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This study aims to understand the value of Islamic public bank companies registered at OJK during 2013-2017. The used approach is the capital structure theory of MM preposition and David Durand. The used analytical method in this study is panel data regression analysis with the Random Effect Model. The results of the study show that the tax rate, profitability, and cost of capital affect the value of Islamic commercial bank companies simultaneously. Partially, tax rates and profitability affect the value of Islamic commercial bank companies. Cost of capital does not affect the value of Islamic commercial bank companies. This study succeeded in proving that in companies based on institutional ownership, especially Islamic commercial banks, the prevailing MM preposition capital structure theory is MM prepositions without tax. This study also succeeded in proving that the theory of David Durand's capital structure was proven. The cost of capital variables become influential when the company is divided into two based on institutional ownership.

Understanding the Corporate Values of Islamic Commercial Banks with the Theory of MM Preposition and David Durand in Capital Structure Theory