia. Ed. Almar, Salamanca (España).
Si se trata de artículos, se deben indicar: apellido (s), del (de los) autores en mayúscula, el nombre tipo título (punto); año de publicación (punto); título del trabajo (entre comillas, no subrayado) (punto); revista donde fue publicado en negrita; volumen o número seguido de dos puntos; página (primera y última) (punto);
editorial, ciudad (país). Ejemplo: MÁRQUEZ-FERNÁNDEZ, Álvaro. 2015. “Las espaldas de la ciencia”. Revista de Filosofía. Vol. 77, No.: 2: 7-18. Universidad del Zulia. Maracaibo (Venezuela).
Si se trata de información obtenida por medios electrónicos, la referencia deberá contener los mismos elementos exigidos para los artículos, agregándose la dirección electrónica o página web, fecha de
recuperación y cualquier otro dato que se considere útil para la plena identificación de la referencia. Ejemplo:
VILLALOBOS ANTÚNEZ, José V. y BOZO, Freddy. 2010. El discurso jurídico y la tesis de indeterminación del derecho de JûrgenHabermas. Frónesis. Revista de filosofía jurídica, social y política. Vol. 17, No. 3: 379-397.
Instituto de Filosofía del Derecho “Dr. J.M. Delgado Ocando”, Universidad del Zulia, Maracaibo (Venezuela).
Disponible en: http://produccioncientificaluz.org/index.php/fronesis/article/view/16499/16472 Consultado el 03.07.2015. Otro ejemplo: MORA, Jesús. 2006. Las TIC´S como elemento informativo. Disponible en
http://www.wikipedia.org/tics/index-es.html. Consultado el 03.06.2006.
-Si se trata de un escrito de varios autores, colocar el nombre del primero, según las indicaciones especificadas arriba, y acto seguido el de los demás autores siguiendo el mismo criterio.
- Anexos: Los anexos constituyen elementos complementarios del texto que refiera al lector a una parte del trabajo o fuera de él, con el propósito de ilustrar las ideas expuestas en el texto, ampliar, aclarar o
complementar lo allí expresado. En el caso de figuras y cuadros, el autor o autora podrá acompañar el original con las ilustraciones que estime necesarias, insertas como imagen en formato jpg ó png. Adicionalmente deberán ser enviadas como archivo adjunto del artículo.
La Revista OPCIÓN se reserva el derecho de no incluirlas, previa comunicación al autor, si éstas no cumplen con los requisitos técnicos para su reproducción. Se identificarán con números arábigos (Ejemplo: Figura 1), seguido de un pequeño texto o leyenda que indique en forma muy breve lo que se desea representar, colocado antes de la figura o cuadro. Las imágenes, gráficos y cuadros deberán ser nítidas, en formato jpg ó png(mínimo 300 dpi), y su tamaño no excederá el de la hoja impresa (tamaño carta, respetando los márgenes establecidos: tres (3) centímetros por cada lado).
Se aceptarán gráficos obtenidos en computadora, de buena calidad en cuanto a foco y contraste. No se aceptarán fotocopias de ilustraciones.
Las abreviaturas utilizadas en los gráficos y tablas y su fuente se explicarán al pie de los mismos. De haber más de una figura, gráfico o tablas seguidas, se ha de procurar elaborarla de tal forma que quepan, como mínimo, dos (2) en una página. La información de los gráficos y tablas debe presentarse en letras que puedan ser legibles al momento de su edición físico.
- Otros trabajos: se aceptan también los siguientes trabajos de extensión corta, con un mínimo de tres (3) cuartillas y un máximo de cinco (5): Comunicación rápida: para dar a conocer el derecho de propiedad intelectual. Notas técnicas: descripciones de una técnica o proceso tecnológico. Cartas al editor: opciones sobre tópicos nuevos o problemas coyunturales. Noticias: información actualizada sobre eventos científicos y postgrados. Reseñas: comentarios de lectura de libros de reciente edición. Recensiones: análisis o comentarios críticos de libros de reciente edición. Documentos: textos de carácter histórico, jurídico, acuerdos,
declaraciones. Entrevistas: realizadas con fines de investigación. Todos estos trabajos deben estar referidos a las áreas que publica la revista.
Número actual
Esta Revista es indizada y/o Catalogada en:
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• World List of Social Science Periodicals (UNESCO)
• Ulrich´s International
• Periodicals Directory
• The Library of Congress USA
• Revencyt
• Scielo, Venezuela
• CLASE
• CERPE
• Dialnet
• DOAJ (Directory of Open Access Journal)
Idioma
English
Español (España)
Información
Para lectores/as Para autores/as Para bibliotecarios/as
Open Journal Systems
Opción. Departamento de Ciencias Humanas y División de Investigación. Facultad Experimental de Ciencias. Universidad del Zulia
p-ISSN: 1012-1587 e-ISSN: 2477-9385 Correo: revistaopcion@gmail.com Esta obra está bajo la licencia:
Creative Commons Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
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Equipo editorial
Editor/a
Editor José Villalobos, Universidad del Zulia - Venezuela, Venezuela, República Bolivariana de
Número actual
Esta Revista es indizada y/o Catalogada en:
• World List of Social Science Periodicals (UNESCO)
• Ulrich´s International
• Periodicals Directory
• The Library of Congress USA
• Revencyt
• Scielo, Venezuela
• CLASE
• CERPE
• Dialnet
• DOAJ (Directory of Open Access Journal)
Idioma English
Español (España)
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Información
Para lectores/as Para autores/as Para bibliotecarios/as
Open Journal Systems
Opción. Departamento de Ciencias Humanas y División de Investigación. Facultad Experimental de Ciencias. Universidad del Zulia
p-ISSN: 1012-1587 e-ISSN: 2477-9385 Correo: revistaopcion@gmail.com Esta obra está bajo la licencia:
Creative Commons Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
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Inicio / Archivos / Vol. 35 Núm. 89 (2019)
Vol. 35 Núm. 89 (2019)
Publicado: 2019-07-30
Artículos
Ajman University students’ perspectives on university social responsibility: A field study
The Image of the Creator in Ibn Rashiq’s Book “Al Omda”
Abdalla Yousif Nagwa Babiker 11-32
Mohammad Issa Alhourani 33-51
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Subjective perception of time as a temporal fictional image
Women’s Communication Attitude in Pepadun Traditional Marriage in Digital Era
Integrating the Philosophy of Tri Hita Karana into Indonesian language material provision
Modern Pension Provision System as a Social Insurance Program
Modern interpretations of Shakespearian Tragedies
Functional-semantic paradigms of voice сategory in the Kazakh language
Fragments of oral History based on the Materials of Filtration and Investigation
Ella V. Nesterik, Gaukhar I. Issina, Fazira A. Kakzhanova Darina Y. Amanbekova 52-71
Anna Gustina Zainal, Amiruddin Saleh, Aida Vitayala S Hubeis, Krisharini Matindas Matindas 64-82
Binawati, Sariani. Ni Wayan, Rasna, I Wayan, Sudiana, I Gusti Ngurah, Relin, Institut Hindu Dharma Negeri Denpasar 72-91
Rail R. Uraev, Venera F. Yunusbaeva, Rafael Y. Rakhmatullin, Liana D. Shaidukova, Elvira R. Semenova, Albina R. Valieva, Zulfiya R. Mingazova, Liliya F. Zaynetdinova, Aleksandr M. Rudakov
92-113
Abzalbek Maxim, Anar Yerkebay, Yelik Nursultan 114-134
Аnarkul Salkynbay, Nazyken Yegizbaieva, Shaigul Ramazanova, Gaziza Imanaliyeva 135-155
Albina S. Zhanbossinovа, Bakyt Zh. Atantayeva, Arman A. Kulshanova, Mendyganym D. Shaimerdenova, Kuralay R.
Zhirindinova 156-176
The December Revolt Statement (Description) in Kazakh Literature
Efficient Collection Methodology of Projects Balance Strategy Using Software tools in Decision making
Effect of Religiusity, Locus of Control, and Professional Commitment to Whistleblowing Intention
Organizational Change and Organizational Sustainability: The mediating effect of Innovative Human Capital
The effect of internal control system’s effectiveness on village government’s performance
Islamic Moderation in Higher Education
Romeo And Juliet In Baghdad: An Intertextual Study From A Contemporary Iraqi Perspective
Gulzhakhan Orda, Nurbol Khudaibergenov, Zhansulu Sarsenbayeva, Saltanat Amanzhol, Nassikhat Mursalimova 177-194
Ali Hussein Abd Ali, Mohammed Imad Raoof 142-157
Fauziah Aida Fitri, Indayani Indayani, Ade Tursina 136-158
I. A. Saadi, R Che Razak 157-182
Uskara, A.M, Mulyani, Sri, Akbar, Bahrullah, Mulyani, Sri, . Sudraja 195-214
Ris’an Rusli, Aflatun Muchtar, Afriyanto Afriyanto 205-224
Ahmed H. Ubeid 223-238
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Corporate social responsibility management based on Maqashid Al- Shariah
Prevention of violence against women in household by the Indonesian laws
Building Corporate Reputation through Corporate Social Re-sponsibility (CSR), Corporate Culture and Value Creation - In The Industry of Sharia Banking in Indonesia
Owner power, deliberate strategy formulation, and strategic management accounting
Deciding on the most suitable teaching method in the mathematics classroom
Applying Six Sigma (SS) to Improve the Quality of Academic Life (QAL)
The Customer’s Realization of the Service quality provided by life insurance companies in Baghdad
A Syifaul Qulub, Ririn Tri Ratnasari, Fatin Fadhilah Hasib 215-236
Hanafi Arief 237-253
Chandra Zaky Maulana, Yuyus Suryana S, Dwi Kartini, Erie Febrian 256-288
Antonius Singgih Setiawan, Rahmawati Rahmawati, Djuminah Djuminah, Ari Kuncara Widagdo 254-270
Hamdi Serin 271-288
Taher Hameed Abbas Bahia, Hinwa Hussein Ahmed, Afrah Raheem Idan 289-309
Fa aizah abdul–kareem, Bilal Jasim Al–Qaysi 307-322
Islamic Wasatiyyah Teaching in Indonesian Education: An Analysis of the Tasawuf Approach
The Semantic Roles Which Cause Difficulty To The Fourth Year Students Of English At The University Of Anbar
Enactment of corporate laws for building legal environment and their effectiveness
Android-Based Fast-Track Scoreboard Application Development in Assessing Academic Writing
The Effect of Smartphone Testing and Computerized Testing on Third Grade Students Biology’
Acceleration in Teaching Methods of Science and Teaching Techniques
Out of court settlement of song and music litigations in Indonesia
The effectiveness of employing the molecular representation strategy in the development of information Generation skills in the chemistry of second grade students in Intermediate School
A. Gani 310-328
Muslih Shwaysh Ahmed, Imad Hayif Sameer, Mohammed Talib Yassein Al-Heeti 343-368
. Hamzah 329-345
Try Hariadi, Sarwiji Suwandi, St. Y. Slamet, Sumarwati Sumarwati 362-382
Salim Abdullah Salman 351-378
Hendra Tanuatmaja 346-365
Jehan Faris Yousif
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The Impact of Ownership Structure on Corporate Social Responsibility
Business law and its effects on commercial transactions
Dimension of Human Perfection Based on the Quran
The Effect of Edelson’s Model in Developing Mathematical Interconnectivity skills and Achievement for Second- Grade Students in Mathematics
Business ethics, illegal trade practices and rise of e-commerce industry
Factors influencing the capital structure of sharia construction and building companies
Internal Audit Performance and Corporate Governance Quality 371-387
Waluyo Waluyo 366-385
Evita Isretno Israhadi 386-401
Muhammad Yusuf, Nahdhiyah Nahdhiyah, Ismail Suardi Wekke 402-418
Abbas Naji Abd Al-Amer, Salam Abas Dawod Al-Juboury 460-484
Idham, Tulus Suryanto, Lina Maulidiana 419-435
Said Musnadi, Ghazali Syamni, Jumadil Saputra3, umt.edu.my Irfan4, Mitra Prasetyo5 436-454
Salim Awad Hadi Al-Zabari, Ali Kadhim Hussein Al-Fatlawi
Integrating TQM Practices and Knowledge Management to Enhance Malaysian Digital Banking
Analysis of demand for food commodities and its impact on the povert
Nassib Sharif Mortada between Clarity and Ambiguity
Effect Of Risk Management Practices On The Financial Performance Of Commercial Banks In Iraqi
The use of information technology of eaudit system on audit quality
Organizational Justice and Job Satisfaction among Malaysian Workers
The Bargaining Position of Women in Village Fund Management in Balee Inong 485-503
Saleh Ali Husseini, Fam Soo-Fen 441-476
Elda Elnovita, Abd. Jamal, Chenny Seftarita, Jumadil Saputra 455-474
Najlaa Abdul Hussein Oleiwi, Shaker Mahmod Khatab 482-494
Mohd Fazli Mohd Sam, Ayad Zuhair Khudhair 471-483
Taufiq Supriadi, Mulyani.S, Eddy Mulyadi Soepardi, Ida Farida 475-493
R Zirwatul Aida R Ibrahim, Jumadil Saputra, Siti Nazilah Mat Ali, Mazidah Mohd Dagang, Azlina Abu Bakar 494-513
Masrizal1, Partini2, Ishak Hasan3, Zainal Putra4, T. Lembong Misbah5 514-532
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Maintaining the Use of Sundanese Language in Wayang Golek Performances in Bandung Regency, West Java, Indonesia
The Legal Implication of Home-Based Worker’s Wage Regulation in Indonesia Prespective Pancasila
The Relationship of Budget Target, Budget Emphasis, and Ethics on Budget Gaps
Systemic Thinking And Its Relation To The Episodic Buffer Of University Students
Socio-cultural Study of Written Invitation Cards in Iraqi Society
The Causes of Conflicts in the Contracting Processes on the Internet
The foreign policy of the state in the era of the Prophet and its impact on the international arena at the time analytical study
Wagiati Wagiati, Nani Darmayanti, Duddy Zein 532-556
Suci Flambonita, Abdul Rachmat Budiono, Iwan Permadi, Abdul Madjid 518-529
Murhaban, Rayyan Firdaus, M. Natsir Mahmud Nur, Hidyatussadhikin, Jumadil Saputra 533-553
Afak Basim Ali Ehsan 551-578
Samara Mohammed Ahmed 545-567
Zana Ismael Aziz, Hallo Mohammed Salih Abdulsamad, Murad Saib Mahmood 554-563
Abdul Jabbar Star AL Bayati 527-551
Continuing professional development of lecturer’s research training model based on research product
Why And How Children Are Used For War
Entrepreneur as an Individual Review of Recent Literature on Entrepreneurial Skills
The history of the Kazakh written signs
Impact of Mental Map on the Achievement of forth preparatory Grade Students and Improving Their Mental Habits in Arabic Syntax
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Opción. Departamento de Ciencias Humanas y División de Investigación. Facultad Experimental de Ciencias. Universidad del Zulia
p-ISSN: 1012-1587 e-ISSN: 2477-9385 Correo: revistaopcion@gmail.com Esta obra está bajo la licencia:
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Opción, Año 35, No.89 (2019): 436-454 ISSN 1012-1587/ISSNe: 2477-9385
Recibido: 10-11-2018 Aceptado: 10-03-2019
Factors influencing the capital structure of sharia construction and building
companies
Said Musnadi1
1Faculty of Economics and Business, University of Syiah Kuala, Aceh, Indonesia
said.musnadi@unsyiah.ac.id
Ghazali Syamni2
2Faculty of Economics and Business, University of Syiah Kuala, Aceh, Indonesia
chenny.seftarita@unsyiah.ac.id
Jumadil Saputra3*
3School of Social and Economic Development, Universiti Malaysia Terengganu, 21030 Kuala Nerus, Terengganu, Malaysia
jumadilsaputra@umt.edu.my
Irfan4
4Sekolah Tinggi Ilmu Ekonomi, Aceh, Indonesia irfan@stie.ptkb-aceh.ac.id
Mitra Prasetyo5
5Faculty of Business and Economics, University of Malikussaleh, Aceh, Indonesia
mitra@unimal.ac.id
Abstract
This study aims to amine the effect of tangibility, non-debt tax shields, firm size, profitability, and receivables to the capital structure by using panel regression based on the Common Effect model, fixed effect model and random effect model. The results of this study showed that there was a negative influence of tangibility and firm size on the capital structure. Research implication concludes that investors should be more careful choosing a company, to invest their capital by
Opción, Año 35, No.89 (2019): 436-454
looking at reliability, non-debt tax shields, firm size, profitability, and receivables to improve the expected capital structure.
Keywords: Tangibility, tax shields, firm, profitability.
Factors Influencing the Capital Structure of Sharia Construction and Building Companies
438
Factores que influyen en la estructura de capital de las compañías de construcción y construcción
de la Sharia
Resumen
El objetivo de este estudio es analizar el efecto de la tangibilidad, la protección fiscal sin deuda, el tamaño de la empresa, la rentabilidad y las cuentas por cobrar a la estructura de capital mediante el uso de regresión de panel basada en el modelo de efectos comunes, el modelo de efectos fijos y el modelo de efectos aleatorios.
Los resultados de este estudio mostraron que hubo una influencia negativa de la tangibilidad y el tamaño de la empresa en la estructura de capital. La implicación de la investigación concluye que los inversionistas deben ser más cuidadosos al elegir una compañía, para invertir su capital al analizar la confiabilidad, las garantías fiscales sin deuda, el tamaño de la empresa, la rentabilidad y las cuentas por cobrar para mejorar la estructura de capital esperada.
Palabras clave: tangibilidad, escudos fiscales, empresa, rentabilidad.
1. INTRODUCTION
Capital structure is one of the building blocks in financial management that should not be missed by anyone who enters higher education. In general, the capital structure explains the mechanism in choosing to fund from the company. The mechanism for selecting financing linked to two approaches, namely the tradeoff theory and
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pecking order theory. Trade-off theory is a theory put forward by Modigliani and Miller (1963) stating that companies attempt to balance the tax saving benefits of using debt at bankruptcy costs.
In Egypt, Allini et al. (2018) stated that companies in Egypt tended to use the pecking order theory. A large number of companies made priorities in using profitability, tangibility assets, size and opportunities for the company's growth in debt ownership. While in Taiwan, like Chen et al, (2013) claimed that companies were apt to avoid applying pecking order theory. It means companies prefer debt rather than using internal funding sources. Meanwhile, in Europe, Koralun (2018) argues that long-term funding is more in line with pecking order theory while short-term funding is for trade-off theory.
However, substantially these two theories are the implementation of capital structure theory that is obtaining debt as optimal capital to maximize the welfare of the company's shareholders.
Sharia construction and building companies require a considerable amount of capital. The construction companies have significantly contributed to Indonesia's economic growth. In 2016, the contribution of construction companies was 0.51% following the input of the processing and trade industry sectors. Also, the construction sector also contributed significantly to the gross domestic product with a value of 10.38% following the industrial, agricultural and trade areas. Besides, the Shariah construction company also contributed to the development of the Indonesian Syariah Stock Index. Sharia construction stocks in the last five years
Factors Influencing the Capital Structure of Sharia Construction and Building Companies
440
experienced a capitalization increase of 42%, which is 2012 was around 2,451 trillion rupiahs to 3,437 trillion rupiahs. Here is a debt to equity ratio (DER) of construction companies and sharia buildings on the Indonesia Stock Exchange (IDX) from 2013 to 2016 that showed a significant difference (Figure 1).
Figure 1: DER. Sharian construction and building companies in
IDX 2013-2016
Source: Indonesia Capital Market Directory (2018)
Figure 1. Shows a tendency for changes in the capital structure of sharia construction and building companies in IDX for 2013-2016 at certain DER levels which are more than 1. Therefore, it is necessary to research why the change took place in the capital structure, and influential factors More than 1 DER number indicates Construction Company have higher debt than capital which means DER ratio above 1, so funds used for operational activities are more likely to be originated from liability. Increased capital in large construction companies will undoubtedly shift the capital structure of the construction company. The level of DER will eventually
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determine the size of the company's risk which has implications for the use of company funds in each of its operational activities.
Several empirical studies carried out in various countries lately show the rise of low DER in companies. Müller (2015) who researched in Germany claimed that the capital structure was determined by the size and tangibility of assets in the company rather than by profitability, liquidity and company growth. A study in America by Kieschnick and Moussawi (2018) reveals the age of companies age-old companies determine the use of debt by considering the risks of the company as the company ages. Research in several European countries by Koralun (2018) stated the existence of industry influence and company size on capital structure. As Chandra (2018) who researched American restaurant companies claimed that long-term financing requires understanding the behaviour of management or CEOs to use long-term debt when companies see better opportunities.
Some other factors that influence capital structure also need to be considered. Acaravci (2014) using Turkish data revealed that positive firm capital structure is determined by growth opportunities, while size, profitability and the number of fixed assets negatively affect the capital structure. Meanwhile, the nondebt tax shield does not change the capital structure. In India,
Chadha and Sharma (2015) found that size, age, tangibility assets, growth, profitability, non-debt tax shield, business risk, ownership structure as determinants of capital structure but dividend payments,
Factors Influencing the Capital Structure of Sharia Construction and Building Companies
442
liquidity, interest ratio, ratio cash in, inflation and GDP do not affect the capital structure in the manufacturing company.
Chandra (2018) who studied energy companies in Pakistan also claimed that profitability, size and tangibility are positively related while taxes have a negative effect on debt levels. This research supports the trade-off theory. Research on Islamic banking by Dwidjaja et al. (2017) found that profitability, bank size and fixed assets determine the capital structure of Islamic and commercial banks except for earnings growth and volatility in conventional commercial banks. Dwidjaja et al. (2017) who analysed non-financial companies in Sub-Saharan revealed a negative relationship between profitability and tangibility of assets and supported pecking order theory and trade-off theory.
In the context of Indonesia, some studies have produced findings that are inconsistent and highly dependent on the company is being analysed. Dwidjaja et al. (2017) who analysed in nonfinancial companies on the Indonesia Stock Exchange revealed positive tangibility affecting the capital structure while size, growth and liquidity have a negative and significant effect. Guna and Sampurno (2018) who researched food and beverage companies found profitability, company size, asset structure and sales growth placed no impact on the capital structure except liquidity. Chandra (2018) who studied banking data explained that the capital structure in banks was primarily determined by liquidity, institutional ownership, bank age,
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while profitability, business risk and dividends and management ownership are not factors affecting capital structure.
Based on several empirical reviews discussed previously, the factors that influence the capital structure was very diverse and inconsistent. Thus, more in-depth research needed in Indonesia. The purpose of this study is to test the determination of capital structure in sharia construction companies and buildings operating in Indonesia.
This research applies tangibility research objects, nondebt tax shields, firm size, and profitability, accounts receivable and capital structure.
This study adds accounts receivable as an independent variable to test capital structure. Use of accounts receivable is required because accounts receivable are a characteristic part of the company in its ability to compensate debt.
2. METHODOLOGY
This quantitative study used the panel data collected from the sharia construction and building companies listed in IDX over the period of 2013 - 2016. We use the company's financial statement, including the income and balance sheet published on www.idx.co.id.
The data will be analysed panel data regression model. Further, to the effect of the leverage variable (debt ratio), it uses three types of estimation models, namely the common effect model (CEM), fixed effect method (FE) and random effect method (RE). Based on
Factors Influencing the Capital Structure of Sharia Construction and Building Companies
444
guidelines from the study of Chandra (2018), the mathematical equations of the three estimation models of panel data processing PLS, FE and REM as seen as below:
Where: LEVit is the first company leverage in the period t which is proxied by DER; TNGit represented tangibility of company i in the period t; NDTit is The first non-Debt Tax Shields of the company in the period t; SZEit is firm Size of the first company in the period t; PROit is the profitability of the i-company in the period t;
PTGit is the first company receivables in the period t; α0 is Intercept;
β1 – β5 is the coefficient for each independent variable; µit is residual
term for each unit cross section i in the period t; εit is component error (error cross, time series and combination) for each unit cross section i in the period t.
The Chandra (2018) test results largely determine the choice of model in this study. The Chow test is the best model selection between common effects and the fixed effect. It is necessary to do a Hausman Test to choose the best model between fixed effects with random effects. The best model is a random effect if H0 fails to be
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rejected, but if H0 is rejected, the best model is the fixed effect model (Avazzadeh, 2015).
3. RESULTS AND DISCUSSION
Before discussing the study results, this section first describes descriptive data and classical assumptions.
Table 1: Result of Descriptive analysis and classical assumption test
Descriptive DER TNG NDTS SZE PRO PTG
Mean 2.100 0.093 0.067 6.778 0.063 1934493.
Std. Dev. 1.309 0.052 0.051 0.478 0.067 2033362.
Classical Assumption Test Value Prob.
Normality Jarque Berra 3.567 0.168
Heteroscedasticity Heteroskedasticity Test: White (Obs*R-squared) 2.789 0.732 Autocorrelation Breusch-Godfrey Serial Correlation LM: (Obs*R-squared) 4.084 0.129
Multicollinearity VIF TNG NDTS SZE PRO PTG
2.300 5.191 7.528 1.454 5.063
Pearson Correlation Variables TNG NDTS SZE PRO PTG
TNG 1.000 0.486 -0.003 0.032 -0.100
NDT 0.486 1.000 -0.698 -0.228 -0.669
SZE -0.003 -0.698 1.000 -0.068 0.890
PRO 0.032 -0.228 -0.068 1.000 -0.076
PTG -0.100 -0.669 0.890 -0.076 1.000
Based on Table 1 above can be explained in general the model and data used in this study are acceptable. The average value of all
Factors Influencing the Capital Structure of Sharia Construction and Building Companies
446
variables used in this study is higher than the standard deviation value except the level of accounts receivable. It proves that the data in this study is normally distributed, and these results supported the normalization test using Jarque Berra. The value of Jarque Berra is not significant at 5 percent, meaning that the data is normal. Also, the results of this study have also been free from the problems of autocorrelation, heteroscedasticity, and multicollinearity. The R- squared observation value for the heteroskedasticity test and the autocorrelation are not significant at the 5 percent level. While the value of multicollinearity also shows that this research model is free from multicollinearity problems, it shows that the VIF value is less than 10 and the correlation value between independent variables is no greater than 0.80 percent.
The results of the study using a regression model can be shown in Table 1 below. In Table 1 the following regression has been done using CEM, FEM and REM, Chow test and Hausman test. The test results provide a Chow value of -8.22 *** meaning that a good model is a fixed effect model because the Chow test value is significant 1 percent. This result required that the Hausman test is tested to choose the FEM or REM model. The Hausman test results obtained a value of 5 ***, meaning that because the Hausman value is significant 1 percent, the best model is the fixed effect model.
Opción, Año 35, No.89 (2019): 436-454 Table 2: Result of determinant capital structure in sharia construction
and building companies in IDX
Variables CEM FEM REM
Constant 6.231 20.061*** 8.543**
TNG 0.165 -14.908** -2.568
NDT -22.094*** -7.889 -0.433***
SZE 0.333 -2.005*** -0.196
PRO -3.838 -4.150 -4.272*
PTG -0.787* 0.279 -0.520
R2 0.640 0.869 0.498
F_Statistic 10.711*** 11.307*** 5.972***
Chow test= (8.22) *** Hausman test= 5***
Note: *** significance level 1%, ** significance level 5%. CEM = Common Effect Model; FEM = Fixed Effect Model; and REM =
Random Effect Model
Based on Table 1 above by using five variables, namely tangibility assets, non-debt tax shields, size, profitability and accounts receivable. The fifth is an independent variable tested against the capital structure as the dependent variable. The panel regression results obtained as follows:
DERit = 20.061 - 14.908TNGit -7.889NDTit - 2.592SZEit - 2.005PROit
+ 0.279PTGit
Several observations can explain the model equation above. In general, the results of this study show that all the independent variables namely tangibility assets, non-debt tax shields, size, profitability and accounts receivable affect the level of debt. It can be
Factors Influencing the Capital Structure of Sharia Construction and Building Companies
448
seen from the significance value of tangibility assets 5 percent and company size with a significance value of 1 percent. While non-debt tax shields and profitability also has a negative effect but it is insignificant. It can be seen in the non-significant coefficient values at level 1 percent, 5 percent and 10 percent, while accounts receivable have a positive but not significant effect. Furthermore, the estimated coefficient of determination (R2) is 0.869 or 86.9 percent. It means that the level of debt or capital structure of the construction and building companies of sharia can be explaining using the five variables used in this study is strong (Alkhateeb, 2019)
Also, the above equation can also be interpreted into several items (Indriastuti, 2019). First, the constant value is 20,061 which means if the tangibility asset coefficient, non-debt tax shield, company size, profitability and receivables do not change, the intercept value is fixed at 20. 061. Second, the tangibility asset coefficient value is -14,908 which means that if the value Tangibility assets rose 1 percent, reducing the debt level by 14.908 percent.
Third, the coefficient of non-debt tax shields is -7,889, which means that if the value of the coefficient of non-debt tax shields increases by 1 percent, it decreases the debt level by 7. 889 percent. Fourth, the company size coefficient is -2,592, which means that if the size of the company rises 1 percent, it will reduce the debt level by 2,592 percent.
Fifth, the profitability coefficient is -2.005, which means that if the size of the company increases by 1 percent, the level of debt
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increases by 2.005 percent. Finally, the receivable coefficient is 0.279, which means that if the receivables rise 1 percent, the debt level will increase by 0.279 percent. There have been numerous studies concerning the variables used to find out the effects of debt levels of sharia construction and building companies in Indonesia.
Two variables that affect the capital structure of sharia construction and building companies in Indonesia are assets tangibility and firm size. Variable tangibility assets indicate a negative influence on capital structure (Yang et al., 2019). This finding is in line with several studies that state a negative impact and although it contradicts some reviews that claimed the opposite result (Lee, 2019).
This finding is following the pecking order theory approach which explains the negative tangibility of its relationship to shortterm financing. However, this research contradicts the results of other studies that reveal positive relationships such as (Chadha and Sharma, 2015; Chen et al., 2013). Firm size variables show a negative relationship with capital structure. This finding is by the results of (Acaravci, 2014). These findings mean sharia construction and building companies applies to peck order theory more consistently. It indicates a negative relationship between company size and debt ratio because asymmetric information is not a problem for large companies. This finding is conflicting with several studies that explain positive relationships, in general, finding a positive relationship between company size and debt ratio so that it supports trade-off theory (Chadha and Sharma, 2015; Chandra, 2018).
Factors Influencing the Capital Structure of Sharia Construction and Building Companies
450
While the Non-Debt-Tax Shield (NDTS) variable, profitability and accounts receivable does not affect the capital structure of sharia construction and building companies at IDX, the Non-Debt-Tax Shield (NDTS) variable does not show any influence on the capital structure of sharia construction and building companies in IDX even though the direction is negative (Soo et al., 2019). This finding is by Acaravci (2014), Chadha and Sharma (2015) which stated that the Non-Debt-Tax Shield does not affect the capital structure even though the regression results show a negative direction and this explanation supported trade-off theory.
The variable profitability does not affect the capital structure in a negative direction. The results of this study are by Guna and Sampurno (2018) who stated that profitability placed no effect on the level of debt in sharia construction and building companies in Indonesia. The occurrence of a negative relationship is caused by the construction company and a relatively good level of profitability. It makes the company make finance with its internal costs or retained earnings, then debt and eventually issues equity. This condition is by the financing order in pecking order theory.
The receivable variable also does not affect the capital structure even though the direction is positive. In theory, capital structure is an illustration of the form of financial proportions in the company, which consists of capital owned by sources of long-term liabilities and shareholders' equity as sources of financing within the company while accounts receivable are assets or wealth that arise as a result of the
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implementation of credit sales practices. So that in this case the capital structure is not influenced by accounts receivable because the receivables are on the side of the company's balance sheet while the capital structure is on the liabilities side of the company's balance sheet. Nevertheless, it is essential to keep in mind the high value of these accounts uncontrolled by company management can result in losses for the company later.
4. CONCLUSION
The results of this study provide the outcome that tangibility asset factors and firm size determine the defining factors of capital structure in sharia construction and building companies in Indonesia.
It indicates that in the case of sharia construction and building companies it is more suitable for pecking order theory. In the case of company size, this finding is not consistent with most other studies that support the trade-off theory. Nevertheless, in general, the results of this study show that all independent variables affect the level of the capital structure of construction companies and sharia buildings.
Furthermore, the findings of this study become a signal for investors in determining investment in companies, especially sharia construction and building companies. Thus investors are advised to consider tangibility assets, non-debt tax shields, firm size, profitability, and receivables.
