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Nexus of Non-Controlling Interests on Capital Structure: Macroeconomic and External Party Integrity as Moderator Arisyahidin Arisyahidin; Marhaendra Kusuma; Sanju Kumar Singh; Mariano Nunes
Jurnal Akuntansi dan Keuangan Vol. 28 No. 1 (2026): MAY 2026
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.28.1.1-14

Abstract

This study investigates the effect of share ownership of non-controlling interests (NCI) on capital structure policy and investigates moderating effects of macroeconomic fundamentals and integrity of independent external parties. NCI negatively impacts capital structure, consistent with the trade-off theory in capital structure policy. Companies that already obtain funding from NCI tend to reduce debt financing, and vice versa. Macroeconomic fundamentals reinforce the trade-off between corporate funding sources, whether debt or equity, related to the cost of debt and the cost of equity. The quality of independent external parties strengthens the investment decision of fund providers, whether in equity securities or corporate debt securities, considering the most favorable investment returns.
Unraveling the effects of polychronic orientation and distributive justice on turnover intention: The mediating role of job satisfaction Anak Agung Ngurah Eddy Supriyadinata Gorda; I Wayan Wisnu Subrata; I Gusti Ngurah Widya Hadi Saputra; Nor Suhaira Jamil; Sanju Kumar Singh; Anak Agung Ngurah Restu Gautama; Kadek Devi Kalfika Anggria Wardani
Jurnal Fokus Manajemen Bisnis Vol. 15 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/fokus.v15i2.13094

Abstract

Employee turnover remains a significant concern in the competitive retail market, necessitating a thorough examination of its underlying causes. The present research explores how polychronic orientation and distributive justice affects turnover intention, with job satisfaction as mediators. Data from 100 frontline retail personnel were analyzed using a quantitative methodology, and correlations were assessed through Partial Least Squares Structural Equation Modelling. The findings from studies demonstrate that polychronic orientation markedly enhances distributive justice and turnover intention. Yet, its positive effect on job satisfaction lacks statistical significance. Distributive justice has a little impact on job satisfaction but exerts a significant influence on turnover intention. Job satisfaction significantly and positively affects turnover intention. Mediation analysis reveals that job satisfaction does not significantly mediate the relationships between distributive justice and turnover intention, nor between polychronic orientation and turnover intention. From a Person-Job Fit perspective, his suggests that alignment between individual preferences and job characteristics alone may not reduce turnover intention without supportive organizational conditions. Mediation analysis reveals that job satisfaction does not significantly mediate the relationships between distributive justice and turnover intention nor between polychronic orientation and turnover intention, underscoring the complex interplay of fairness perceptions and individual-job fit in shaping turnover. These findings emphasize the need for organizations to consider both individual traits and justice perceptions within their structural and cultural frameworks to effectively manage employee retention.