Auditorium of Prof. Dr. Suwito, MA SPs UIN Jakarta, SPs NEWS – The Graduate School (SPs) of UIN Syarif Hidayatullah Jakarta held the 1705th Doctoral Promotion Exam in the Auditorium Room of Prof. Dr. Suwito, MA on Tuesday, July 28, 2026 with promovendus Rizal Hendrawan.

Rizal is a student of the Doctoral program in Islamic Studies with a concentration in Islamic Economics. His dissertation is entitled "Sharia Compliance and Its Impact on the Company's Capital Structure (Study on the Indonesia Stock Exchange)".

This research departs from an interesting phenomenon in the Indonesian capital market: how do sharia principles and regulations really affect the way companies manage their debt and funding? So far, conventional capital structure theory is considered not to be able to fully answer the normative dimensions and limitations of the rules that apply strictly in the sharia-based financial industry.

To answer this puzzle, Rizal used an explanatory sequential mixed methods approach. At the quantitative stage, the analysis was conducted on 136 non-financial companies on the Indonesia Stock Exchange (IDX) during the 2015–2024 period. The statistical techniques used are fairly precise, ranging from static panel data regression to two-step System Generalized Method of Moments (System GMM) dynamic panel regression.

The results of the quantitative analysis revealed that sharia compliance is inversely proportional to the level of debt (leverage). This means that companies registered in the sharia category tend to keep their debt ratios much lower than non-sharia companies. These findings further strengthen previous research that confirms that compliance with sharia principles encourages more prudent funding behavior.

One thing that makes this study special is the findings on the dynamic aspect of capital structure adjustment (SOA). While the majority of previous research shows vague results, Rizal's research proves that Islamic companies have a more targeted and convergent adjustment mechanism towards their ideal capital structure targets, while non-Islamic companies do not show consistent patterns.

To dissect the reasons behind these numbers, the research continued to the qualitative stage through qualitative content analysis. By examining the regulations of the Financial Services Authority (OJK), DSN-MUI fatwas, academic literature, and in-depth interviews with experts, it was revealed that the sharia screening mechanism and debt ratio limits act as a "fortress" that forms the company's financial discipline.

This deep integration between quantitative data and qualitative facts gave birth to a new theoretical idea initiated by Rizal, namely Regulatory-Driven Speed of Adjustment. This concept explains that the speed of companies in adjusting their capital structure is not only driven by adjustment costs or limited funds, but also by regulatory pressures and compliance with the sharia institutional ecosystem.

Through these findings, Rizal Hendrawan's scientific work succeeded in expanding the horizon of dynamic capital structure theory. This research beautifully marries Dynamic Trade-Off Theory with Institutional Theory, while making a real contribution to regulators and Islamic capital market players in Indonesia in understanding corporate funding behavior.

Rizal successfully defended his dissertation under the guidance of Prof. Dr. Ahmad Rodoni, MM, Prof. Dr. M. Arief Mufraini, Lc., M.Si, and was tested in front of a board of examiners consisting of Prof. Dr. Zulkifli, MA, Prof. Dr. Ahmad Rodoni, MM, Prof. Dr. M. Arief Mufraini, Lc., M.Si, Prof. Dr. Euis Amalia, M.Ag, Prof. Dr. Kamarusdiana, MH, Prof. Dr. Ade Sofyan Mulazid,  S.Ag, MH.

After paying attention to the writing of the dissertation, the comments of the examiner team and the promovenda answers, the examiner team determined that Rizal Hendrawan graduated with the title of Very Satisfactory.  Rizal Hendrawan is the 1705th Doctor in the field of Islamic Studies, doctoral program of the Graduate School of UIN Syarif Hidayatullah Jakarta. (Jay A)