ANALISIS RISIKO MORAL, EVALUASI PASAR, DAN PROXIMITAS TERHADAP RISIKO KEBANGKRUTAN: PERUBAHAN STRUKTUR MODAL DI JAKARTA ISLAMIC INDEX (JII)
DOI:
https://doi.org/10.70900/jea.v3i1.55Keywords:
Adaptability, excellence, competitiveness, company debt regulations, Jakarta Islamic Index (JII)Abstract
Adaptability and excellence are necessary for businesses to remain competitive. Company debt regulations within the Jakarta Islamic Index (JII) are stringent; however, a considerable number of entities manage to retain relatively high levels of debt without violating these regulations, thereby guaranteeing their ongoing inclusion in the JII. Firms must have a comprehensive understanding of the various factors that impact their capital structure in order to make well-informed financial decisions.
The objective of this research is to investigate the impact of moral hazard, market valuation, and bankruptcy proximity on the capital structure of Jakarta Islamic Index-listed companies spanning the years 2015 to 2019. By means of purposive sampling, twelve businesses were chosen for the analysis.
Panel Data Regression was utilized for the purpose of data analysis. The results indicate that market valuation has a positive effect on the capital structure, whereas moral hazard has no discernible effect. On the contrary, an increased time elapsed since the last bankruptcy is associated with an adverse effect on the capital structure.
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