Pengaruh Struktur Modal dan Islamic Corporate Governance Terhadap Nilai Perusahaan Moderasi Ukuran Perusahaan Pada Bank Umum Syariah Yang Terdaftar di Bursa Efek Indonesia

Dara Ayu Nianty, Asbi Amin, ViVien Amor Viloria, Anita Anita

Abstract


ABSTRAK

Penelitian ini bertujuan untuk menganalisis pengaruh struktur modal dan Islamic corporate governance terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi pada Bank Umum Syariah di Indonesia. Metode penelitian yang digunakan adalah pendekatan kuantitatif dengan analisis regresi moderasi (Moderated Regression Analysis/MRA). Data yang digunakan merupakan data sekunder yang diperoleh dari laporan keuangan Bank Umum Syariah selama periode penelitian. Hasil penelitian menunjukkan bahwa struktur modal berpengaruh negatif dan signifikan terhadap nilai perusahaan, sedangkan Islamic corporate governance berpengaruh positif dan signifikan terhadap nilai perusahaan. Selain itu, ukuran perusahaan mampu memperlemah pengaruh negatif struktur modal dan memperkuat pengaruh positif Islamic corporate governance terhadap nilai perusahaan. Temuan ini mengindikasikan bahwa ukuran perusahaan berperan penting dalam memperkuat atau memperlemah hubungan antar variabel, serta menegaskan pentingnya penerapan tata kelola berbasis syariah dalam meningkatkan nilai perusahaan.

Kata Kunci: Struktur Modal, Islamic Corporate Governance, Nilai Perusahaan, Ukuran Perusahaan


ABSTRACT

This study aims to analyze the influence of capital structure and Islamic corporate governance on firm value, with firm size as a moderating variable in Islamic Commercial Banks in Indonesia. The research method used is a quantitative approach with moderated regression analysis (MRA). The data used are secondary data obtained from the financial statements of Islamic Commercial Banks during the study period. The results show that capital structure has a negative and significant effect on firm value, while Islamic corporate governance has a positive and significant effect on firm value. In addition, firm size is able to weaken the negative effect of capital structure and strengthen the positive effect of Islamic corporate governance on firm value. These findings indicate that firm size plays a significant role in strengthening or weakening the relationship between variables, and emphasize the importance of implementing sharia-based governance in increasing firm value.

Keywords: Capital Structure, Islamic Corporate Governance, Firm Value, Firm Size



References


Alam, M. K., Rahman, M. M., Runy, M. K., Adedeji, B. S., & Hassan, M. F. (2022). The influences of Shariah governance mechanisms on Islamic banks performance and Shariah compliance quality. Asian Journal of Accounting Research, 7(1), 2–16.

Amin, A., & Sulfati, A. S. (2024). Islamic Banking Company Value Through Capital Adequacy, Problematic Financing and Efficiency. Al-Buhuts, 20(2), 332–344.

Arhinful, R., Mensah, L., Amin, H. I. M., Obeng, H. A., & Gyamfi, B. A. (2025). The strategic role of sustainable finance in corporate reputation: A signaling theory perspective. Sustainability, 17(11).

Aulia, A. (2024). Islamic Corporate Governance in the Halal Industry: Sharia Supervisory Board, Sharia Compliance, and Reputational Risk in Sharia Issuers. Simangunsong: Journal of Business Administration, Management, Economic And Accounting, 2(2), 71–81.

Basiruddin, R., & Ahmed, H. (2020). Corporate governance and Shariah non-compliant risk in Islamic banks: evidence from Southeast Asia. Corporate Governance: The International Journal of Business in Society, 20(2), 240–262.

Bechihi, O., & Nafti, O. (2025). Corporate governance and sharia board: enhancing disclosure compliance in Islamic banks of MENA region. Journal of Financial Reporting and Accounting. Vol. ahead-of-print No. ahead-of-print.

Bon, S. F., & Hartoko, S. (2022). The effect of dividend policy, investment decision, leverage, profitability, and firm size on firm value. European Journal of Business and Management Research, 7(3), 7–13.

Bui, T. N., Nguyen, X. H., & Pham, K. T. (2023). The effect of capital structure on firm value: A study of companies listed on the Vietnamese stock market. International Journal of Financial Studies, 11(3), 100.

Chabachib, M., HERSUGONDO, H., Septiviardi, D., & Pamungkas, I. D. (2020). The Effect of Investment Opportunity Set and Company Growth on Firm Value: Capital Structure as an Intervening Variable. International Journal of Innovation, Creativity and Change, 12(11), 139–156.

Dang, T. D., & Do, T. V. T. (2021). Does capital structure affect firm value in Vietnam? Investment Management & Financial Innovations, 18(1), 33.

Faisal, Y., Yanti, L. P., & Sari, E. G. (2025). The Effect of Compensation and Islamic Corporate Governance on Fraud Prevention with Islamic Organizational Culture as A Moderating Variable. JESI (Jurnal Ekonomi Syariah Indonesia), 15(2), 176–195.

Ghozali, I., & Latan, H. (2015). Partial least squares konsep, teknik dan aplikasi menggunakan program smartpls 3.0 untuk penelitian empiris. Semarang: Badan Penerbit UNDIP, 4(1), 35–46.

Gunadi, I., Wiksuana, I., Purbawangsa, I. B. A., & Rahyuda, H. (2020). Impact of structural capital and company size on the growth of firm value through financial performance with good corporate governance as a moderating variable: Property and real estate business in Indonesia. International Journal of Economics & Business Administration (IJEBA), 8(4), 332–352.

Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM). sage.

Handayani, S. R., & Rahayu, S. M. (2019). Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. Asian Journal of Accounting Research, 4(1), 18–34.

Hassan, R., & Yusoff, A. (2020). Enhancing good governance practices of waqf institutions: learning from Shariah governance framework of Islamic financial institutions. International Journal of Islamic Economics and Finance Research, 3(2 December), 65–76.

Ismanto, H., & Pebruary, S. (2021). Aplikasi SPSS dan Eviews dalam analisis data penelitian. Deepublish.

Jan, A. A., Lai, F.-W., Shah, S. Q. A., Tahir, M., Hassan, R., & Shad, M. K. (2025). Does Islamic corporate governance prevent bankruptcy in Islamic banks? Implications for economic sustainability. Management & Sustainability: An Arab Review, 4(1), 168–195.

Jati, F. N. C., & Irsyad, M. (2024). Investigating the impact of internal finance, ICG, and CSR on the profitability of Islamic Commercial Banks. JIFA (Journal of Islamic Finance and Accounting), 7(1), 66–78.

Mansour, M., Al Amosh, H., Alodat, A. Y., Khatib, S. F. A., & Saleh, M. W. A. (2022). The relationship between corporate governance quality and firm performance: The moderating role of capital structure. Sustainability, 14(17), 10525.

Margono, F. P., & Gantino, R. (2021). The influence of firm size, leverage, profitability, and dividend policy on firm value of companies in indonesia stock exchange. Copernican Journal of Finance & Accounting, 10(2), 45–61.

Misrah, M., & Arifin, A. (2024). Relationship of Financial Leverage on Investment Decisions And Firms’ Value: Evidence From Indonesia Manufacturing Companies. JAS (Jurnal Akuntansi Syariah), 8(2), 184–202.

Mohd Zain, F. A., Muhamad, S. F., Abdullah, H., Sheikh Ahmad Tajuddin, S. A. F., & Wan Abdullah, W. A. (2024). Integrating environmental, social and governance (ESG) principles with Maqasid al-Shariah: a blueprint for sustainable takaful operations. International Journal of Islamic and Middle Eastern Finance and Management, 17(3), 461–484.

Mutmainnah, A. (2025). Strengthening Fraud Prevention in Islamic Banks: The Roles of Islamic Corporate Governance, Sharia Compliance, and Internal Control. Al-Kharaj: Journal of Islamic Economic and Business, 7(4).

Nastiti, A. S., & Nuha, G. A. (2025). Islamic Corporate Governance and Intellectual Capital: Drivers or Detractors of Sustainability Disclosure? Share: Jurnal Ekonomi Dan Keuangan Islam, 14(1), 542–562.

Nurwulandari, A. (2021). Effect of liquidity, profitability, firm size on firm value with capital structure as intervening variable. Atestasi: Jurnal Ilmiah Akuntansi, 4(2), 257–271.

Okpo, S. A., Umoren, A. O., & Simeon, U. J. (2024). Gaining investors’ confidence through environmental information disclosures in annual reports of companies in Nigeria. International Journal of Advances in management and Economics, 13(2), 1-13.

Oncioiu, I., Petrescu, A. G., Bilcan, F. R., Petrescu, M., Fülöp, M. T., & Topor, D. I. (2020). The influence of corporate governance systems on a company’s market value. Sustainability, 12(8), 3114.

Raharjo, A. A. (2021). The impacts of institutional ownership, leverage and firm size to firm value with profitability as a moderation variable. International Journal of Business, Economics and Law, 24(5), 184.

Randrianasolo, A., & Semenov, A. V. (2026). Innovation reputation and market capitalization: the moderations of firm size, industry, and asset efficiency. Marketing Intelligence & Planning, 44(2), 209–234.

Sapna, A., Said, S., & Mellisyah, M. (2025). Pengaruh Struktur Modal, Kebijakan Dividen, Dan Profitabilitas Terhadap Nilai Perusahaan:(Studi Kasus Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2020-2023). Paradoks: Jurnal Ilmu Ekonomi, 8(2), 1126–1144.

Sudiyatno, B., Puspitasari, E., Suwarti, T., & Asyif, M. M. (2020). Determinants of firm value and profitability: Evidence from Indonesia. The Journal of Asian Finance, Economics and Business, 7(11), 769–778.

Suhadak, Mangesti Rahayu, S., & Handayani, S. R. (2020). GCG, financial architecture on stock return, financial performance and corporate value. International Journal of Productivity and Performance Management, 69(9), 1813–1831.

Tashkandi, A. A. (2023). Shariah supervision and corporate governance effects on Islamic banks’ performance: evidence from the GCC countries. Journal of Business and Socio-Economic Development, 3(3), 253–264.

Tawfik, O. I., Elmaasrawy, H. E., & Hussainey, K. (2025). The impact of Sharia compliance on attracting investments: empirical evidence from GCC. International Journal of Islamic and Middle Eastern Finance and Management, 18(1), 23–48.

Toumi, K. (2020). Islamic ethics, capital structure and profitability of banks; what makes Islamic banks different? International Journal of Islamic and Middle Eastern Finance and Management, 13(1), 116–134.

Tu, W., Du, A. M., & Saddler, S. B. (2025). Digital tax administration, investor risk perception, and stock return volatility. International Review of Economics & Finance, 104434.

Wanda, J. A. (2022). Moderating Role of Institutional Ownership Structure on the Relationship Between Market Value to Book Value Ratio and Stock Price Volatility of Companies Listed on Nairobi Securities Exchange in Kenya. Journal of Business Management and Economic Research, 6(4), 185–211.

Wijayaningsih, S., & Yulianto, A. (2021). The effect of capital structure, firm size, and profitability on firm value with investment decisions as moderating. Accounting Analysis Journal, 10(3), 150–157.

Zulhilmi, M. (2024). Islamic economics towards economic growth and stability. THE American Journal of Humanities and Social Sciences Research, 4, 57–66.




DOI: http://dx.doi.org/10.35906/jurman.v12i1.2834

Article Metrics

Abstract view : 129 times