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All Journal Equity: Jurnal Akuntansi
Octa Margaretha
Universitas Bhayangkara Surabaya
Economics, Econometrics & Finance Social Sciences

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Asset Structure, Profitability, Liquidity, and Capital Structure in Indonesian Food and Beverage Firms, 2019-2024 Octa Margaretha; Yoga Adi Prayogi; Ria Dini Apriliasari
Equity: Jurnal Akuntansi Vol. 7 No. 1: September 2026
Publisher : Universitas Bhayangkara Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46821/equity.v7i1.880

Abstract

This study examines associations between asset structure, profitability, liquidity, and capital structure using 42 firm year observations from seven Indonesian food and beverage firms during 2019-2024. Financial ratios were reconstructed from underlying statement accounts; asset structure is measured as non-current assets divided by total assets. Pooled OLS with firm clustered standard errors shows negative associations for asset structure (B=-1.502, p=.010) and liquidity (B=-.278, p=.020), while profitability is not significant (B=.635, p=.675). The model explains 56.9% of sample variation in DER. Random intercept, fixed effects, post listing only, and influential observation checks show that liquidity has the most stable negative pattern, whereas asset structure significance is specification sensitive. The evidence supports cautious pecking order interpretation while highlighting firm heterogeneity and measurement boundaries.
Co-Authors Ria Dini Apriliasari Yoga Adi Prayogi