Abstract
The Islamic capital market has importtant roles, they are as a source of funding for companies for business development through the issuance of syari’ah securities, as a means of syari’ah securities for syari’ah capital market investors that are universal, can be utilized by anyone regardless of ethnic, religion and racial backgrounds. The purpose of this research to 1) examine, analyze and prove the Asset Structure, Capital Structure, Macroeconomics of Financial Risk Management, 2) examine, analyze and prove the Asset Structure, Capital Structure, Macroeconomics of the Value of the Firm, 3) examine, analyze and prove Financial Risk Management to the Value of the Firm. The population and sample in this study were 16 syri’ah stock companies listed on the Jakarta Islamic Index, from 2013 to 2017, with keriteria and saturated sampling techniques. This type of research is quantitative research secondary data research data obtained by IDX (Indonesia stock exchange) webset. Data examining techniques using PLS test equipment. The results show that the t-statistic: means: asset structure had no significant effect on financial risk management: means: asset structure had a significant effect on the value of the firm: means: capital structure has a significant effect on financial risk management: means: capital structure has no significant effect on the value of the firm: means: macro economic has a significant effect on financial risk management: giving the meaning of macro economic significantly influencing the value of the firm: giving the meaning of financial risk management having a significant effect on the value of the firm. Conclusions of the study 1) Asset structure has no effect and no significant effect on financial risk management, 2) Asset structure influences and significantly affects the value of the firm, 3) Capital structure influences and significantly affects financial risk management, 4) Capital structure has no effect and is insignificant on the value of the firm, 5) Macroeconomic influences and significantly on financial risk management, 6) Macroeconomics influential and significant on the value of the firm, 7) Financial risk management influences and significantly on the value of the firm
Highlights
The vision and mission of the Islamic capital market, is to make the Islamic capital market a significant contribution to the national economy, fair and protect the community
RESEARCH RESULTS AND DISCUSSION The hypotheses in this study are: The effect of asset structure on financial risk management A large asset structure coupled with the smoothess of the asset structure owned by the company will guarantee the company has a consistent value in the future so managers do not want to bear the risk by making decisions using high debt
When assets are used optimally, it will increase the company's retrun and affect the value of the company (Eristo: 2016), stating partially shows the structure of assets, company growth does not significantly influence profit optimization. These results are consistent with research from (Setiadharman.S: 2017) which states that there is a direct influence of asset structure on firm value. (Hata, Tri Ratnawati, Sunu: 2015) states that asset structure, capital structure, market risk have a significant effect on firm value
Summary
The vision and mission of the Islamic capital market, is to make the Islamic capital market a significant contribution to the national economy, fair and protect the community. The Islamic capital market has an important role,that is as a source of funding for companies for business development through the issuance of syari’ah securities, as a means of syari’ah securities for syari’ah capital market investors that are Universal and, can be used by anyone regardless of their particular background, ethnicity, religion and race. Syari’ah capital market performance is determined by internal factors, and by external factors. The internal factors of the company is fundamental factors that is often used by investors in determining investment decisions. That is liquidity, research (LisaKititikasari, 2001) include the current ratio, quik ratio, net working capital. Research (EristoTengkue, Paulina Van Rate, 2016), Leverage ratios, include debts to total assets, debt to equity ration. Investment in the Islamic capital market is an investment that carries a high level of risk. The risk can be classified as diversified risk, that is risk that cannot be eliminated by diversification, while the risk that can be eliminated by diversification is called unsystematic risk and it is verifeied with liquidity risk (financial risk management)
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