TESTING PECKING ORDER THEORY IN JAKARTA ISLAMIC INDEX

Abstract

ABSTRACT

Company is an important pivot in building the Indonesian economy system. The funding decision will determine the company’s operating activities that affect the value of the company. A company funding is closely related to the selectionand combination of both internal and external funding sources.This study aims to analyze the influence of factors of capital structure policy according to the pecking order theory of capital structure financing decision. Factors studied as independent variables are profitability and firm size. The population in this study using sharia-based companies in Jakarta Islamic Index. The sample used is 30 companies during the period from Desember 2015 to May 2016. Data used issecondary data. Statistical analysis shows that the profitability variable positively influences the funding decisions. However, the results of these tests reject the hypothesis since the hypothesis profitability is in the opposite direction. Statistical analysis shows that the variables of firm size do not affect the funding decisions which eventually results in the rejection to the hypothesis of the study. It can be concluded that sharia-based companies in Jakarta Islamic Index do not follow thepecking order theory hierarchical.

Keywords : capital structure, pecking order theory, profitability, firm size

ABSTRAK

Perusahaan merupakan poros penting dalam membangun sistem perekonomian Indonesia. Pendanaaan perusahaan berkaitan erat dengan pemilihan dan kombinasi sumber dana internal maupun sumber dana eksternal. Keputusan pendanaan akan menentukan perusahaan dalam melakukan aktivitas operasinya yang berpengaruh terhadap nilai perusahaan. Pecking order theory merupakan model struktur modal yang mengutamakan pendanaan internal berupa laba ditahan. Penelitian ini bertujuan menganalisis pengaruh faktor-faktor kebijakan stuktur modal terhadap keputusan pendanaan struktur modal menurut pecking order theory. Faktor-faktor yang digunakan adalah profitability dan firm size. Penelitian ini menggunakan 30 perusahaan di Jakarta Islamic Index yaitu perusahaan-perusahaan berbasis saham syariah. Teknik analisis mengggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa : 1) variabel profitability berpengaruh terhadap keputusan pendanaan, namun hasil pengujian ini tidak sejalan dengan pecking order theory karena arahnya yang berlawanan. 2) variabel firm size tidak berpengaruh terhadap keputusan pendanaan. Dengan demikian dapat disimpulkan bahwa perusahaan-perusahaan berbasis saham syariah di Jakarta Islamic Index cenderung tidak mengikuti hirarki pecking ordertheory.

Kata-kata kunci : pecking order theory, profitability, firm size, saham syariah