Ukuran Perusahaan sebagai Pemoderasi Pengaruh Status Indeks Saham Syariah terhadap Nilai Perusahaan: Bukti dari Jakarta Islamic Index

Renny Wulandari; Alfa Rahmiati; Risal Risal; Endang Kristiawati

doi:10.53654/tangible.v10i1.620

Authors

Renny Wulandari Universitas Panca Bhakti
Alfa Rahmiati Universitas Airlangga
Risal Risal Universitas Panca Bhakti
Endang Kristiawati Universitas Panca Bhakti

DOI:

https://doi.org/10.53654/tangible.v10i1.620

Keywords:

Status Perusahaan Terindeks Saham Syariah, Ukuran Perusahaan, Nilai Perusahaan

Abstract

Tujuan penelitian ini untuk menguji peran ukuran perusahaan sebagai variabel moderasi pada pengaruh status perusahaan terindeks saham syariah terhadap nilai perusahaan. Menggunakan 720 observasi perusahaan-tahun yang terindeks dalam Jakarta Islamic Index (JII) dari tahun 2012-2023 diuji dengan metode Moderated Regression Analysis (MRA). Hasil uji membuktikan bahwa status perusahaan terindeks saham syariah memiliki pengaruh positif terhadap nilai perusahaan. Namun, pengaruh positif ini akan melemah seiring dengan besarnya perusahaan. Temuan penelitian ini menunjukkan bahwa biaya agensi dan kompleksitas manajerial pada perusahaan besar dapat mengurangi manfaat status perusahaan terindeks saham syariah dalam meningkatkan nilai perusahaan. Penelitian ini memberikan kontribusi teoritis dengan mendukung teori sinyal, yang menyatakan bahwa sinyal positif dari status syariah dapat terdistorsi oleh tantangan operasional pada perusahaan besar. Implikasi praktis bagi manajer perusahaan, perusahaan besar yang terindeks syariah perlu meningkatkan efisiensi pengelolaan aset dan mengurangi agency costs untuk memaksimalkan manfaat dari status terindeks syariah.

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