Dwi Wanti, The Comparison Analysis of Factors are Influencing to the Capital Structure of Islamic Financial Cooperative, (Case Study at KJKS BMT Barrah and KJKS Dinar of Bandung district, West Java).
The capital structure of the cooperation is very important issue, especially in the cooperation do their business activities in financing, investment, and savings to their members. Capital structure is a comparison between debt and equity. Thus the determination of capital structure influences to the financial condition of the cooperation. There are several factors that determine the capital structure in each cooperation, but in each cooperation with other cooperations have different deciding factors. The researching about the factors that influence the capital structure has been done both foreign and researchers from Indonesia, but there are inconsistencies of the resulting from cooperation as researching sample.
Asset structure and liquidity partially have significant influence to the capital structure of KJKS BMT Barrah. While on KJKS Dinar, the factors determine the capital structure partially is profitability, in this researching proxied by return on assets and business risk is proxied by return on equity. One of difference factor is business scale both the KJKS, BMT Barrah classified in a large-scale business, assets, and turnover of billions, while the KJKS Dinar has a relatively smaller scale.
The difference of factors that influencing the capital structure between two cooperations does not make a standard in determining the capital structure. Capital structure determination is not an exact science and every industry engaged in the same business will have a different capital structure. If it’s viewed from the same amount of DER has a larger proportion of the amount of debt in both of KJKS, but the factors that influence of the DER is still different, depending on the uniqueness, characteristics, and conditions of each cooperative.