Financial Services Authority (OJK) Policy on Debt Proportion and Its Impact on the Profitability of DES Listed Companies in Indonesia

Aida Nurul Hadiah* -  Islamic Economics, Graduate School, Universitas Gadjah Mada

The sharia capital market in Indonesia has different principles and criteria from the conventional capital market, and focuses on “ethics and justice”. The desired outcomes of capital market transactions should be in accordance with Islamic ethics and norms as managed in sharia. OJK (Otoritas Jasa Keuangan/ Financial Services Authority) is supervisor and manager of financial service activities in the banking sector, the capital market sector, and the IKNB (Industri Keuangan Non-Bank/ Non-Bank Financial Industry) sector. The research object is capital structure, leverage, and profit. They are managed by size, liquidity, growth, and active structure of the listed company at sharia stock. The research population is 24 companies excluded from the OJK due to a lack of criteria in their 2013-2015 quarterly financial reports. The data analyses used are descriptive statistics and inferential statistics. This analysis finds the effect of the independent variable, dependent variable and control variable simultaneously and partially. The research result shows that capital structure and leverage do not have significant effect.

 

Keywords: OJK (Otoritas Jasa Keuangan), Debt Proportion, DES 

  1. Boediono, W. K. (2001). Teori dan Aplikasi Statistika dan Probabilitas. Bandung: Remaja Rosdakarya.
  2. Chhaochharia, V., & Grinstein, Y. (2007). Corporate Governance and Firm Value: The Impact of the 2002 Governance Rules. The Journal of Finance, 62(4), 1789-1825.
  3. Danuletiu, A. E. (2010). Working Capital Management and Profitability: a Case of Alba Country Companies. Annales Universitatis Apulensis: Series Oeconomica, 12(1), 364.
  4. Gaud, P., Hoesli, M., & Bender, A. (2007). Debt-equity Choice in Europe. International Review of Financial Analysis, 16(3), 201-222.
  5. Husnan, S. (2004). Dasar-Dasar Teori Portofolio dan Analisis Investasi. Yogyakarta: Penerbit UPP-AMP YKPN
  6. Kahle, K. M., & Shastri, K. (2004). Executive Loans. Journal of Financial and Quantitative Analysis, 39(04), 791-811.
  7. Mathuva, D. (2010). The Influence of Working Capital Management Components on Corporate Profitability. Research Journal of Business Management, 4(1), 1-11.
  8. Muhammad. (2014). Manajemen Keuangan Syari'ah. Yogyakarta: UPP STIM-YKPN.
  9. Riyanto, B. (2011). Dasar-dasar Pembelanjaan Perusahaan (Fouth Edition ed.). Yogyakarta: UPP STIM-YKPN.
  10. Sudana, I. (2011). Manajemen Keuangan Perusahaan: Teori dan Praktik. Jakarta: Erlangga.
  11. Sugiyono, M. P. P. K. (2007). Pendekatan Kuantitatif. Bandung: Alfabeta.
  12. Yuliati, N. W. (2013). Pengaruh Kebijakan Modal Kerja Terhadap Profitabilitas Pada Perusahaan Hotel dan Restoran di Bursa Efek Indonesia. E-Jurnal Ekonomi dan Bisnis Universitas Udayana, 2(10).
  13. Website:
  14. www.ojk.go.id

Shirkah: Journal of Economics and Business
Published by Faculty of Islamic Economics and Business (FEBI)
Institut Agama Islam Negeri Surakarta, Indonesia
Jln. Pandawa No. 1, Pucangan, Kartasura, Central Java, Indonesia, 57168
Phone: +62271-781516
Website: http://shirkah.or.id/new-ojs/index.php/home
Email: shirkahiainsurakarta@gmail.com

P-ISSN :2503-4235 | E-ISSN : 2503-4243

This ejournal system and it's contents licensed under
a Creative Commons Attribution-NonCommercial 4.0 International License