230
Analisis Keputusan Pendanaan Pada
Perbankan Syariah Di Indonesia
Mutamimah
&
Firza Fuadi
KJIHGFEDCBA
F a k u lta s E k o n o m i U n iv e rs itra s S u lta n A g u n g S e m a ra n g , ta tik m u t@ y a h o o .c o m
ABSTRACT
T h is re s e a rc h a im s to te s t th e fin a n c in g d e c is io n a t S h a ria B a n k in g . T h is e x a m in a tio n a im s to a n s w e r th e p ro b le m to w h a t e x te n d fin a n c in g d e c is io n a t S h a ria B a n k in g u s e T ra d e -o ff T h e o ry o r P e c k in g O rd e r T h e o ry ? T h e p o p u la tio n o f th e re s e a rh a re s h a ria b a n k in g . T h e s a m p le s o f th is re s e a rc h c o n s is ts o f 5 s h a ria h b a n k s th a t a re s e le c te d b a s e d o n n o n p ro b a b ility te c h n iq u e w ith p u rp o s itiv e s a m p lin g m e th o d . In p ro c e s s e s te s tin g th e h y p o th e s is w a s u s e d P a rtia l L e a s t S q u a re . B a s e d o n e m p iric a l e x a m in a tio n re s u lt, it is g e n e ra lly c o n c lu d e d th a t fin a n c in g d e c is io n a t s h a ria h b a n k in g p re fe r to u s e T ra d e -o ff T h e o ry c o m p a re d P e c k in g O rd e r T h e o ry . B a s e d o n T ra d e O ff T h e o ry : n o n d e b t ta x s h ie ld s h a v e im p a c t n e g a tiv e to fin a n c in g d e c is io n , liq u id ity h a v e im p a c t p o s itiv e to fin a n c in g d e c is io n . B a s e d o n P e c k in g o rd e r th e o ry : p ro fita b lity h a v e im p a c t p o s itiv e to fin a n c in g d e c is io n , a n d in v e s tm e n t h a v e im p a c t n e g a tiv e to fin a n c in g d e c is io n .
K e y w o rd : F in a n c in g D e c is io n , S h a ria B o n k in g , T ra d e -o ff T h e o ry , P e c k in g O rd e r T h e o ry .
PENDAHULUAN
Suatu perusahaan dalam memenuhi kebutuhan
dananya seringkali mengutamakan
dari sumber dana yang berasal dari intern perusahaan maka akan sangat mengurangi
ketergantungan
pada pihak luar. Akan tetapi apabila kebutuhan dana sudah sedemikian
meningkatnya karena pertumbuhan
perusahaan dan dana-dana yang berasal dari intern
perusahaan sudah digunakan semua dan tidak dapat mencukupi lagi, maka tidak ada
pilihan lain selain menggunakan dana dari luar perusahaan. Dalam memenuhi kebutuhan
dananya, dana dari luar perusahaan
ini dapat diperoleh dari utang maupun dengan
mengeluarkan
saham barn.
Dengan
adanya pembiayaan
dengan utang maka biaya modal yang timbul dari
M U T A M I M A H &F I R Z A F U A D I
A n a l i s i sK e p u t u s a n P e n d a n a a n P a d a P e r b a n k a n S y a r i a h D i I n d o n e s i a
231
d a p a t b e r a k i b a t p a d a r e n d a h n y a p r o f i t a b i l i t a s p e r u s a h a a n .
B e r k a i t a n d e n g a n o b y e k p e n e l i t i a n , B a n k S y a r i a h a d a l a h b a n k y a n g k e g i a t a n u s a h a n y a
d i l a k u k a n b e r d a s a r k a n p r i n s i p s y a r i a h . S e d a n g k a n p r i n s i p s y a r i a h a d a l a h a t u r a n p e r j a n j i a n
b e r d a s a r k a n
"bukum Islam"
( U D N o . 2 1 / 2 0 0 8 t t g P e r b a n k a n S y a r i a h ) .Keuangan Syariah:
m e n e k a n k a n p e n t i n g n y a k e s e l a r a s a n a k t i v i t a s k e u a n g a n d e n g a n n o r m a d a n t u n t u n a n
s y a r i a h . A t u r a n t e r p e n t i n g d a l a m k e g i a t a n k e u a n g a n s y a r i a h a d a l a h p e l a r a n g a n
riba
( m e m p e r a n a k a n u a n g d a n m e n g h a r a p k a n h a s i l t a n p a m e n a n g g u n g r i s i k o ) . A h l i f l q i h
m e n i l a i i n i s a n g a t k e n t a l e k s i s t e n s i n y a d a l a m a k t i v i t a s k e u a n g a n k o n v e n s i o n a l . D a l a m
k e u a n g a n s y a r i a h h a r u s p u l a d i p e n u h i k e t e n t u a n m e n g h i n d a r i
ghararmaysir
( a k t i v i t a ss e p e r t i b e r j u d i ) , o b j e k d a n s e l u r u h p r o s e s i n v e s t a s i h a r u s
halal,
s e r t a m e n j a m i nt e r l a k s a n a n y a k o n s e p
kemaslahatan
m u l a i d a r i h u l u s a m p a i h i l i r d a r i p r o s e s i n v e s t a s i y a n gd i l a k u k a n .
B e b e r a p a k o n s e p y a n g d i g u n a k a n d a l a m p e n e l i t i a n y a n g b e r k a i t a n d e n g a n s t r u k t u r
m o d a l a d a l a h
Trade Off Theory
d a nPecking Order Theory.
B e r d a s a rTrade Off Theory
( B r e a l e y d a n M y e r s , 1 9 9 1 ) , p e r u s a h a a n m e n d a s a r k a n k e p u t u s a n p e n d a n a a n p a d a s u a t u
s t r u k t u r m o d a l y a n g o p t i m a l . S t r u k t u r m o d a l o p t i m a l t e r c a p a i p a d a s a a t t e r j a d i
k e s e i m b a n g a n a n t a r a m a n f a a t m e n g g u n a k a n u t a n g d e n g a n b i a y a m e n g g u n a k a n u t a n g .
Pecking Order Theory
m e n g g a m b a r k a n s e b u a h h i r a r k i d a l a m p e n c a r i a n d a n a p e r u s a h a a nd i m a n a p e r u s a h a a n l e b i h m e m i l i h d a n a i n t e r n a l t e r l e b i h d a h u l u u n t u k m e m b a y a r d i v i d e n
d a n i n v e s t a s i k e m u d i a n m e n g i m p l e m e n t a s i k a n n y a s e b a g a i p e l u a n g p e r t u m b u h a n j i k a
m e m u n g k i n k a n . ] i k a d a n a e k s t e r n a l d i b u t u h k a n , p e r u s a h a a n l e b i h m e n y u k a i u t a n g
d i b a n d i n g s u m b e r d a n a e k s t e r n a l l a i n ( M y e r s , 1 9 8 4 ; M y e r s d a n M a j l u f , 1 9 8 4 ) . D a l a m
p e n e l i t i a n i n i
Trade Off Theory
d i u k u r d e n g a nnon debt tax shield,
d a n l i k u i d i t a s .Pecking
Order Theory
d i u k u r d e n g a nprofitabilitas
d a n i n v e s t a s i .B a n y a k f a k t o r y a n g m e m p e n g a r u h i k e p u t u s a n m a n a j e r d a l a m m e n e n t u k a n s t r u k t u r
m o d a l p e r u s a h a a n . M e n u r u t B r i g h a m d a n H o u s t o n ( 2 0 0 1 ; 6 ) d a l a m S a i d i ( 2 0 0 4 ) f a k t o r
-f a k t o r : r i s i k o b i s n i s , p o s i s i p a j a k , -f l e k s i b i l i t a s k e u a n g a n d a n k o n s e r v a t i s m e a t a u a g r e s i v i t a s
m a n a j e m e n m e r u p a k a n f a k t o r - f a k t o r y a n g m e n e n t u k a n k e p u t u s a n s t r u k t u r m o d a l
k h u s u s n y a p a d a s t r u k t u r m o d a l y a n g d i t a r g e t k a n
(target capital structure).
S e c a r a l e b i hu m u m , f a k t o r - f a k t o r y a n g b e r p e n g a r u h t e r h a d a p k e p u t u s a n s t r u k t u r m o d a l : s t a b i l i t a s
p e n j u a l a n , s t r u k t u r a k t i v a , l e v e r a g e o p e r a s i , t i n g k a t p e r t u m b u h a n , p r o f i t a b i l i t a s , p a j a k ,
p e n g e n d a l i a n , s i k a p m a n a j e m e n , s i k a p p e m b e r i p i n j a m a n , k o n d i s i p a s a r , k o n d i s i i n t e r n a l
p e r u s a h a a n d a n f l e k s i b i l i t a s k e u a n g a n ( B r i g h a m d a n H o u s t o n , 2 0 0 1 : 3 9 ) .
K e p u t u s a n p e n d a n a a n d a l a m p e n e l i t i a n i n i d i l i h a t d a r i s e g i n a s a b a h a t a u m a s y a r a k a t
y a n g m e n y i m p a n d a n a n y a p a d a b a n k s y a r i a h . D a n a y a n g d i h i m p u n d a r i m a s y a r a k a t
m e r u p a k a n u t a n g b a g i b a n k s y a r i a h b u k a n d a r i s e g i k r e d i t u r a t a u i n v e s t o r , h a l i n i l a h y a n g
-232
JURNAl MANAJEMEN&BISNISVo!.1 No.2 Moret 2011NMLKJIHGFEDCBA
f a k t o r y a n g m e m p e n g a r n h i s t r u k t u r m o d a l y a n g d i l a k u k a n p a d a p e r u s a h a a n - p e r u s a h a a n
m a n u f a k t u r d i I n d o n e s i a d i t e m u k a n h a s i l y a n g b e r t e n t a n g a n s a t u s a r n a l a i n . T u j u a n
p e n e l i t i a n i n i a d a l a h u n t u k m e n e l i t i p e n g a r u h
Non debt tax shields,
l i k u i d i t a s , p r o f i t a b i l i t a sd a n i n v e s t a s i t e r h a d a p k e p u t u s a n p e n d a n a a n d e n g a n o b y e k p e n e l i t i a n a d a l a h p e r b a n k a n
s y a r i a h .
B e r d a s a r k a n l a t a r b e l a k a n g m a s a l a h t e r s e b u t d i a t a s , m a k a s e e a r a u m u m r u m u s a n
m a s a l a h n y a a d a l a h b a g a i m a n a k e p u t u s a n p e n d a n a a n p a d a p e r b a n k a n s y a r i a h d i I n d o
-n e s i a ? a p a k a h m e n g i k u t i p o l a
Trade Off Theory
a t a uPecking Order Theory
? M a k ap e r t a n y a a n d a l a m p e n e l i t i a n i n i a d a l a h s e b a g a i b e r i k u t : B a g a i m a n a p e n g a r u h
non debt
tax shield
d a n l i k u i d i t a s t e r h a d a p k e p u t u s a n p e n d a n a a n p a d a p e r b a n k a n s y a r i a h d i I n d o-n e s i a ? B a g a i m a -n a p e n g a r u h p r o f i t a b i l i t a s , i n v e s t a s i t e r h a d a p k e p u t u s a n p e n d a n a a n p a d a
p e r b a n k a n s y a r i a h d i I n d o n e s i a .
KAJIAN TEORI
Struktur Modal
S t r u k t u r m o d a l ( H u s n a n , 1 9 9 3 ) a d a l a h p r o p o r s i a n t a r a p e n g g u n a a n u t a n g d a n m o d a l
s e n d i r i d a l a m s t r u k t u r f i n a n s i a l p e r u s a h a a n . W i j a y a ( 2 0 0 1 ) m e n j e l a s k a n b a h w a m a n a j e r
h a r u s m e m p e r t i m b a n g k a n b i a y a m a n f a a t d a r i s u m b e r d a y a y a n g d i p i l i h d a l a m m e l a k u k a n
p e n g a m b i l a n k e p u t u s a n p e n d a n a a n . B a g i d a n a y a n g b e r b e n t u k u t a n g , m a k a k e e i l d a r i p a d a
b i a y a m o d a l y a n g b e r a s a l d a r i p e n e r b i t a n s a h a m b a r u . Y a n g m e m b e d a k a n h a n y a l a h b a h w a
p e n e r b i t a n s a h a m b a r u a k a n m e n i m b u l k a n b i a y a e m i s i . H a l i n i m e n g a k i b a t k a n b i a y a
m o d a l d a r i p e n e r b i t a n s a h a m b a r u a k a n s e d i k i t l e b i h t i n g g i d a r i b i a y a m o d a l d a r i l a b a
d i t a h a n ( M u t a m i m a h d a n R i t a , 2 0 0 9 ) .
M e n u r u t M u t a m i m a h d a n R i t a ( 2 0 0 9 ) k e p u t u s a n p e n d a n a a n d i s e b u t j u g a s t r u k t u r
m o d a l b e r k a i t a n d e n g a n p e m i l i h a n s u m b e r d a n a y a n g b a i k b e r a s a l d a r i d a l a m m a u p u n
d a r i l u a r , s a n g a t m e m p e n g a r n h i n i l a i p e r u s a h a a n . S u m b e r d a n a p e r u s a h a a n d a r i i n t e r n a l
b e r a s a l d a r i l a b a d i t a h a n d a n l a b a d e p r e s i a s i . D a n a y a n g d i p e r o l e h d a r i s u m b e r e k s t e r n a l
a d a l a h d a n a y a n g b e r a s a l d a r i p a r a k r e d i t u r d a n p e m i l i k , p e s e r t a a t a u p e n g a m b i l b a g i a n
d a l a m p e r u s a h a a n .
Teori-teori Struktur Modal
Static Trade Off
Static Trade
O f f b e r a s u m s i b a h w a s t r u k t u r m o d a l s u a t u p e r u s a h a a n d i t e n t u k a n d e n g a nm e m p e r t i m b a n g k a n m a n f a a t p e n g u r a n g a n p a j a k k e t i k a h u t a n g m e n i n g k a t d i s a t u s i s i
d a n m e n i n g k a t n y a
agency cost
( b i a y a a g e n s i ) k e t i k a h u t a n g m e n i n g k a t p a d a s i s i y a n gl a i n . K e t i k a m a n f a a t p e n g u r a n g a n p a j a k m a s i h l e b i h t i n g g i d i b a n d i n g k a n d e n g a n
p e r k i r a a n
agency cost
m a k a p e r u s a h a a n m a s i h b i s a m e n i n g k a t k a n h u t a n g n y a d a nM U T A M I M A H &F I R Z A F U A D I
A n a l i s i s K e p u t u s a n P e n d a n a a n P a d a P e r b a n k a n S y a r i a hD i I n d o n e s i a
233
p e n i n g k a t a n h u t a n g h a r u s d i h e n t i k a n k e t i k a p e n g u r a n g a n p a j a k a t a s t a m b a h a n h u t a n g t e r s e b u t s u d a h l e b i h r e n d a h d i b a n d i n g k a n d e n g a n p e n i n g k a t a n
agency cost.
M o d e lstatic
trade off
m e r u p a k a n e v o l u s i a t a u p e n g e m b a n g a n d a r i t e o r iirrelevance-nya.
M o d i g l i a n id a n M i l l e r s a a t i n i m e r u p a k a n
mainstream
d a r i t e o r i s t r u k t u r m o d a l . ( Z a e n a l A r i f i n , 2 0 0 4 ) ,b e r d a s a r k a n p a d a
trade off
p e r u s a h a a n b e r u p a y a m e m p e r t a h a n k a n s t r u k t u r m o d a l y a n g d i t a r g e t k a n d e n g a n t u j u a n m e m a k s i m u m k a n n i l a i p e r u s a h a a n . B e r d a s a r k a n t e o r i M o d i g l a n i d a n M i l l e r d a l a m S e k a r M a y a n g s a r i ( 2 0 0 1 ) s e m a k i n b e s a r h u t a n g y a n g d i g u n a k a n s e m a k i n t i n g g i n i l a i p e r u s a h a a n . M o d e l M o d i g l a n i d a n M i l l e r i n i m e n g a b a i k a n f a k t o r b i a y a k e b a n g k r u t a n d a n b i a y a k e a g e n a n . S t r u k t u r m o d a l y a n g o p t i m a l d a p a t d i t e n t u k a n d e n g a n p e n y e i m b a n g a n t a r a k e u n t u n g a n p e n g g u n a a n u t a n g d e n g a n b i a y a k e b a n g k r u t a n d a n b i a y a k e a g e n a n y a n g d i s e b u t m o d e lTrade Off.
I m p l i k a s i
Trade Off Theory
m e n u r u t B a r l e y d a n M y e r s ( 1 9 9 1 ) a d a l a h : a ) . P e r u s a h a a n d e n g a n r i s i k o b i s n i s b e s a r h a r u s m e n g g u n a k a n l e b i h k e c i l u t a n g d i b a n d i n g k a n p e r u s a h a a ny a n g m e m p u n y a i r i s i k o b i s n i s r e n d a h , k a r e n a s e m a k i n b e s a r r i s i k o b i s n i s , p e n g g u n a a n u t a n g y a n g s e m a k i n b e s a r a k a n m e n i n g k a t k a n b e b a n b u n g a , s e h i n g g a a k a n s e m a k i n m e m p e r s u l i t k e u a n g a n p e r u s a h a a n . b ) . P e r u s a h a a n y a n g d i k e n a i p a j a k t i n g g i p a d a b a t a s t e r t e n t u s e b a i k n y a m e n g g u n a k a n b a n y a k u t a n g k a r e n a a d a n y a
tax shield.
c ) . T a r g e t r a s i o h u t a n g a k a n b e r b e d a a n t a r a p e r u s a h a a n s a t u d e n g a n p e r u s a h a a n y a n g l a i n . P e r u s a h a a n y a n gprofitable
d a ntangible assets
m e m p u n y a i t a r g e t r a s i o u n t u k l e b i h t i n g g i .P e c k i n g O r d e r T h e o r y
S a i d i ( 2 0 0 4 ) m e n y a t a k a n b a h w a t e o r i i n i p e r t a m a k a l i d i k e n a l k a n o l e h D o n a l d s o n
p a d a t a h u n ( 1 9 6 1 ) s e d a n g k a n p e n a n a m a n
Pecking Order Theory
d i l a k u k a n o l e h M y e r s ( 1 9 8 4 ) . M e n u r u t M y e r s ( 1 9 9 6 ) d a l a m S a i d i ( 2 0 0 4 ) p e r u s a h a a n l e b i h m e n y u k a i p e n g g u n a a n p e n d a n a a n d a r i m o d a l i n t e r n a l , y a k n i d a n a y a n g b e r a s a l d a r i a l i r a n k a s , l a b a d i t a h a n d a n d e p r e s i a s i . S a n t i k a d a n D j a y a n i N u r d i n ( 2 0 0 2 )Pecking Order Theory,
m e n g a s u m s i k a n b a h w a p e r u s a h a a n b e r t u j u a n u n t u k m e m a k s i m u m k a n k e s e j a h t e r a a n p e m e g a n g s a h a m .P e r u s a h a a n b e r u s a h a m e n e r b i t k a n s e k u r i t a s p e r t a m a d a r i i n t e r n a l ,
retained
earning,
k e m u d i a n h u t a n g b e r i s i k o r e n d a h d a n t e r a k h i r e k u i t a s ( M y e r s , 1 9 8 4 ; M y e r s d a n M a j l u f , 1 9 8 4 ; H a r i s d a n R a v i v , 1 9 9 1 ) .Pecking Order Theory
m e m p r e d i k s i b a h w a p e n d a n a a n u t a n g e k s t e r n a l d i d a s a r k a n p a d a d e f i s i t p e n d a n a a n i n t e r n a l ( S h y a m - S u n d e r d a n M y e r s , 1 9 9 9 ) . S u s i I n d r i y a n i ( 2 0 0 6 ) m e n y a t a k a n b a h w aPecking Order Theory
m e m b e r i k a n b a n y a k p e n g a r u h d e n g a n m e m b e r i k a n p a n d a n g a n b a h w a t e o r i i n i s e s u a i d e n g a n b a n y a k n y a f a k t ay a n g t e r j a d i t e n t a n g p e n g g u n a a n
external finance
y a n g d i l a k u k a n o l e h p e r u s a h a a n -p e r u s a h a a n . A d a p u n k e u n g g u l a n d a r iPecking Order Theory
i t u s e n d i r i d i a n g g a p m a s i h d a p a t m e n g o r g a n i s i r b u k t i - b u k t i y a n g a d a d a n m e n j e l a s k a n d e n g a n b a i k b e b e r a p a a s p e k d a l a m p e r i l a k u p e n d a n a a n p e r u s a h a a n y a n g d i o b s e r v a s i .234
A
JU R N A l M A N A JE M E N & B IS N IS V o l. 1 N o .2 M o re t 2 0 1 1MLKJIHGFEDCBA
a d a l a h : a ) . P e r u s a h a a n a k a n l e b i h m e n g u t a m a k a n
internal financing,
k a r e n aPecking
Or-der Theory
m e m b e d a k a n e k u i t a s y a n g d i p e r o l e h d a r i l a b a d i t a h a n d a n p e n e r b i t a n s a h a mb a r u k a r e n a u r u t a n p i l i h a n a t a u p r i o r i t a s s u m b e r p e n d a n a a n m e n e m p a t k a n l a b a d i t a h a n
p a d a p o s i s i y a n g p a l i n g a t a s , s e d a n g k a n p e n e r b i t a n s a h a m b a r u b e r a d a p a d a u r u t a n
t e r b a w a h . b ) .P e r u s a h a a n m e n y e s u a i k a n t a r g e t p e m b a y a r a n d i v i d e n t e r h a d a p p e l u a n g
i n v e s t a s i . H a l i n i m e m b a w a i m p l i k a s i b a h w a k e b i j k a n d i v i d e n l e b i h r e l e v a n d e n g a n
k e p u t u s a n p e n d a n a a n . K e b i j a k a n m a n a j e m e n m e n i n g k a t k a n d i v i d e n h a n y a d i l a k u k a n
b i l a m e r e k a m e m i l i k i k e y a k i n a n a k a n d a t a m e n j a g a s t a b i l i t a s d i v i d e n p a d a m a s a y a n g
a k a n d a t a n g a g a r t e t a p
sticky.
e ) .K e b i j a k a n d i v i d e n b e r s i f a tsticky,
s e h i n g g a d a m p a kf l u k t u a s i p r o f i t a b i l i t a s d a n p e l u a n g p a d a a l i r a n k a s i n t e r n a l b i s a l e b i h b e s a r a t a u l e b i h
k e e i l d a r i p e n g e l u a r a n i n v e s t a s i . d ) .B i l a d a n a e k s t e r n a l d i b u t u h k a n , m a k a b a r u l a h
p e r u s a h a a n m e m i l i h s u m b e r d a n a d a r i u t a n g k a r e n a 'd i p a n d a n g l e b i h a m a n d a r i e k u i t a s .
E k u i t a s m e r u p a k a n p i l i h a n t e r a k h i r d a r i
Pecking Order Theory
s e b a g a i s u m b e r u n t u km e m e n u h i k e b u t u h a n i n v e s t a s i .
P engaruh
non debt tax shieldsterhadap
keputusan pendanaan.
P e r u s a h a a n y a n g d i k e n a i p a j a k t i n g g i p a d a b a t a s t e r t e n t u s e b a i k n y a m e n g g u n a k a n
b a n y a k u t a n g k a r e n a a d a n y a
tax shield.
W i w a t t a n a k a n t a n g ( 1 9 9 9 ) m e n e m u k a n a d ah u b u n g a n n e g a t i f a n t a r a
non debt tax shield
d e n g a nleverage.
S e m e n t a r a T i t m a n d a nW s s e l s ( 1 9 9 8 ) , H o m a i f i r ( 1 9 9 4 ) t e m u a n n y a b e r b e d a d e n g a n W i w a t t a n a k a n t a n g , y a i t u
t i d a k a d a h u b u n g a n y a n g s i g n i f i k a n a n t a r a
non debt tax shields
d e n g a nleverage.
B e r d a s a r k a na n a l i s i s d a n t e m u a n p a n e l i t i a n t e r d a h u l u m e n u n j u k k a n b a h w a a d a p e n g a r u h
non debt
tax shield
d e n g a nleverage,
m a k a H i p o t e s i s p e n e l i t i a n i n i d i r u m u s k a n s e b a g a i b e r i k u t :H 1 :
Non debt tax shields
b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n .P engaruh likuiditas terhadap keputusan pendanaan
P o s i s i l i k u i d i t a s p e r u s a h a a n d a p a t d i a t a s i d e n g a n k e m a m p u a n p e r u s a h a a n u n t u k
m e m i n j a m d a l a m j a n g k a p e n d e k . P e r u s a h a a n y a n g d a p a t s e g e r a m e n g e m b a l i k a n u t a n g
-u t a n g n y a a k a n d a p a t k e p e r e a y a a n d a r i k r e d i t u r u n t u k m e n e r b i t k a n u t a n g d a l a m j u m l a h
b e s a r . O z k a n ( 2 0 0 1 ) m e n e m u k a n p e r u s a h a a n m e n y e s u a i k a n t a r g e t
leverage
r a t i o r e l a t i fe e p a t d a n a d a h u b u n g a n p o s i t i f a n t a r a l i k u i d i t a s p e r u s a h a a n d e n g a n
leverage.
B e r d a s a r k a na n a l i s i s d a n t e m u a n p e n e l i t i a n t e r d a h u l u , m a k a H i p o t e s i s d a l a m p e n e l i t i a n i n i d i r u m u s k a n
s e b a g a i b e r i k u t :
H 2 : L i k u i d i t a s b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n .
P engaruh kem am pulabaan
(profitabilitYJ
terhadap keputusan pendanaan
P e r u s a h a a n y a n g m e m p u n y a i p r o f i t t i n g g i , a k a n m e n g g u n a k a n d a l a m j u m l a h r e n d a h ,
M U T A M I M A H &F I R Z A F U A O I
A n a l i s i s K e p u t u s a n P e n d a n a a n P a d a P e r b a n k a n S v a r i a h O i I n d o n e s i a
235
m e m p e r g u n a k a n
retained earning
u n t u k m e m e n u h i k e b u t u h a n d a n a . H a s i l p e n e l i t i a n T i t m a n d a n W e s s e l s ( 1 9 8 8 ) ; R a j a n d a n Z i n g a l e s ( 1 9 9 5 ) ; B a s k i n ( 1 9 8 9 ) ; W i w a t t a n a -k a n t a n g ( 1 9 9 9 ) d a l a m M u t a m i m a h ( 2 0 0 3 ) , b a h w a a d a h u b u n g a n n e g a t i f a n t a r a p r o f i t-a b i l i t y d e n g -a n
debt ratio.
A n g , J . S . , F a t e m i , A . , R a d T . R ( 1 9 9 7 ) d a l a m M u t a m i m a h ( 2 0 0 3 ) m e n e m u k a n b a h w a p e r u s a h a a n y a n g p r o f i t n y a b e s a r m e m p u n y a i a k s e s b a g u s t e r h a d a p a l t e r n a t i f s u m b e r p e n d a n a a n . H a l i n i k a r e n a p e r u s a h a a n y a n g p r o f i t a b l e t e r s e b u t m e m p u -n y a i i -n f o r m a s i y a -n g s u p e r i o r . B e r d a s a r k a -n a n a l i s i s d a n t e m u a n p e n e l i t i a n t a r d a h u l u , m a k aH i p o t e s i s d a l a m p e n e l i t i a n i n i d i r u m u s k a n s e b a g a i b e r i k u t :
H 3 : P r o f i t a b i l i t y b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n
Pengaruh investasi terhadap keputusan pendanaan
K e i n g i n a n p e r u s a h a a n u n t u k m e r n a k s i m a l k a n k e k a y a a n p a r a p e m e g a n g s a h a m t e l a h m e n d o r o n g u n t u k m e m a n f a a t k a n a d a n y a k e s e m p a t a n i n v e s t a s i y a n g a d a . K e s e m p a t a n i n v e s t a s i y a n g d i m i l i k i o l e h p e r u s a h a a n a k a n m e m p e n g a r u h i s t r u k t u r m o d a l a p a b i l a
in-ternal equity
y a n g d a p a t d i p e r g u n a k a n u n t u k m e n d a n a i i n v e s t a s i t i d a k m e n c u k u p i .Peck-ing Order Theory
m e n y a t a k a n b a h w a u r u t a n p e n d a n a a n s e t e l a h l a b a i n t e r n a l a d a l a hm e l a l u i p e n g g u n a a n
debt.
B a s k i n ( 1 9 8 9 ) , C h a n g d a n R h e e ( 1 9 9 0 ) , d a n A d e d e j i ( 1 9 9 8 ) m e n e m u k a n b a h w a i n v e s t a s i b e r h u b u n g a n p o s i t i f d e n g a n s t r u k t u r m o d a l . B e r d a s a r k a n a n a l i s i s d a n t e m u a n p e n e l i t i a n t e r d a h u l u , m a k a H i p o t e s i s d a l a m p e n e l i t i a n i n i d i r u m u s k a n s e b a g a i b e r i k u t :H 4 : I n v e s t a s i b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n .
METODE PENELITIAN
P o p u l a s i d a n S a m p e l
P o p u l a s i a d a l a h k u m p u l a n i n d i v i d u a t a u o b y e k p e n e l i t i a n y a n g m e m i l i k i c i r i - c i r i y a n g t e l a h d i t e t a p k a n . P o p u l a s i d a l a m p e n e l i t i a n i n i a d a l a h p e r b a n k a n s y a r i a h d i I n d o n e s i a
p e r i o d e t a h u n 2 0 0 8 - 2 0 0 9 . P e n g a m b i l a n s a m p e l d i l a k u k a n d e n g a n c a r a
purposive sample
y a i t u t i p e p e m i l i h a n s a m p l e s e c a r a t i d a k a c a k y a n g i n f o r m a s i n y a d i p e r o l e h d e n g a n m e n g g u n a k a n p e r t i m b a n g a n t e r t e n t u ( N u r I n d r i a n t o r o d a n S u p o m o , 2 0 0 2 : 1 3 1 ) . J u m l a h s a m p e l y a n g 1 0 1 0 s d a r i b e b e r a p a s y a r a t y a n g d i t e n t u k a n d a n d i g u n a k a n a d a l a h 3 B a n k U m u m S y a r i a h . A d a p u n b a n k - b a n k t e r s e b u t a d a l a h : B a n k M u a m a l a t , B a n k S y a r i a h M a n d i r i , d a n B a n k S y a r i a h M e g a I n d o n e s i a .U n t u k m e n d u k u n g p e n e l i t i a n y a n g d i l a k u k a n , m a k a d i p e r l u k a n d a t a y a n g b e r u p a d a t a s e k u n d e r . D a t a s e k u n d e r a d a l a h d a t a y a n g d i u s a h a k a n s e n d i r i o l e h p e n e l i t i n a m u n d i p e r o l e h d a r i l e m b a g a l i n s t a n s i m e l a l u i p e n g u t i p a n d a t a l k e t e r a n g a n y a n g s u d a h t e r s e d i a s e r t a m e l a l u i s t u d i p u s t a k a y a n g r e l e v a n d e n g a n p e r m a s a l a h a n d a l a m p e n e l i t i a n . J e n i s
236
JURNAL MANAJEMEN&BISNIS Vol. 1 No.2 Maret 2011TSRQPONMLKJIHGFEDCBA
b e r b a g a i s u m b e r . D a t a y a n g d i p e r l u k a n b e r u p a :
1 . D a t a p e r u s a h a a n y a n g m a s u k d a l a m k e l o m p o k p e r u s a h a a n p e r b a n k a n s e 1 a m a p e r i o d e
p e n e l i t i a n .
2 . L a p o r a n T r i w u l a n a n k e u a n g a n p e r u s a h a a n s a m p e 1 t a h u n p e n e l i t i a n y a n g d i p e r o l e h
d a r i B a n k I n d o n e s i a d a n w e b s i t e r e s m i b a n k y a n g t e r k a i t . S e b a n y a k 2 t a h u n y a i t u , t a h u n 2 0 0 8 d a n 2 0 0 9 s e r t a t e r d i r i d a r i 2 4 o b s e r v a s i .
M e t o d e p e n g u m p u l a n d a t a y a n g d i g u n a k a n d a l a m p e n e l i t i a n i n i a d a l a h m e t o d e d o k u m e n t a s i y a i t u p e n g u m p u l a n d a t a b e r u p a b u k t i , c a t a t a n a t a u l a p o r a n h i s t o r i s y a n g t e l a h t e r s u s u n d a l a m a r s i p ( d a t a d o c u m e n t e r ) y a n g d i p u b l i k a s i k a n ( N u r I n d r i a n t o r o d a n S u p o m o , 2 0 0 2 : 1 4 7 ) . D o k u m e n y a n g d i g u n a k a n d a l a m p e n e 1 i t i a n i n i t a n g g a l p e l a p o r a n l a p o r a n k e u a n g a n , n e r a c a d a n l a p o r a n l a b a r u g i y a n g d i j a b a r k a n d a l a m b e n t u k r a s i o -r a s i o k e u a n g a n m u l a i t a h u n 2 0 0 8 s a m p a i d e n g a n t a h u n 2 0 0 9 .
Pengukuran
Variabel
D a l a m p e n e l i t i a n i n i v a r i a b e 1 d e p e n d e n y a n g d i g u n a k a n a d a l a h k e p u t u s a n p e n d a n a a n , s e d a n g k a n v a r i a b e l i n d e p e n d e n y a n g d i g u n a k a n a d a l a h
Non debt tax shields,
l i k u i d i t a s , p r o f i t a b i l i t a s d a n i n v e s t a s i .1 . V a r i a b e l D e p e n d e n ( t e r i k a t )
K e p u t u s a n p e n d a n a a n a d a l a h d a l a m p e n e l i t i a n i n i D E R :
Debt to Equity Ratio
( R a s i o h u t a n g a t a s m o d a l ) , m e n g g a m b a r k a n s t r u k t u r m o d a l y a n g d i m i l i k i o l e h p e r u s a h a a n , d e n g a n d e m i k i a n d a p a t d i l i h a t s t r u k t u r r i s i k o t i d a k t e r t a g i h n y a h u t a n g m a k i n k e c i l a n g k a r a s i o i n i m a k i n b a i k . P r o k s i D E R a d a l a h t o t a l h u t a n g d a n m o d a l .2 . V a r i a b e l I n d e p e n d e n ( b e b a s )
a. Non debt tax shield
( X l )D e A n g e l o d a n M a s u l i s ( 1 9 8 0 ) m e n y a t a k a n d a l a m s t r u k t u r m o d a l ,
non debt tax
shield
s e b a g a i s u b t i t u s i i n t e r e s t e x p a n s e a k a n b e r k u r a n g s a a t m e n g h i t u n g p a j a kp e r u s a h a a n . P e r u s a h a a n d i k e n a i p a j a k t i n g g i p a d a b a t a s t e r t e n t u s e b a i k n y a m e n g g u n a k a n b a n y a k u t a n g k a r e n a a d a n y a
tax shield.
P r o k s inon debt tax shield
a d a l a h r a s i o d e p r e s i a s i d e n g a n t o t a lassets.
b. Likuiditas
(X2)
M e n g g a m b a r k a n k e m a m p u a n p e r u s a h a a n u n t u k m e m e n u h i k e w a j i b a n f i n a n s i a l j a n g k a p e n d e k s e t i a p k a l i j a t u h t e m p o . P r o k s i l i k u i d i t a s a d a l a h
current assets
d e n g a ncurrent liabilities.
c. Profitability
(X3)
M U T A M I M A H
KJIHGFEDCBA
&F I R Z A F U A D IA n a l i s i s K e p u t u s a n P e n d a n a a n P a d a P e r b a n k a n S y a r i a h D i I n d o n e s i a
237
p e n e l i t i a n G h o s h e t . A I . ( 2 0 0 0 ) y a i t u m e n g g u n a k a p .
BA
n e t p r o f i t m a r g i n s e b a g a i u k u r a np r o f i t a b i l i t a s .
d . I n u e s t a s i
(X 4 )
I n v e s t a s i y a n g d i m a k s u d a d a l a h p e n g k a i t a n s u m b e r - s u m b e r l a b a d i m a s a y a n g a k a n
d a t a n g ( M u l y a d i , 1 9 9 3 ) . I n v e s t a s i d i h i t u n g d a r i t o t a l a s s e t s
t d i k u r a n g i t o t a l a s s e t st_
METODE ANALISIS DATA
P a r t i a l L e a s t S q u a r e m e r u p a k a n f a c t o r i n d e t e r m i n a c y m e t o d e a n a l i s i s y a n g p o w e r f u l l o l e h k a r e n a t i d a k m e n g a s u m s i k a n d a t a h a r u s d e n g a n p e n g u k u r a n s k a l a t e r t e n t u , d a n
d a p a t d i g u n a k a n p a d a j u m l a h s a m p e 1 k e c i l . P L S d a p a t j u g a d i g u n a k a n u n t u k k o n f i r m a s i
t e o r i . D i b a n d i n g k a n d e n g a n c o v a r i a n c e b a s e d S E M ( y a n g d i w a k i l i o l e h s o f t w a r e L I S R E L ,
E ~ , a t a u A M O S ) c o m p o n e n t b a s e d P L S m a m p u m e n g h i n d a r k a n m a s a l a h b e s a r y a n g
d i h a d a p i o l e h c o v a r i a n c e b a s e d S E M y a i t u i n a d m i s s i b l e s o l u t i o n d a n f a c t o r i n d e t e r m i
-n a c y ( F o r -n e l l d a n B o o k s t e i n , 1 9 8 2 d a l a m I m a m G h o z a l i , 2 0 0 8 ) .
HASIL DAN PEMBAHASAN
Statistik Deskriptif
S t a t i s t i k d e s k r i p t i f a k a n m e n g e m u k a k a n c a r a - c a r a p e n y a j i a n d a t a h a s i l p e n e l i t i a n .
P e n j e 1 a s a n d a t a d i s e r t a i d e n g a n n i l a i m i n i m u m , n i l a i m a k s i m u m , m e a n d a n s t a n d a r
d e v i a s i . B e r i k u t i n i s t a t i s t i k d e s k r i p t i f d a t a p e n e l i t i a n y a n g t e r d i r i d a r i v a r i a b e 1 T r a d e O f f
T h e o r y y a n g d i t u n j u k k a n o l e h n o n d e b t t a x s b e i l d s ( N D T S ) d a n l i k u i d i t a s , P e c k i n g O r d e r
T h e o r y y a n g d i t u n j u k k a n o l e h p r o f i t a b i l i t a s d a n i n v e s t a s i s e r t a k e p u t u s a n p e n d a n a a n y a n g d i t u n j u k k a n o l e h d e b t e q u i t y r a t i o ( D E R ) .
TABEL
I
STATISTIl
DESlRlPTIF
N M IN IM U M M A X IM U M M E A N s td . D E V IA T IO N
N D T S 2 4 . 0 1 . 0 3 . 0 1 7 5 . 0 0 6 0 8
L ik u id ita s 2 4 1 . 9 4 1 . 3 9 5 4 1 . 3 9 5 4 . 1 7 1 2 9
P ro fita b ilita s 2 4 . 2 9 . 1 2 6 3 . 1 2 6 3 . 0 7 1 1 9
In v e s ta s i 2 4 2 6 4 4 7 8 7 7 2 7 6 0 8 . 1 3 7 2 7 6 0 8 . 1 3 6 5 0 1 7 7 . 6 7 4
D E R 2 4 1 6 . 9 0 1 2 . 0 9 1 3 1 2 . 0 9 1 3 2 . 4 4 4 1 4
V a lid N (lis tw is e ) 2 4
S u m b e r : D a ta s e k u n d e r y a n g d io la h . ta h u n 2 0 1 1
B e r d a s a r k a n T a b e 1 1 d i a t a s d i p e r o l e h n i l a i r a t a - r a t a n o n d e b t t a x s h e i l d s( N D T S ) y a n g
d i u k u r d e n g a n p e r b a n d i n g a n n i l a i d e p r e s i a s i d e n g a n n i l a i t o t a l a s s e t a d a l a h s e b e s a r 0 , 0 1 7 5 .
H a l i n i m e n u n j u k k a n b a h w a n o n d e b t t a x s h e i l d s ( N D T S ) p a d a 3 b a n k u m u m s y a r i a h ,
238
JURNAL MANAJEMEN &BISNIS Vol. 1 No.2 Moret 2011PONMLKJIHGFEDCBA
r a t a - r a t a s e b e s a r 1 , 7 5 p e r s e n . N i l a i t e r e n d a h
non debt tax sheild
( N D T S ) a d a l a h s e b e s a r 0 , 0 1 a t a u 1 p e r s e n , s e d a n g k a n n i l a i t e r t i n g g i d a r inon debt tax sheild
( N D T S ) a d a l a h 0 , 0 3 a t a u 3 p e r s e n . B e r d a s a r k a n n i l a i m a k s i m u m d a n m i n i m u m d a p a t d i k e t a h u i b a h w a s e l i s i h a t a u p e r b e d a a n d a t a t i d a k t e r l a l u t i n g g i , s e d a n g k a n b e r d a s a r k a n n i l a i s t a n d a r d e v i a s i d a n r a t a - r a t a p e n y i m p a n g a n d a t anon debt tax sheild
( N D T S ) t i d a k t e r l a l u t i n g g i , s e b a b n i l a i s t a n d a r d e v i a s i s e b e s a r 0 , 0 0 6 0 8 1 e b i h k e e i l d a r i r a t a - r a t a s e b e s a r 0 , 0 1 7 5 .N i l a i r a t a - r a t a l i k u i d i t a s y a n g d i u k u r d e n g a n p e r b a n d i n g a n a k t i v a l a n e a r d e n g a n h u t a n g l a n e a r a d a l a h s e b e s a r 1 , 3 9 5 4 . H a l i n i m e n u n j u k k a n b a h w a l i k u i d i t a s p a d a 3 b a n k s y a r i a h , y a i t u M u a l a m a t , S y a r i a h M a n d i r i d a n M e g a S y a r i a h t a h u n 2 0 0 8 - 2 0 0 9 s e l a m a T r i w u l a n a n r a t a - r a t a s e b e s a r 1 3 9 , 5 4 p e r s e n , a r t i n y a s e t i a p r u p i a h d a r i h u t a n g I a n e a r d a p a t d i j a m i n o l e h a k t i v a l a n e a r s e b e s a r 1 , 3 9 5 4 r u p i a h . N i l a i t e r e n d a h l i k u i d i t a s a d a l a h s e b e s a r 1 2 5 p e r s e n , y a n g d i m i l i k i o l e h b a n k M u a m a l a t t a h u n 2 0 0 9 T r i w u l a n I I , s e d a n g k a n n i l a i
t e r t i n g g i d a r i l i k u i d i t a s a d a l a h s e b e s a r 1 9 4 p e r s e n , y a n g d i m i l i k i o l e h b a n k M e g a S y a r i a h t a h u n 2 0 0 9 T r i w u l a n I I . N i l a i s t a n d a r d e v i a s i s e b e s a r 0 , 1 7 1 2 9 1 e b i h k e e i l d a r i n i l a i r a t a
-r a t a s e b e s a r 1 , 3 9 5 4 d a p a t d i a r t i k a n b a h w a p e n y e b a r a n d a t a l i k u i d i t a s d a l a m p e n e l i t i a n i n i a d a l a h m e r a t a .
N i l a i r a t a - r a t a p r o f i t a b i l i t a s y a n g d i u k u r
net profit margin,
y a i t u p e r b a n d i n g a n a n t a r a l a b a s e t e l a h p a j a k d e n g a nrevenue
a d a l a h s e b e s a r 0 , 1 2 6 3 . H a l i n i m e n u n j u k k a n b a h w a p r o f i t a b i l i t a s p a d a 3 b a n k s y a r i a h , y a i t u M u a l a m a t , S y a r i a h M a n d i r i d a n M e g a S y a r i a h t a h u n 2 0 0 8 - 2 0 0 9 s e l a m a T r i w u l a n a n r a t a - r a t a s e b e s a r 1 2 , 6 3 p e r s e n , a r t i n y a s e t i a p r u p i a h d a r irevenue
d a p a t m e n g h a s i l k a n l a b a s e t e l a h p a j a k ( E A T ) s e b e s a r 0 , 1 2 6 3 r u p i a h . N i l a i t e r e n d a h p r o f i t a b i l i t a s a d a l a h s e b e s a r 3 p e r s e n , y a n g d i m i l i k i o l e h B a n k M e g a S y a r i a h t a h u n 2 0 0 9 T r i w u l a n I , s e d a n g k a n n i l a i t e r t i n g g i d a r i p r o f i t a b i l i t a s a d a l a h s e b e s a r 2 9 p e r s e n , y a n g d i m i l i k i o l e h b a n k M e g a S y a r i a h t a h u n 2 0 0 8 T r i w u l a n I . N i l a i s t a n d a r d e v i a s i s e b e s a r 0 , 0 7 1 1 9 l e b i h k e e i l d a r i n i l a i r a t a - r a t a s e b e s a r 0 , 1 2 6 3 d a p a t d i a r t i k a n b a h w a p e n y e b a r a n d a t a p r o f i t a b i l i t a s d a l a m p e n e l i t i a n i n i a d a l a h m e r a t a .N i l a i r a t a - r a t a i n v e s t a s i y a n g d i u k u r s e l i s i h t o t a l a k t i v a s e k a r a n g d e n g a n t o t a l a k t i v a T r i w u l a n l a l u a d a l a h s e b e s a r 7 2 7 6 0 8 , 1 3 j u t a r u p i a h . H a l i n i m e n u n j u k k a n b a h w a i n v e s t a s i p a d a 3 b a n k s y a r i a h , y a i t u M u a l a m a t , S y a r i a h M a n d i r i d a n M e g a S y a r i a h t a h u n 2 0 0 8 -2 0 0 9 s e l a m a T r i w u l a n a n r a t a - r a t a m e n g a l a m i k e n a i k a n s e b e s a r 7 2 7 6 0 8 , 1 3 j u t a r u p i a h .
N i l a i t e r e n d a h i n v e s t a s i a d a l a h s e b e s a r - 7 2 4 1 1 j u t a r u p i a h , y a n g d i m i l i k i o l e h B a n k M u a m a l a t t a h u n 2 0 0 9 T r i w u l a n I I I , s e d a n g k a n n i l a i t e r t i n g g i d a r i i n v e s t a s i a d a l a h s e b e s a r
2 6 4 4 7 8 7 j u t a r u p i a h , y a n g d i m i l i k i o l e h b a n k M a n d i r i S y a r i a h t a h u n 2 0 0 9 T r i w u l a n I V . N i l a i s t a n d a r d e v i a s i s e b e s a r 6 5 0 1 7 7 , 6 7 4 1 e b i h k e e i l d a r i n i l a i r a t a - r a t a s e b e s a r 7 2 7 6 0 8 , 1 3 , s e h i n g g a d a p a t d i a r t i k a n b a h w a p e n y e b a r a n d a t a i n v e s t a s i d a l a m p e n e l i t i a n i n i a d a l a h m e r a t a .
239
WVUTSRQPONMLKJIHGFEDCBA
M U T A M I M A H
IHGFEDCBA
&F I R Z A F U A D IA n a l i s i s K e p u t u s a n P e n d a n a a n P a d a P e r b a n k a n S y a r i a h D i I n d o n e s i a
a n t a r a h u t a n g d e n g a n m o d a l a d a l a h s e b e s a r 1 2 , 0 9 1 3 . H a l i n i m e n u n j u k k a n b a h w a
k e p u t u s a n p e n d a n a a n p a d a 3 b a n k u m u m s y a r i a h , y a i t u M u a l a m a t , S y a r i a h M a n d i r i d a n
M e g a S y a r i a h t a h u n 2 0 0 8 - 2 0 0 9 s e l a m a T r i w u l a n a n r a t a - r a t a s e b e s a r 1 2 , 0 9 1 3 , a r t i n y a
s e t i a p r u p i a h d a r i m o d a l d i g u n a k a n u n t u k m e n j a m i n h u t a n g s e b e s a r 1 2 , 0 9 1 3 r u p i a h .
N i l a i t e r e n d a h k e p u t u s a n p e n d a n a a n a d a l a h s e b e s a r 6 , 9 0 , y a n g d i m i l i k i o l e h B a n k M e g a
S y a r i a h t a h u n 2 0 0 8 T r i w u l a n I , s e d a n g k a n n i l a i t e r t i n g g i d a r i k e p u t u s a n p e n d a n a a n a d a l a h s e b e s a r 1 6 , 9 0 p e r s e n , y a n g d i m i l i k i o l e h b a n k M u a m a l a t t a h u n 2 0 0 9 T r i w u l a n I V . N i l a i
s t a n d a r d e v i a s i s e b e s a r 2 , 4 4 4 1 4 l e b i h k e c i l d a r i n i l a i r a t a - r a t a s e b e s a r 1 2 , 0 9 1 3 d a p a t
d i a r t i k a n b a h w a p e n y e b a r a n d a t a k e p u t u s a n p e n d a n a a n d a l a m p e n e l i t i a n i n i a d a l a h
m e r a t a .
Analisis Data dan Pengujian Hipotesis
U n t u k p e n g u j i a n s e c a r a i n d i v i d u d a p a t d i l i h a t p a d a T a b e l 2 b e r i k u t :
TABEL
2
RESULT
FOR OUTER
LOADINGS
O rig in a l S a m p le S a m p le M e a n S ta n d a rd T S ta tis tic s
(0 ) (M ) D e v ia tio n (S T D E V ) (la /S T E R R /) N D T S - 0 , 6 1 4 - 0 , 4 7 1 0 , 2 7 2 2 , 2 5 4
L ik u id ita s 0 , 8 7 2 0 , 8 8 3 0 , 1 7 1 5 , 1 0 6
P ro fita b ilita s 0 , 8 6 9 0 , 8 2 5 0 , 2 8 8 3 , 0 2 2
-In v e s ta s i - 0 , 5 5 4 - 0 , 4 9 2 0 , 2 6 5 2 , 0 9
S u m b e r: P e n g o la h a n d a ta d e n g a n P L S ,2 0 1 1
P e n g u j i a n H i p o t e s i s 1 ( P e n g a r u h
non debt tax sheilds
( N D T S ) s e b a g a i a l a t u k u rTrade
OjJTheory
t e r h a d a p k e p u t u s a n p e n d a n a a n )1 . B e r d a s a r k a n T a b e l 2 , d a p a t d i k e t a h u i b a h w a n i l a i k o e f i s i e n p a r a m e t e r
non debt tax
sheild(NDTS)
a d a l a h s e b e s a r - 0 , 6 1 4 , a r a h k o e f i s i e n p a r a m a t e r n e g a t i f d a p a t d i a r t i k a nb a h w a s e m a k i n t i n g g i
non debt tax sheild
( N D T S ) , m a k a k e p u t u s a n p e n d a n a a ns e m a k i n m e n u r u n . J i k a d i l i h a t d a r i n i l a i t s t a t i s t i k s e b e s a r s e b e s a r 2 , 2 5 4 > 1 , 9 6 , d a p a t d i a r t i k a n b a h w a
non debt tax sbeilds
( N D T S ) b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a np e n d a n a a n . D e n g a n d e m i k i a n H a d i t e r i m a d a n H o d i t o l a k , s e h i n g g a H i p o t e s i s 1
y a n g m e n y a t a k a n
non debt tax sheilds
( N D T S ) b e r p e n g a r u h s i g n i f i k a n t e r h a d a pk e p u t u s a n p e n d a n a a n d i t e r i m a .
2 . P e n g u j i a n H i p o t e s i s H 2 ( P e n g a r u h l i k u i d i t a s s e b a g a i a l a t u k u r
Trade OjJ Theory
t e r h a d a p k e p u t u s a n p e n d a n a a n )
3 . B e r d a s a r k a n t a b e l 4 . 4 , d a p a t d i k e t a h u i b a h w a n i l a i k o e f i s i e n p a r a m e t e r l i k u i d i t a s a d a l a h
s e b e s a r 0 , 8 7 2 , a r a h k o e f i s i e n p a r a m a t e r p o s i t i f d a p a t d i a r t i k a n b a h w a s e m a k i n t i n g g i
240
JURNAl MANNEMEN &BISNISVo!.1 No.2 Moret 2011ONMLKJIHGFEDCBA
s t a t i s t i k s e b e s a r s e b e s a r 5 , 1 0 6
>
1 , 9 6 , d a p a t d i a r t i k a n b a h w a l i k u i d i t a s b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n . D e n g a n d e m i k i a n H a d i t e r i m a d a n H o d i t o l a k , s e h i n g g a H i p o t e s i s 2 y a n g m e n y a t a k a n l i k u i d i t a s b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n d i t e r i m a .4 . P e n g u j i a n H i p o t e s i s H 3 ( P e n g a r u h p r o f i t a b i l i t a s s e b a g a i a l a t u k u r
Pecking Order Theory
t e r h a d a p k e p u t u s a n p e n d a n a a n )
5 . B e r d a s a r k a n T a b e l 2 , d a p a t d i k e t a h u i b a h w a n i l a i k o e f i s i e n p a r a m e t e r l i k u i d i t a s a d a l a h s e b e s a r 0 , 8 6 9 , a r a h k o e f i s i e n p a r a m a t e r p o s i t i f d a p a t d i a r t i k a n b a h w a s e m a k i n t i n g g i p r o f i t a b i l i t a s , m a k a k e p u t u s a n p e n d a n a a n s e m a k i n m e n i n g k a t . J i k a d i l i h a t d a r i n i l a i t
s t a t i s t i k s e b e s a r s e b e s a r 3 , 0 2 2
>
1 , 9 6 , d a p a t d i a r t i k a n b a h w a p r o f i t a b i l i t a s b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n . D e n g a n d e m i k i a n H a d i t e r i m a d a n H o d i t o l a k , s e h i n g g a H i p o t e s i s 3 y a n g m e n y a t a k a n p r o f i t a b i l i t a s b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n d i t e r i m a .6 . P e n g u j i a n H i p o t e s i s H 4 ( P e n g a r u h I n v e s t a s i s e b a g a i a l a t u k u r
Pecking Order Theory
t e r h a d a p k e p u t u s a n p e n d a n a a n )
B e r d a s a r k a n T a b e l 2 , d a p a t d i k e t a h u i b a h w a n i l a i k o e f i s i e n p a r a m e t e r i n v e s t a s i a d a l a h s e b e s a r - 0 , 5 5 4 , a r a h k o e f i s i e n p a r a m a t e r n e g a t i f d a p a t d i a r t i k a n b a h w a s e m a k i n t i n g g i i n v e s t a s i , m a k a k e p u t u s a n p e n d a n a a n s e m a k i n m e n i n g k a t . j i k a d i l i h a t d a r i n i l a i t s t a t i s t i k s e b e s a r s e b e s a r 2 , 0 9
>
1 , 9 6 , d a p a t d i a r t i k a n b a h w a i n v e s t a s i b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n . D e n g a n d e m i k i a n H a d i t e r i m a d a n H o d i t o l a k , s e h i n g g aH i p o t e s i s 4 y a n g m e n y a t a k a n i n v e s t a s i b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n d i t e r i m a .
N i l a i
R-square
k o n s t r u k k e p u t u s a n p e n d a n a a n a d a l a h s e b e s a r 7 1 , 8 0 % . H a l t e r s e b u tb e r a r t i b a h w a v a r i a b e l b e b a s
(Trade Off Theory
y a n g d i t u n j u k k a n o l e hnon debt tax sbeild
( N D T S ) d a n l i k u i d i t a s s e r t aPecking Order Theory
y a n g d i t u n j u k k a n o l e h p r o f i t a b i l i t a s d a n i n v e s t a s i ) d a p a t m e n j e l a s k a n k e p u t u s a npendanaan
s e b e s a r 7 1 , 8 0 p e r s e n , d a n s i s a n y a 2 8 , 2 0 p e r s e n d i j e l a s k a n o l e h v a r i a b e l l a i n y a n g t i d a k d i a m a t i d a l a m p e n e l i t i a n i n i , m i s a l n y a r i s i k o b i s n i s , p e r t u m b u h a n a k t i v a d a n l a i n - l a i n .Pembahasan
Non debt tax shields
( N D T S ) b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n .H a l i n i d i b u k t i k a n d e n g a n n i l a i t s t a t i s t i k d i a t a s 1 , 9 6 , y a k n i s e b e s a r 2 , 2 5 4 . N i l a i k o e f i s i e n p a r a m e t e r n e g a t i f ( - 0 , 6 1 4 ) , d a p a t d i a r t i k a n b a h w a s e m a k i n t i n g g i
non debt tax sheild
( N D T S ) , m a k a k e p u t u s a n p e n d a n a a n s e m a k i n m e n u r u n . A r t i n y a k e t i k a k e r i n g a n a n p a j a k k a r e n a t i n g g i n y a s i m p a n a n i t u b e s a r , m a k a d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t r e n d a h .M U T A M I M A H &F I R Z A F U A D I
A n a l i s i sK e p u t u s a n P e n d a n a a n P a d a P e r b a n k a n S y a r i a h D i I n d o n e s i a
241
b e s a r n y a s i m p a n a n a t a u d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t . D a l a m k o n d i s i i n i p e n g h i m p u n a n d a n a d a r i m a s y a r a k a t m e n g i k u t i p o l a
Trade
O f f y a i t u k i n e r j a p e r u s a h a a n a k a n m e n i n g k a t k a r e n a b e s a r n y a d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t p a d a t i t i k t e r t e n t u .T a p i s a n g a t m u n g k i n a k a n m e m b e r i k a n r i s i k o y a n g b e s a r b a g i p e r b a n k a n s y a r i a h k a r e n a b e s a r n y a d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t y a n g b e g i t u b e s a r y a n g a k a n m e n g a k i b a t k a n
p e r b a n k a n s y a r i a h m e n a n g g u n g b i a y a b a g i h a s i l d a n b i a y a - b i a y a l a i n y a n g s a n g a t b e s a r . H a s i l p e n e l i t i a n i n i m e n d u k u n g p e n e l i t i a n I n n a r o t u l U l y a ( 2 0 1 0 ) , y a n g m e n e m u k a n a d a n y a p e n g a r u h n e g a t i f
debt tax sheild
( N D T S ) t e r h a d a p k e p u t u s a n p e n d a n a a n .L i k u i d i t a s b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n . H a l i n i d i b u k t i k a n d e n g a n n i l a i t s t a t i s t i k d i a t a s 1 , 9 6 , y a k n i s e b e s a r 5 , 1 0 6 . A r a h k o e f i s i e n p a r a m e t e r p o s i t i f ( 0 , 8 7 2 ) , d a p a t d i a r t i k a n b a h w a s e m a k i n m e n i n g k a t l i k u i d i t a s , m a k a s e m a k i n m e n i n g k a t k e p u t u s a n p e n d a n a a n . A r t i n y a s e m a k i n t i n g g i l i k u i d i t a s y a n g d i m i l i k i p e r b a n k a n s y a r i a h , m a k a s i m p a n a n d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t j u g a t i n g g i .
K o n d i s i i n i t e r j a d i k a r e n a p o s i s i l i k u i d i t a s p e r b a n k a n s y a r i a h d a p a t d i a t a s i d e n g a n k e m a m p u a n p e r b a n k a n s y a r i a h u n t u k m e m i n j a m d a l a m j a n g k a p e n d e k . P e r u s a h a a n y a n g d a p a t s e g e r a m e n g e m b a l i k a n u t a n g - u t a n g n y a a k a n d a p a t k e p e r c a y a a n d a r i k r e d i t u r u n t u k
m e n e r b i t k a n u t a n g d a l a m j u m l a h b e s a r . B e g i t u j u g a d e n g a n p e r b a n k a n s y a r i a h , j i k a l i k u i d i t a s p e r b a n k a n s y a r i a h i t u b a i k m a k a n a s a b a h a t a u m a s y a r a k a t a k a n m e r a s a a m a n u n t u k m e n y i m p a n u a n g n y a d i b a n k . M e r e k a t i d a k m e r a s a k h a w a t i r u n t u k m e m p e r c a y a k a n u a n g m e r e k a k a r e n a l i k u i d i t a s b a n k y a n g b a i k H a s i l i n i m e n d u k u n g p e n e l i t i a n O z k a n
( 2 0 0 1 ) , y a n g m e n e m u k a n p e r u s a h a a n m e n y e s u a i k a n
target leverage ratio
r e l a t i f c e p a t d a n a d a h u b u n g a n p o s i t i f a n t a r a l i k u i d i t a s p e r u s a h a a n d e n g a nleverage.
P r o f i t a b i l i t a s b e r p e n g a r u h s i g n i f i k a n t e r h a d a p k e p u t u s a n p e n d a n a a n . H a s i l i n i d i b u k t i k a n d e n g a n n i l a i t s t a t i s t i k d i a t a s 1 , 9 6 , y a k n i s e b e s a r 3 , 0 2 2 . A r a h k o e f i s i e n p a -r a m e t e -r p o s i t i f ( 0 , 8 6 9 ) d a p a t d i a r t i k a n s e m a k i n m e n i n g k a t p r o f i t a b i l i t a s , s e m a k i n m e n i n g k a t k e p u t u s a n p e n d a n a a n . S e m a k i n t i n g g i p r o f i t a b i l i t a s y a n g d i m i l i k i p e r b a n k a n s y a r i a h , m a k a s i m p a n a n d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t j u g a t i n g g i .
K o n d i s i i n i t e r j a d i k a r e n a p e r b a n k a n s y a r i a h y a n g m e m p u n y a i p r o f i t y a n g t i n g g i , a k a n d i p a n d a n g o l e h m a s y a r a k a t s e b a g a i d a n a y a n g d a p a t d i g u n a k a n u n t u k m e m b a y a r u t a n g n y a , s e h i n g g a a p a b i l a d i b e r i k a n p i n j a m a n , p e r b a n k a n s y a r i a h d i h a r a p k a n b i s a m e n g e m b a l i k a n
d e n g a n p r o f i t y a n g d i d a p a t n y a t e r s e b u t . S e h i n g g a m a s y a r a k a t m e r a s a y a k i n u n t u k m e n y i m p a n d a n a n y a p a d a b a n k y a n g d i r a s a t e p a t k a r e n a p r o f i t y a n g t i n g g i . D i s i s i l a i n p e r b a n k a n s y a r i a h d e n g a n p r o f i t y a n g s e m a k i n t i n g g i , m a k a p i h a k p e r b a n k a n s y a r i a h a k a n m e n g g u n a k a n d a n a n y a u n t u k s u m b e r p e n d a n a a n .
..
242
JURNAL MANAJEMEN &BISNIS VoL 1 No.2 Moret 2011NMLKJIHGFEDCBA
k e p u t u s a n p e n d a n a a n . A r t i n y a s e m a k i n t i n g g i i n v e s t a s i y a n g b i s a d i t a n a m k a n o l e h p e r b a n k a n s y a r i a h , m a k a s e m a k i n r e n d a h d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t . H a l i n i b e r a r t i b a h w a i n v e s t a s i b a g i p e r b a n k a n s y a r i a h d i a m b i l k a n d a r i d a n a i n t e r n a l d u l u , b a r u y a n g t e r a k h i r a d a l a h d a r i d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t .
I n v e s t a s i d a l a m p e n e l i t i a n i n i d i u k u r d e n g a n p e r u b a h a n a k t i v a T r i w u l a n s e k a r a n g d e n g a n T r i w u l a n s e b e l u m n y a a t a u k e n a i k a n a k t i v a . S u m b e r k e n a i k a n a k t i v a b a n y a k s e k a l i , b i s a b e r a s a l d a r i l a b a , p e n a m b a h a n m o d a l , p e n j u a l a n a k t i v a t e t a p , d a n b i s a j u g a b e r a s a l
d a r i k e b i j a k a n u t a n g . H a s i l i n i m e n d u k u n g p e n e l i t i a n C h a n g d a n R h e e ( 1 9 9 0 d a n A s e d e j i ( 1 9 9 8 ) , y a n g m e n y a t a k a n i n v e s t a s i b e r p e n g a r u h t e r h a d a p k e p u t u s a n p e n d a n a a n .
SIMPULAN DAN SARAN
B e r d a s a r k a n h a s i l p e n e l i t i a n d a n p e m b a h a s a n d a p a t d i s i m p u l k a n b a h w a p e r b a n k a n
s y a r i a h d i I n d o n e s i a c e n d e r u n g m e n g i k u t i h i e r a r k i
Trade Off Theory
d i b a n d i n gPecking
Order Theory
d a l a m k e p u t u s a n p e n d a n a a n n y a . J a d iTrade Off Theory
l e b i h d a p a tm e n j e l a s k a n k e p u t u s a n p e n d a n a a n p a d a p e r b a n k a n s y a r i a h d i I n d o n e s i a . A d a p u n h a s i l p e n e l i t i a n s e c a r a r i n c i s e b a g a i b e r i k u t :
B e r d a s a r k a n h a s i l p e n g u j i a n p a d a m o d e l
Trade Off Theory
m e n u n j u k k a n b a h w a : a ) . T e r d a p a t p e n g a r u h n e g a t i f d a n s i g n i f i k a nnon debt tax shields
t e r h a d a p k e p u t u s a n.
.
p e n d a n a a n . A r t i n y a k e t i k a k e r i n g a n a n p a j a k k a r e n a t i n g g i n y a s i m p a n a n i t u b e s a r , m a k a d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t r e n d a h , b ) . T e r d a p a t p e n g a r u h y a n g p o s i t i f s i g n i f i k a n a n t a r a l i k u i d i t a s t e r h a d a p k e p u t u s a n p e n d a n a a n . S e m a k i n t i n g g i l i k u i d i t a s y a n g d i m i l i k i p e r b a n k a n s y a r i a h , m a k a s i m p a n a n d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t j u g a t i n g g i .
B e r d a s a r k a n h a s i l p e n g u j i a n p a d a m o d e l
Pecking Order Theory
m e n u n j u k k a n b a h w a : a ) . T e r d a p a t p e n g a r u h p o s i t i f d a n s i g n i f i k a n p r o f i t a b i l i t a s t e r h a d a p k e p u t u s a n p e n d a n a a n . S e m a k i n t i n g g i p r o f i t a b i l i t a s y a n g d i m i l i k i p e r b a n k a n s y a r i a h , m a k a s i m p a n a n d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t j u g a t i n g g i , b ) . T e r d a p a t p e n g a r u h n e g a t i f d a n s i g n i f i k a n i n v e s t a s it e r h a d a p k e p u t u s a n p e n d a n a a n . S e m a k i n t i n g g i i n v e s t a s i y a n g b i s a d i t a n a m k a n o l e h p e r b a n k a n s y a r i a h , m a k a s e m a k i n r e n d a h d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t . H a l i n i
b e r a r t i b a h w a i n v e s t a s i b a g i p e r b a n k a n s y a r i a h d i a m b i l k a n d a r i d a n a i n t e r n a l d u l u , b a r u y a n g t e r a k h i r a d a l a h d a r i d a n a y a n g d i h i m p u n d a r i m a s y a r a k a t .
K e t e r b a t a s a n d a n s a r a n y a n g d a p a t d i b e r i k a n b e r k a i t a n d e n g a n h a s i l a n a l i s i s d a n p e m b a h a s a n p a d a p e n e l i t i a n i n i a d a l a h : a ) . S a m p e l y a n g d i g u n a k a n d a l a m p e n e l i t i a n i n i h a n y a B a n k U m u m S y a r i a h . U n t u k p e n e l i t i a n s e l a n j u t n y a s e b a i k n y a d i k e m b a n g k a n l a g i
M U T A M I M A H
ZYXWVUTSRQPONMLKJIHGFEDCBA
&F I R Z A F U A O IA n a lis is K e p u tu s a n P e n d a n a a n P a d a P e r b a n k a n S y a r ia h O i I n d o n e s ia
243
p e n e l i t i a n i n i r e l a t i f t e r b a t a s . P e n e l i t i a n y a n g a k a n d a t a n g s e b a i k n y a m e n a m b a h t e o r i
k e p u t u s a n p e n d a n a a n y a n g l a i n
QPONMLKJIHGFEDCBA
m i s a l n y a A g e n c y T h e o r y , d ) .B a g i P e r b a n k a n S y a r i a h s e c a r au m u m , s e b a i k n y a m e n i n g k a t k a n p e n a m b a h a n m o d a l . H a l i n i d a p a t d i l a k u k a n d e n g a n
l e b i h m e m p e r h a t i k a n k e b u t u h a n m o d a l p a d a s e t i a p e k s p a n s i k r e d i t . S e r t a m e n e k a n b i a y a
o p e r a s i o n a l d a n m e n i n g k a t k a n p e n d a p a t a n o p e r a s i o n a l . H a l i n i d a p a t d i l a k u k a n d e n g a n
m e n u t u p b e r b a g a i c a b a n g y a n g t i d a k p r o d u k t i £ P e r b a n k a n s y a r i a h u n t u k m e n g u n d a n g
i n v e s t o r a s i n g a t a u m e l a k u k a n g o p u b l i c g u n a m e m p e r k u a t s t r u k t u r m o d a l n y a m e n u j u
s t a t u s b a n k n a s i o n a l , e ) .B a g i m a s y a r a k a t u m u m , s e b a i k n y a b e n a r - b e n a r m e m p e r h i t u n g k a n
d a n a y a n g a k a n d i s i m p a n p a d a b a n k s y a r i a h . K a r e n a p e r b a n k a n s y a r i a h d i I n d o n e s i a
m e n g i k u t i p o l a T r a d e O ff T h e o r y y a n g b e r a r t i b a h w a p e r b a n k a n s y a r i a h m e m i l i k i r i s i k o
y a n g t i n g g i y a n g l e b i h c e p a t t e r k e n a d a m p a k d a r i k o n d i s i p a s a r y a n g t i d a k m e n e n t u ,
s e p e r t i k e n a i k a n n i l a i t u k a r r u p i a h , i n f l a s i , d a n k o n d i s i p e r e k o n o m i a n .
DAFTAR PUSTAKA
B a m b a n g R iy a n to , 1 9 9 5 , D a s a r - d a s a r P e m b e l a j a r a n P e r u s a h a a n , E d is i 4 , B P F E , Y o g y a k a r ta . B r ig h a m , E u g e n e F . & H o u s to n , J o e l F . 2 0 0 1 , M a n a j e m e n K e u a n g a n , b u k u 2 , e d is i k e d e la p a n ,
p e n e r b it E r la n g g a : 5 8 .
B a s k in , J , 1 9 8 9 , A n E m p i r i c a l I n v e s t i g a t i o n o f P e c k i n g O r d e r H y p o t h e s i s , F in a n c ia l M a n a g e m e n t, S p r in g , 2 6 - 3 5 .
B r e a ly , R . a n d M y e r s ,S , 1 9 9 1 , P r i n c i p l e s o f C o r p o r a t e F i n a n c e , M c G r a w H ill, In c .
C h a n g , R .P . d a n S .G . R h e e , 1 9 9 0 , T h e I m p a c t o f P e r s o n a l T a x e s o n C o r p o r a t e D i v i d e n d P o l i c y a n d C a p i t a l S t r u c t u r e D e c i s i o n s , F in a n c ia l M a n a g e m e n t, S u m m e r : 2 1 - 3 1 .
G h o z a li, Im a m , 2 0 0 6 , S t r u c t u r a l E q u a t i o n M o d e l i n g M e t o d e A l t e r n a t i f d e n g a n P a r s i a l L e a s t S q u a r e ,
U n iv e r s ita s O ip o n e g o r o , S e m a r a n g .
H a lo m o a n , G in a & O ja k m a n , C h a e r u l 0 , 2 0 0 0 , P e n g u j i a n P e c k i n g O r d e r H y p o t h e s i s p a d a E m i t e n D i B u r s a E fe k J a k a r t a t a h u n 1 9 9 4 d a n 1 9 9 5 , S im p o s iu m N a s io n a l A k u n ta n s i III, h a l : 9 5 8 - 9 7 0 . h ttp ://w w w .b i.g o .id
In a r o tu l U ly a , 2 0 0 9 , A n a l i s i s K e p u t u s a n P e n d e n e e n p e d e P e r b e n k e n S y a r i a h G o P u b l i k d i B u r s a E fe k I n d o n e s i a , S k r ip s i, lu r u s a n M a n a je m e n F a k u lta s E k o n o m i U n iv e r s ita s Is la m S u lta n A g u n g ( tid a k d ip u b lik a s ik a n ) .
In d r iy a n i, S u s i, 2 0 0 6 , P e n g u j i a n P e c k i n g O r d e r H i p o t e s i s p a d a P e r u s a h a a n M a n u fa k t u r d i B E Jp e r i o d e
1997-2004,
p e n e r b it E q u ity , V o l. 4 , N o .2 , lu li- D e s e r n b e r : 2 3 - 4 4 .J . S u p r a n to , 1 9 9 2 , S t a t i s t i k , T e o r i d a n A p l i k a s i , E r la n g g a , J a k a r ta .
M u ta m im a h , 2 0 0 3 , A n a l i s i s S t r u k t u r M o d a l p a d a P e r u s a h a a n - p e r u s a h a a n N o n F i n a n s i a l y a n g G o
P u b l i c d i P a s a r M o d a l I n d o n e s i a , Iu r n a l B is n is S tr a te g i, lu ll. 7 1 - 8 0 .
- - - d a n R ita , 2 0 0 5 , K e b i j a k a n P e n d a n a a n d e n g a n P e n d e k a t a n T r a d e O ff T h e o r y d a n P e c k i n g O r d e r T h e o r y , E K O B IS , V o l. 1 0 N o .1 , ja n u a r i 2 0 0 9 .
M y e r s , S .C , 1 9 8 4 , T h e C a p i t a l S t r u c t u r e P u z z l e , jo u r n a l o f F in a n c e , 3 9 :5 7 5 - 5 9 2 .
- - - a n d N .S . M a jlu f, 1 9 8 4 , C o r p o r a t e F i n a n c i n g a n d I n v e s t m e n t D e c i s i o n W h e n F i r m s H a v e I n fo r m a t i o n I n v e s t o r s D o n ' t H a v e , jo u r n a l o f F in a n c ia l E c o n o m ic s , 1 3 :1 8 7 - 2 2 1 .
244
JURNAl MANAJEMEN &BISNIS VoL 1 No.2 Moret 2011XWVUTSRQPONMLKJIHGFEDCBA
R a j a n , R . G a n d Z i n g a l e s , 1 9 9 5 ,
RQPONMLKJIHGFEDCBA
W h a t D o W e K n o w A b o u t C a p i t a l S t r u c t u r e ? S o m e E v i d e n c e f r o m I n t e r n a t i o n a l D a t a , T h e J o u r n a l o f F i n a n c e 5 , D e s e m b e r : 1 4 2 1 - 1 4 5 9 .S a i d i , 2 0 0 4 , F a k t o r - f a k t o r Y a n g M e m p e n g a r u h i S t r u k t u r M o d a l P a d a P e r u s a h a a n M a n u f a k t u r G o
P u b l i k d i B E R J T a h u n 1 9 9 7 - 2 0 0 2 , J u r n a l B i s n i s d a n E k o n o m i , 1 3 : 1 8 7 - 2 2 1 .
S e k a r M a y a n g s a r i , 2 0 0 1 , A n a l i s i s F a k t o r - f a k t o r Y a n g M e m p e n g a r u h i K e p u t u s a n P e n d a n a a n P e r u s a h a a n : P e n g u j i a n P e c k i n g O r d e r H y p o t h e s i s , M e d i a R i s e t A k u n t a n s i , A u d i t i n g d a n I n f o r m a s i ,
D e s e m b e r , 1 , 3 , p . 1 - 2 6 .
S i n g a r i m b u n M a s r i , 1 9 9 0 , M e t o d e P e n e l i t i a n S u r v e y , L P 3 E S , J a k a r t a .
S u a d H u s n a n , 1 9 9 4 , D a s a r - d a s a r T e o r i P o r t o f o l i o d a n A n a l i s i s S e k u r i t a s , E d i s i k e d u a . U P P A M P Y K P N : Y o g y a k a r t a .
