Efisiensi Emiten Properti dan Real Estate yang Terdaftar di Indeks Saham Syariah Indonesia Tahun 2016-2020

Abstract

Kinerja emiten properti dan real estate di Bursa Efek Indonesia (BEI) menunjukkan tren yang negatif, termasuk emiten properti dan real estate yang terdaftar pada Indeks Saham Syariah Indonesia (ISSI). Penelitian ini bertujuan untuk menganalisis efisiensi emiten properti dan real estate yang terdaftar pada ISSI selama periode 2016-2020 serta faktor-faktor yang memengaruhinya. Terdapat 16 emiten properti dan real estate yang terdaftar pada ISSI yang dijadikan sampel penelitian. Metode Data Envelopment Analysis (DEA) digunakan untuk menganalisis nilai efisiensi sedangkan regresi tobit digunakan untuk menganalisis faktor-faktor yang memengaruhi nilai efisiensi. Hasil penelitian menunjukkan bahwa tidak ada emiten yang konsisten mencapai nilai efisiensi teknis sempurna selama periode penelitian. Penyebab utama ketidakefisienan emiten adalah inefisiensi teknis murni. Hasil regresi tobit menunjukkan bahwa Return on Asset (ROA) berpengaruh positif dan kurs berpengaruh negatif terhadap nilai efisiensi emiten properti dan real estate. Sementara itu, Debt to Asset Ratio (DAR), ukuran perusahaan (LNSIZE), dan suku bunga (BIRATE) tidak berpengaruh terhadap efisiensi emiten properti dan real estate.

The performance of property and real estate issuers on Indonesia Stock Exchange (IDX) showed the negative trend, including property and real estate issuers that listed on Indonesian Sharia Stock Index (ISSI). This study aimed to analyze the efficiency of property and real estate issuers listed on Indonesian Sharia Stock Index (ISSI) during 2016-2020 period and the factors that influence it. There were 16 property and real estate issuers on ISSI that was used as samples. Data Envelopment Analysis (DEA) method was used to analyze efficiency value, while tobit regression was used to analyze the factors that influence efficiency value. The results showed that there were no issuers consistently achieved the perfect technical efficiency score during the study period. The main cause of issuer inefficiency was purely technical inefficiency. The results of tobit regression showed that Return on Assets (ROA) has positive effect and exchange rate has negative effect to the efficiency value of property and real estate issuers. Meanwhile, Debt to Asset Ratio (DAR), company size (LNSIZE), and interest rate (BIRATE) do not have effect to the efficiency of property and real estate issuers.