Peran Skala Ekonomi terhadap Nilai Perusahaan: Studi Empiris pada Perbankan Syariah di Indonesia

Ahmad Ridwan

Abstract


Abstrak Penelitian ini bertujuan untuk menganalisis pengaruh skala ekonomi terhadap firm value perbankan syariah di Indonesia. Menggunakan pendekatan retrospektif kuantitatif, penelitian ini mengolah data panel dari 10 bank syariah selama periode 2018–2020 yang ditentukan secara purposive. Penelitian ini membatasi periode 2018–2020 guna menghindari bias akibat merger BSI 2021 yang dapat mengaburkan data historis akibat berubahnya struktur operasional. Variabel independen dalam penelitian ini meliputi total aset (Ln), ROA dan total laba (Ln) sebagai indikator skala ekonomi, sementara firm value diukur dengan rasio Tobin’s q. Model diprediksi menggunakan multiple regression analysis. Hasil penelitian menunjukkan bahwa ROA memiliki pengaruh positif yang signifikan terhadap firm value, menegaskan bahwa bank syariah dengan tingkat profitabilitas yang lebih tinggi cenderung memiliki valuasi pasar yang lebih baik. Sebaliknya, total aset tidak berpengaruh signifikan terhadap firm value, yang mengindikasikan bahwa skala ekonomi dalam perbankan syariah belum sepenuhnya tercapai tanpa pengelolaan aset yang efisien. Selain itu, total laba memiliki hubungan negatif yang mendekati signifikan dengan firm value, menunjukkan bahwa laba yang tinggi belum tentu meningkatkan firm value jika tidak diikuti oleh pertumbuhan laba yang berkelanjutan. Implikasinya, bagi perbankan syariah, penelitian ini menekankan pentingnya optimalisasi aset dan strategi profitabilitas guna meningkatkan daya saing dan firm value di bursa. Kata Kunci: Tobin’s q;Total Aset; Return On Aset; Total Laba Abstract This study aims to analyze the effect of economies of scale on the firm value of Islamic banking in Indonesia. Using a quantitative retrospective approach, this study processes panel data from 10 Islamic banks during the 2018–2020 period determined purposively. This study limits the period 2018–2020 to avoid bias due to the 2021 BSI merger which can obscure historical data due to changes in operational structure. The independent variables in this study include total assets (Ln), ROA and total profit (Ln) as indicators of economies of scale, while firm value is measured by the Tobin's q ratio. The model is predicted using multiple regression analysis. The results show that ROA has a significant positive effect on firm value, confirming that Islamic banks with higher levels of profitability tend to have better market valuations. Conversely, total assets do not have a significant effect on firm value, indicating that economies of scale in Islamic banking have not been fully achieved without efficient asset management. In addition, total profit has a negative relationship that is close to significant with firm value, indicating that high profits do not necessarily increase firm value if they are not followed by sustainable profit growth. The implication for Islamic banking is that this study emphasizes the importance of asset optimization and profitability strategies to increase competitiveness and firm value on the stock exchange. Keywords: Tobin's q;Total Assets; Return On Assets; Total Revenue

Keywords


Tobin's q;Total Assets; Return On Assets; Total Revenue

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References


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DOI: http://dx.doi.org/10.54144/jadbis.v13i1.18925

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