PENGUJIAN DAMPAK LEVERAGE TERHADAP RISIKO SISTEMATIK PERUSAHAAN (Studi pada Bank Syariah di Bursa Efek Indonesia)

Abstract

Islamic financial institutions are not allowed by syar'i to use interest-based debt. Interest as a fixed cost component originating from the aspect of meeting financial leverage (financial leverage) will have implications for the company's systematic risk. On this basis, this study aims to examine how the impact of leverage (on Islamic financial institutions which normatively does not have financial leverage) on the systematic risk of companies. This study uses data derived from Islamic bank financial reports for the period 2014 2018, which are listed on the Indonesia Stock Exchange (IDX) which is summarized in the ICMD. The data analysis technique uses regression analysis with partial least square (PLS) to get an overview of the relationship and impact of leverage on company systematic risk (ß). The results of this study found that the level of leverage simultaneously, namely; Operational leverage (DOL), statistically does not have a significant effect on company systematic risk, while financial leverage (DFL) has a statistically significant and negative effect on company systematic risk.