PENGARUH PAJAK, UKURAN PERUSAHAAN, DAN VOLATILITAS ARUS KAS TERHADAP STRUKTUR MODAL PERUSAHAAN REAL ESTATE AND PROPERTY YANG TERDAFTAR DI INDEKS SAHAM SYARIAH INDONESIA (ISSI)

Nisaul Maghfiroh, NIM.: 21108030007 (2025) PENGARUH PAJAK, UKURAN PERUSAHAAN, DAN VOLATILITAS ARUS KAS TERHADAP STRUKTUR MODAL PERUSAHAAN REAL ESTATE AND PROPERTY YANG TERDAFTAR DI INDEKS SAHAM SYARIAH INDONESIA (ISSI). Skripsi thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

This study aims to analyze the effect of taxes, firm size, and cash flow volatility on capital structure in Real Estate and property companies listed in the Indonesia Sharia Stock Index (ISSI) during the 2019–2023 period. This industry is known for its high dependence on external financing and exposure to significant risks due to cash flow volatility and economic fluctuations. The independent variables in this study are taxes (measured by the Effective Tax Rate), firm size (measured by total assets), and cash flow volatility (measured by the variability of operating cash flows). The dependent variable is capital structure, measured using the Debt to Equity Ratio (DER). This research adopts a quantitative approach using panel data regression methods and Eviews 12. The results show that taxes do not have a significant effect, while cash flow volatility and firm size significantly affect capital structure. These findings support the trade-off theory and pecking order theory in explaining corporate behavior in financing decisions. This study provides practical implications for company management in formulating an optimal capital structure strategy aligned with sharia principles.

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