Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 The Effect of Sukuk to Total Liability and Sukuk to Total Equity against Return on Assets (Studies in Sukuk Issuers Listed in Indonesia Stock Exchange 2008-2013)
Ana Nurjanah1 and Leo Herlambang2
Abstract This study aimed to determine whether the affect Sukuk to Liability and Sukuk to Equity Ratio to sukuk issuer Return on Asset listed in Indonesia Stock Exchange 2008-2013. The approach is a quantitative approach using analytical techniques SPSS (Statistical Package for the Social Sciences) with three variables namely as Sukuk to Liability and Sukuk to Equity Ratio exogenous and Return on Asset as endogenous variable. The method used to determine the sample is purposive sampling. Samples are obtained 16 issuers, during 5 years observation. The analysis technique used in this study is multiple linear regression, the analysis model Y = α+β0 + β1X1+ β2X2+ε. The result showed that Sukuk to Total Liability has a significant positive effect to Return on Assets and Sukuk to Total Equity Ratio has a significant negative effect to Return on Assets. All of the variables are not significant on Return on Assets. Keywords: Sukuk to Total Liability, Sukuk to Total Equity Ratio, Return on Assets
1.
Introduction In business management, according to Islam, profit is not only the main goal, but more
than that is expected to have a positive impact and benefits for all parties involved and continuous with the business both directly as employees, investors, managers and consumers as 1 2
Sharia Economics Department, Faculty of Economics and Business, Airlangga University Sharia Economics Department, Faculty of Economics and Business, Airlangga University 245
Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 well as for other parties directly as the surrounding communities and competitors. For each company, the expansion and development of a business continue to be done to expand the market share for the sustainability of a company, avoiding the loss is one of the strategies that are often developed course with the Islamic way. One is the funding strategy, this strategy often performed by various companies in order to develop the business. Nevertheless, funding strategies that one can actually reduce profits even inhibit the growth of businesses, especially if the funding was obtained from bank loans with fixed interest. There are many examples of large companies went bankrupt due to mismanagement of funding strategies. Funding companies that originate outside or better known as the (external financing) can change the capital structure of the company. Change in capital structure is expected to improve the operational performance of the company resulting in profitability for the company. Profitability is also affects the value of the company. The higher the level of profitability of a company, it can be said more profitable, which is indicate the more efficient performance of a company and increases the value of the company (Copeland et al., 1994). There are currently developing one of the ways that Islamic financing for companies such as through financing sukuk with a variety of existing contract (akad) with a customized system. Sukuk financing, will affect the company's capital structure and spur managers to be more careful in managing the company. In Indonesia, the development of sukuk can be said to have increased from year to year starting in 2002 there were only two listed companies so far in 2013 the number of listed companies reached more than 50 special corporate sukuk. The following graph illustrates the development of the sukuk in Indonesia from 2002 until 2013. Based on the above picture, since it was first published in 2002 until March 2013 there were 64 cumulative corporate sukuk issuance by listed companies with a total of Rp 11.9 trillion
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Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 (www.bisniskeuangan.kompas.com). Sukuk in Indonesia issued by the government and corporations and late April 2010, the government issued a series of 12 sukuk outstanding amount to Rp 26.3 trillion. During the year 2013, there were 10 corporate sukuk issuance and 16 sukuk with a total of Rp 51.4 trillion. Total issuance of sukuk in Indonesia accounted for 5% of sukuk in the world. The rapid development until the period of March 3, 2014 has been issued 43 sukuk total fund of Rp 139.97 trillion (www.kompas.com). Sukuk has a great growth potential in Indonesia, with more parties consider sukuk. Sukuk is widely known by companies as an alternative funding. In this study, described two theories regarding the funding decision-making companies, which trade off Balance Theory and Theory.
Figure 1.1 Graph of Sukuk in Indonesia Source: www.bapepam.go.id The trade off theory states that the company determines the level of capital structure at a level of capital structure to be achieved over time. The Company will seek to balance the benefits of the cost of the use of debt with bankruptcy costs and agency costs in the capital structure. While based on the Balance Theory, optimal capital structure is formed by balancing the benefits of tax savings on the cost of bankruptcy (Myers, 1984). Balance Theory predicts a relationship variability of income and the use of debt. Capital is one of the strengths for business to be run operations. The company's capital 247
Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 structure consists of debt composition or sukuk in sharia and equity. In addition, capital structure related to profitability. In the Islamic financial system funds from investors in sukuk has cost for the results. Companies generally choose the source of funds with the lowest cost. The composition of the debt and equity that is not optimal to reduce profitability and vice versa. Based on the above, the researcher was interested to study more about the Influence of Sukuk to Total Liability and Sukuk to Total Equity Ratio Return on Assets Issuer Sukuk Issuers Listed in Indonesia Stock Exchange 2008-2013. Formulation of The problem Issues to be discussed in this study are: 1.
Are Sukuk to Total Liability significant effect on the issuer's Return on Assets
sukuk issuers listed on the Indonesia Stock Exchange in 2008-2013? 2.
Are Sukuk to Total Equity Ratio significant effect on the issuer's Return on Assets
sukuk issuers listed on the Indonesia Stock Exchange in 2008-2013? 3.
Are Sukuk to Total Liability and Sukuk to affect significantly the Total Equity
Ratio simultaneously on Return on Assets publisher sukuk issuers listed on the Indonesia Stock Exchange in 2008-2013?
2. Research Purposes The purpose of the study is: 1. Knowing the partial effect of Sukuk to Total Return on Assets Liability for publishers sukuk issuers listed on the Indonesia Stock Exchange 2008-2013. 2. Knowing the partial effect of Sukuk to Total Equity Ratio Return on Assets publisher sukuk issuers listed on the Indonesia Stock Exchange 2008-2013. 3. Determine the influence of simultaneous Sukuk to Total Liability and Sukuk to Total
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Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 Equity Ratio Return on Assets publisher sukuk issuers listed on the Indonesia Stock Exchange 2008-2013.
3. Literature and Development Of Hypotheses Shariah Investment According Kertonegoro (1996) in Sutedi Adrian (2011: 126) Investment based on true Islamic concept is no different from the conventional concept philosophically. Islamic investment difference with conventional investments, the most fundamental is: a) The substance of Islamic Investment has appropriate investment entities Islamic sharia. b) Islamic Investment substance has a way of transacting investment entity in accordance with the Islamic Sharia c) While conventional investment, in both cases it refers to the positive law and the prevalence in the general investment community.
Funding decisions Funding decision is one of the three financial decisions other than investment decisions and dividend decisions. The funding decision is a decision to choose the type of funds used by the company to fund a project that greatly affect the value of the company. In principle, fulfilling the needs of a company funds can be sourced from the company's internal and external. Funds provided from internal company sources, is a sources of funds generated by the company such as retained earnings. If the company needs funds from internal sources, the company was said to perform internal funding (internal financing). In addition to using internal resources to meet its funding needs, the company also can meet the requirement of
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Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 funds from external sources, which is a source of additional funds from the equity of the owner or the emission of new shares and debt both short term and long term. The technology and the development of free competition intensifies, the company cannot meet the need of funds only from internal sources only. Therefore, the company is also considering the source of funds from outside the company (external financing)
Sukuk National Islamic Council (DSN) 32 / DSN-MUI / IX / 2002 defines Islamic bonds as "a long-term securities issued based on Islamic principles Issuer to the holders of Islamic bonds, which require the Issuer to pay the income to holders of Islamic bonds in the form of profitsharing / margin / fee and repay the bond at maturity ".
Type of Sukuk: 1. Sukuk Mudarabah 2. Sukuk Ijarah
Sukuk to Total Liability Ratio (SL) This ratio is used to measure the proportion of the total sukuk obligations that become liabilities of the company. SL is calculated using the following formula:
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Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 Sukuk to Total Equity Ratio (SER) This ratio measures the proportion of funds from the sukuk on the company's equity. The greater this ratio indicates that a large portion of sukuk compared with the composition of the equity capital of other companies. SER is calculated using the following formula:
Return on Assets (ROA) According to Helfert (2003: 331), the income or profits are companies profits derived from management to manage the funds invested. Profit is also often a concern for shareholders and investors. They use the concept of earnings to measure their successes and failures, and to compare the performance of their companies existing and potential. Return on Assets value as a result of the company's performance is affected by changes in capital structure due to the use of sukuk. The ratio used:
Sukuk influence on Return on Assets Increasing funds on the capital structure of a company would help the company's operations so that a more productive and is expected to increase company profits. Mujahid, and Fitrijanti (2010) explained that the issuance of bonds (Sukuk) will impact on the availability of funds that can be used to run an investment company. The high productivity and distribution of goods and services will facilitate the economy. The fulfillment supply of goods and services will encourage the movement of consumer demand. Equilibrium price is reached from this economic activity will also create optimal profit levels, so that the net income of the company will increase. 251
Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 The larger the company's revenue, is the more effective the company's operations. Sukuk financing without interest with guaranteed fixed assets certainly will not burden the company's operations. Therefore, the risk that tends to secure and stable unlike conventional bonds which tend to fluctuate. So through funding decisions with sukuk financing operations and net profit also increased.
Hypotheses There are three hypotheses in this study are as follows: H1: Sukuk to Total Liability significant effect partially on Return on Assets Issuer Sukuk Issuers listed on the Indonesia Stock Exchange 2008-2013. H2: Sukuk to Total Equity Ratio significant effect partially on Return on Assets Issuer Sukuk Issuers listed on the Indonesia Stock Exchange 2008-2013. H3: Sukuk to Total Liability and Sukuk to Equity Ratio simultaneous effect on Return on Assets Issuer Sukuk Issuers listed on the Indonesia Stock Exchange 2008-2013
Analysis Model To determine the effect of Sukuk to Total Liablity and Sukuk to Total Equity Ratio Return on Assets listed, then constructed a model of multiple linear regression equation. Multiple linear regression is an equation that describes the influence of more than one independent variable to the dependent variable. Analysis model of this study are as follows:
Y = α + β1X1 + β2X2 + ε Specification:
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Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 Y = Return on Assets X1 = Sukuk to Total Liability X2 = Sukuk to total Equity Ratio Β1- β2 = Coefficient Regression ε = error of the regression model α = Constant Regression
Conceptual Framework
Source: Authors Figure 2.5
4. Research Method Research approach The research was conducted by reviewing the literature, theory and research relevant past that can be formulated a hypothesis or answer while on the problem formulation. The purpose of 253
Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 this study is to answer the formulation of research, namely the influence of sukuk to total liabilities and total equity ratio sukuk to return on assets listed sukuk issuers listed on the Indonesia Stock Exchange 2008-2013. This study research designed with associative method with causal relationships between variables in the form of influence through hypotheses testing. According Sugiono (2004: 1) associative research is research that aims to determine the relationship between two or more variables. Through this study, it can be constructed a theory that can serve to explain, predict and control the symptoms. This study uses a quantitative approach using multiple linear regression analysis.
Variables Identification Based on the analysis model and research hypotheses, the variables used in this study were identified as follows: 1). Independent Variables: Sukuk to Total Liability and Sukuk to Total Equity Ratio. 2) Dependent Variable: Return on Assets.
Data Collection Procedures 1. Population The population used is a company registered in the Indonesia Stock Exchange (IDX) 2. Samples Sample used in this study was determined by using purposive sampling method, it is a sampling technique with particular consideration (Anshori and Iswati, 2009: 105). This study used a sample with the following criteria: 1.
The Companies that recorded samples as issuing sukuk issuers 2008-2013
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Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 2.
The Companies that announced financial statements during the research period 20082013.
5. Results and Discussion Normality test From Figure 4.1 it can be seen that the data is spread around the diagonal line and follow the direction of the diagonal line, so it can be concluded that the residual regression model in this study have met the test for normality.
Figure 4.1 Based on the table above, it is known that the value of tolerance of 1 independent variables consisting of Sukuk to Liability (SL) and Sukuk to Equity Ratio (SER) and one dependent variable Return on Assets (ROA) of not more than 0.10, as well as the value of VIF <10. it can be concluded that the regression model did not happen multicollinearity. Thus the assumption of multicollinearity was fulfilled. Auto correlation test 255
Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 Multicollinearity Test Table 4.6 Multicollinearity Test Results Variable Tolerance Sukuk to 0.1 Liability Sukuk to 0.1 Liability Return 0,000 on Assets If the DW numbers between the value du
VIF
Specification
8.051
Non Multicol
8.051
Non Multicol
0,000
Non Multicol
to 4-du, so there is no autocorrelation (Judge,
2000: 318). One way to test the autocorrelation is to calculate the value of the Durbin-Watson (DW).
Based
on
the
results
of
linear
regression
output
Durbin Watson multiple values obtained for 2.130. The calculated value of DW is located between the value of du
Heterocedasticity Test
Figure 4.2
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Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 Scatter Plot Based on the above picture, there is no clear pattern of dots in the graph generated so it can be concluded not happen heterocedasticity. Homocedasticity assumptions in this study fulfilled. xY = 0.034 + 0,439X1-0,174X2
The constant value of the regression model above is 0.034. This indicate that the return on assets listed sukuk issuer in Indonesia Stock Exchange during the period 2008-2013, was influenced
by
the
sukuk
to
liability
and
sukuk
to
equity
ratio.
F Statistic Test
F statistic test or tests conducted to determine the effect of simultaneous simultaneously from each independent variable on the dependent variable. F test is done by comparing the value of the significance of the value of α of 0.10 (5%). Based on Table 4.7 it can be seen that the model has a significance level of 0.000 <0.10, so it can be concluded that jointly independent 257
Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 variables consisting of Sukuk to Liability and Sukuk to Equity Ratio does not significantly influence the dependent variable is the return on assets.
6. Discussion The Effect of Sukuk to Liability Against Return on Assets The research’s result indicate that the Sukuk to significant positive Liability on Return on Assets. This is means that the higher the Sukuk to Liability of a company, the higher the value of Return on Assets. As a trade off theory assumptions which revealed that the debt ratio can be increase its profit and vice versa.
Effect of Sukuk to Equity Ratio Return on Assets Against result of the research indicate that the Sukuk to Equity Ratio significant negative effect on Return on Assets. Increasing the value of Sukuk to Equity Ratio will lower the value of return on assets.
7. Conclusion Based on the results of research and discussion that has been done on the relationship between the variables Sukuk to Liability, Sukuk to Equity Ratio Return on Assets, the conclusions that can be drawn are: 1. Sukuk to Total Liability (SL) which is owned by the issuer of sukuk issuer has a significant positive effect on return on assets (ROA). 2. Sukuk to Total Equity Ratio (SER) owned publisher sukuk issuers have a significant negative effect on Return on Assets (ROA).
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Proceedings of Sydney International Business Research Conference 2015, University of Western Sydney Campbelltown, Australia, 17-19 April, 2015; ISBN 978-0-9942714-0-2 3. Sukuk to Total Liability (SL) and Sukuk to Total Equity Ratio (SER) simultaneously does not have a significant effect on Return on Assets (ROA).
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