PENGARUH SOLVABILITAS DAN STRUKTUR MODAL TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX (JII)  PERIODE 2020-2024)

Marinda; Sumar'in; Makupah

Marinda Universitas Sultan Muhammad Syafiuddin Sambas
Sumar'in Universitas Sultan Muhammad Syafiuddin Sambas
Makupah Universitas Sultan Muhammad Syafiuddin Sambas

Keywords: Solvency, Capital Structure, Financial Performance, Debt to Asset Ratio, Debt to Equity Ratio, Jakarta Islamic Index

Abstract

This study aims to analyze the effect of solvency and capital structure on the financial performance of companies consistently listed on the Jakarta Islamic Index (JII) during the 2020–2024 period. This research employs a quantitative approach with an associative research design. The study uses secondary data obtained from companies' annual financial statements and annual reports. The sample was selected using purposive sampling, resulting in seven companies with a total of 35 firm-year observations. Solvency is measured using the Debt to Asset Ratio (DAR), capital structure is measured using the Debt to Equity Ratio (DER), while financial performance is measured using Return on Assets (ROA). Data were analyzed using multiple linear regression with the assistance of SPSS 25, preceded by classical assumption tests and followed by t-test, F-test, and coefficient of determination analysis. The results indicate that solvency has a significant negative effect on financial performance, with a significance value of 0.002. Capital structure has a significant positive effect on financial performance, with a significance value of 0.023. Simultaneously, solvency and capital structure have a significant effect on financial performance, as indicated by an F-statistic of 8.454 and a significance value of 0.001. The Adjusted R Square value of 0.311 indicates that solvency and capital structure explain 31.1% of the variation in financial performance, while the remaining 68.9% is explained by other factors outside the research model. These findings indicate the importance of managing corporate financing and liabilities in supporting the financial performance of companies operating in the Islamic capital market.

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