Factors Affecting the Capital Structure of Non-financial Business Entities Listed in the IDX for the 2016–2020 Period

Adityawan Slamet, Endang Ernawati () and Werner Ria Murhadi
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Adityawan Slamet: University of Surabaya
Endang Ernawati: University of Surabaya
Werner Ria Murhadi: University of Surabaya

A chapter in Proceedings of the 19th International Symposium on Management (INSYMA 2022), 2023, pp 118-125 from Springer

Abstract: Abstract This research aims to analyze the determinants of a firm’s factors that influence capital structure. The variables used were profitability, growth, tangibility, non-debt tax shield, liquidity, and size. This research used a quantitative approach by using multiple linear regression. This research samples were from all non-financial sector companies listed on Indonesia Stock Exchange that issued financial statements in 2016–2020 and were not under the delisting process. The final samples utilized in this research were equal to 1,650 observations. This research used the fixed effect model, and the research findings indicate that the non-debt tax shield has no significant effect on capital structure, while profitability, growth, tangibility, liquidity, and size have a significant effect on debt in all non-financial sector companies listed on the Indonesia Stock Exchange for the period 2016–2020.

Keywords: capital structure; debt; trade-off theory; pecking order theory (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-008-4_16

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DOI: 10.2991/978-94-6463-008-4_16

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