Determinants of Capital Structure in Emerging Markets: Empirical Evidence from Indonesia

Authors

  • Wachidah Fauziyanti Universitas Sains Teknologi Ekonomi Digital Indonesia, Semarang, Indonesia
  • Ariyani Indriastuti Universitas Sains Teknologi Ekonomi Digital Indonesia, Semarang, Indonesia
  • Sri Wiranti Setiyanti Universitas Sains Teknologi Ekonomi Digital Indonesia, Semarang, Indonesia

DOI:

https://doi.org/10.32493/jiaup.v14i2.62625

Keywords:

Asset Structure, Capital Structure, Firm size, Profitability

Abstract

This study investigates the determinants of capital structure in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The study employed a quantitative approach using secondary data obtained from the companies’ annual financial reports. The research population consisted of 30 food and beverage companies listed on the IDX. Using purposive sampling based on predetermined selection criteria, 16 companies were selected as the final research sample. With a three-year observation period, the study generated 48 firm-year observations for analysis. Multiple linear regression analysis was employed to examine the effects of asset structure, profitability, and firm size on capital structure. The results demonstrate that asset structure and firm size have positive and significant effects on capital structure, supporting the propositions of Trade-Off Theory and Agency Theory regarding collateral capacity and access to external financing. Conversely, profitability has no significant effect on capital structure, indicating that the financing behavior of firms in this sector does not fully conform to the hierarchical financing preferences proposed by Pecking Order Theory. These findings imply that managers should optimize tangible assets and business scale to enhance access to external financing and financial flexibility. Future research is encouraged to incorporate macroeconomic variables and extend the observation period to provide a more comprehensive understanding of corporate financing decisions in emerging markets

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Published

2026-07-31

Issue

Vol. 14 No. 2 (2026): Jurnal Ilmiah Akuntansi Universitas Pamulang

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Articles

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Copyright (c) 2026 Wachidah Fauziyanti, Ariyani Indriastuti, Sri Wiranti Setiyanti

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