Jurnal Ekonomi dan Bisnis Islam
Vol. 4 No. 2 (2018): JULI-DESEMBER 2018

ANALISIS PENGARUH UTANG BERBASIS BUNGA DAN PENDAPATAN NON-HALAL TERHADAP NILAI PERUSAHAAN EMITEN SAHAM SYARIAH

Muhammad Adlan (Prodi Ekonomi Syariah, Fakultas Ekonomi dan Bisnis, Universitas Airlangga)
Imron Mawardi (Prodi Ekonomi Syariah, Fakultas Ekonomi dan Bisnis, Universitas Airlangga)



Article Info

Publish Date
31 Dec 2018

Abstract

This study aims to determine whether interest-based debt limitation and non-halal income limitation have significant effect on the firm value. Sharia stock issuers in Indonesia are obliged to pass several conditions set by the market regulator, some of them are limitations of the interest-based debt and non-halal income. This study assumes that the lower portion of interest-based debt and non-halal income, the more the investors will prefer the stocks, thus increasing the firm value. The subjects of this study are the companies listed on JII period 2013-2017. This study measures interest-based debt with ratio of interest-based debt devided by total debt, measures non-halal income with ratio of non-halal income divided by operating revenue, and measures the value of the firm with PBV. The analysis of this study using panel data regressions with fixed effects models with robust standard errors. The results shows that interest-based debt and non-halal income have no effects on the value of the firm, partially and simultaneously Keywords: Interest baseddebt, Non-halal income, Sharia stocks, Value of the firm

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Journal Info

Abbrev

JEBIS

Publisher

Subject

Economics, Econometrics & Finance

Description

Journal of Economics and Business Islamic (JEBIS) accepts original manuscripts in the field of Islamics Economics, including research reports, case reports, application of theory, critical studies and literature reviews. The spread of Islamic Economics include: 1. Islamic Finance and Capital ...