Abstract:This study aimed to compare the three models SCAPM, namely SCAPM without risk free, SCAPM inflation and SCAPM zakat to know which model is more optimal use. The method used is the analysis of explanatory power and linear regression. The data used is secondary data, the inflation data, zakat, sharia shares incorporated in Jakarta Islamic Index (JII) from 2011 to 2015.The results are based on the analysis of explanatory power, SCAPM inflation is more optimal than SCAPM zakat and SCAPM without risk free. The results are supported by the results of the analysis graph illustrating SCAPM inflation has a higher volatility than other SCAPM, it indicates that the more profitable inflation SCAPM models are accompanied by greater risks, in accordance with the principles of the classical high risk high return. Keyword: Shari'a Compliant Asset Pricing Model, Inflation, Zakat, Risk Free, Rate of ReturnAbstrak: Penelitian ini bertujuan untuk membandingkan ketiga model SCAPM, yaitu SCAPM tanpa risk free, SCAPM inflasi dan SCAPM zakat untuk mengetahui model mana yang lebih optimal digunakan. Metode yang digunakan adalah analisis explanatory power dan menggunakan regresi linier. Data yang digunakan adalah data sekunder yaitu data inflasi, zakat, Saham syariah yang tergabung dalam Jakarta Islamic Indeks (JII) dari tahun 2011 hingga tahun 2015. Hasil yang diperoleh adalah berdasarkan hasil analisis explanatory power, SCAPM inflasi lebih optimal dibandingkan dengan SCAPM zakat dan SCAPM tanpa risk free. Hasil analisis tersebut didukung oleh hasil analisis grafik yang menggambarkan SCAPM inflasi memiliki volatilitas yang lebih tinggi dibanding SCAM lainnya, hal ini menandakan bahwa dengan model SCAPM inflasi lebih menguntungkan yang diiringi dengan resiko yang lebih besar, sesuai dengan prinsip klasik high risk high return.
The purpose of this research was to determine the optimal capital structure which could maximize profits and corporate value. The used method was quantitative descriptive analysis. Moreover, the data used was secondary data in the Jakarta Islamic Index (JII) from 2011 to 2015. The results of this research show that companies which have optimal capital structure are in line with the trade-off theory models. The capital structure is optimal if the debt levels are to a certain extent so that the corporate value will increase. However, if the debt limit passes the certain degree, profit and corporate value will decrease. Meanwhile, pecking order theory in this research does not conform and cannot be said to be optimal because of the low debt level describing the opposite result with the theory as low profits.
Risk of Debt-Based Financing on Indonesian Islamic Banking. The purpose of this study is to know the risk of debt-based financing in Islamic banking in Indonesia by using an accounting based calculation, those are NPF analysis, Credit risk Z-score and Altman Z-score. This study is telling about the risk of debt-based finacing on Indonesian Islamic banking using an accounting based measurement, those are NPF analysis, Credit Risk Z-score analysis and Altman Z-score analysis. The data was obtained from 2011 to 2015 from the website of each bank. The result is a risk on debt-based financing on Indonesian Islamic is low. The measurement using 3 accounting based measurement tool gives a consistent result, that is Indonesian Islamic banking use a debt-based financing have a high financial stability and a low risk.
The purpose this study to find variables that can influence dividend policy using the dividend payout ratio variable. The factor used is debt policy, credit risk, capital adequacy ratio, life cycle, capital structure, Inflation, growth domestic product, unemployment and oil price. The data of this study are 14 banks in Indonesia from 2009-2018. The test method of data is using panel data regression. The results of this study, there are 4 variables that affect dividend policy, namely credit risk, capital structure, inflation and oil prices. while other variables do not have a significant effect on credit risk. the results of variable oil prices are different from previous studies because the subject of this study is banking. Where the increase in oil prices can have a positive impact on dividend policy in the mining industry, but have a negative impact on the banking industry.
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