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All Journal Multidiciplinary Output Research for Actual and International Issue (Morfai Journal)
Ratih Adistina
Universitas Pendidikan Indonesia
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RESOURCE CAPACITY, CAPITAL STRUCTURE AND SHAREHOLDER VALUE IN CONSUMER CYCLICALS FIRMS Ratih Adistina; Nelly Nur Apandi
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 6 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.23413183

Abstract

This study examines how Resource Capacity and Capital Structure affect Shareholder Value in Consumer Cyclicals firms during 2022-2024, using 1,029 firm-year observations from Indonesia, Malaysia, and Singapore. Resource Capacity is proxied by LN Total Assets, Capital Structure by the Debt-to-Equity Ratio, and Shareholder Value by LN Price Close, tested using multiple linear regression with year dummies and bootstrap procedures. Resource Capacity shows a positive and significant effect on Shareholder Value (p < 0.001), robust under bootstrap testing. Capital Structure shows a significant negative effect in the main regression (p = 0.017), but this weakens under bootstrap (p = 0.393). Both variables jointly explain Shareholder Value significantly, though explanatory power remains limited (Adjusted R² = 16.5%).
Co-Authors Nur Apandi, R Nelly