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Lilik Purwanti
Brawijaya University
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Neuroscience Social Sciences Other

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Analysis of Capital Structure Determinants in Manufacturing Companies: Integration of Emerging Market Contextual Factors Lilik Purwanti; Roekhudin; Anita Wijayanti; Aryo Prakoso; Melinda Ibrahim; Syarifah Nurhalisa Alattas
Jurnal Ilmiah Akuntansi dan Bisnis Vol. 21 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Udayana bekerjasama dengan Ikatan Sarjana Ekonomi Cabang Bali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/JIAB.2026.v21.i01.p01

Abstract

Capital structure theory has developed substantially over time; however, its applicability to emerging markets characterised by funding constraints, such as Indonesia, remains insufficiently explored. Market frictions and institutional limitations may weaken the explanatory power of traditional frameworks, including the pecking order and trade-off theories, in explaining firms’ financing decisions. This study examines the determinants of capital structure in an emerging market context and identifies the need for theoretical refinement. Using panel data from 86 manufacturing firms listed on the Indonesia Stock Exchange over the 2019–2023 period and employing a panel regression estimated through a Partial Least Squares approach, the results show that profitability has a significant negative effect on capital structure, while share capital, debt tax shields, and firm size do not exert a statistically significant influence. Notably, the analysis reveals a positive relationship between business risk and leverage, which contradicts conventional theoretical predictions. This finding provides empirical support for the need to reformulate capital structure theory to better reflect the characteristics of emerging markets, particularly those facing capital market constraints.
Co-Authors . Setiyarini Abd. Rasyid Syamsuri Aditya Maulana, Aditya Agus Arifin Ahmad Rizal Jayadi ahmad yani Aji Dedi Mulawarman Alfajri, Yusuf Lutfi Ali Djamhuri Alifiyah, Putri Dwi Allegheno Ditoananto Alya Diajeng Pangestu Alya Putri Andika Dwi Krisna Andriani Andrias Nur Rochim Anita Wijayanti Arganata, R Boby Tri Arif Kurniawan Wahono Aryo Prakoso Aryo Prakoso Ayu Astari Ayu Astari, Ayu Ayu Fury Puspita Bhakti Prasetya Pratama Cindy Getah Trisna June Devy Pusposari Dian Surya Ayu Diwayana Putri Nasution Driana Leniwati Eko Ganis Sukoharsono Eko Ganis Sukoharsono Endang Mardiati Endang Mardiati Eny Zuhrotin Nasyi’ah Erwin Saraswati Fadli, Muhammad Mutohar Faizal Angga Nugraha Fala, Dwi Yana Amalia Sari Febiani, Ismi Gugus Irianto Gustin Tanggulungan Hadiwibowo, Imam Hafit, Muhamad Haria Saputri Hazar, Dewi Hotman Jefferson Simatupang I Gusti Ayu Agung Omika Dewi I Gusti Ayu Agung Omika Dewi Ika Makherta Sutadji Ika Shohihah Imam Subekti Indiraswari, Susmita Dian Indrayani Ismi Farida Siregar Ismi Febiani Iwan Triyuwono Khairul Shaleh Kharisma Nugraha Putra Kharisma Nugraha Putra Lamase, Muh. Fadhir A.I. Linawati Linawati Made Sudarma Mas Nur Mukmin Masniatul Aulia Mazda Eko Sri Tjahjono Melinda Ibrahim Melinda Ibrahim Mohamad Djasuli, Mohamad Mohamad Khoiru Rusydi Mohammad Khoiru R Muhammad Fahminuddin Rosyid Muhammad Ichsan Muhammad Ridho Hidayat Munna, Zulfa Nailli NadaFajar Nurmani'ah Widiarti Nasyi’ah, Eny Zuhrotin Ni Made Ananda Saraswati Ni Made Dhian Rani Yulianti Nitsae, Oli Gretia Novita Zahrotul Khoiroh Nuraini Ismail Nurkholis Hamidi Nurkholis Nurkholis Nurkholis Nurkholis Nyimas Wardatul Afiqoh Ocktavianto, Eko Prasetyo Oli Gretia Nitsae Pande Gede Cahyana Pongsapan, Marchelyn Poniman Prasetio, Januar Eko Pujangga Abdillah, Pujangga Putra, Kharisma Nugraha Putri, Mita Oktavia R Boby Tri Arganata Rakhmawati, Henny Ramadhan, Taufiq Ramadhani, Annas Rahmat Ramadhani, Febrina Nur Ratika Hanna Alfia Rendy Gigih Pratama Rezekiro Indah Ruthmia Riana, Aista Wahyu Rino Tam Cahyadi, Rino Tam Riyawan Saputra Rizki Ramadhan Roekhudin Roekhudin Roekhudin Roekhudin, Roekhudin Rosalina Pebrica Mayasari Rosdita Indah Yuniawati Rosidi Rosidi Rosidi Rosidi, R Rosyid, Muhammad Fahminuddin Rr. Sri Pancawati Martiningsih Ruth Ratih Larasati salmah, st Salsabila Rudini, Khansa Septia Putri, Elieva Setiawan, Zeffri Siregar, Mercy Irene Christine Soelchan Arief Effendi Soelchan Arief Effendi Soelchan Arief Effendi Sri Susanti Sri Wahjuni Latifah Sri Wahyuni Subroto, Farradiba Nava Kinan Suswanda, Yoana Kresentia Sutrisno T Syarifah Nurhalisa Alattas Tri Wahyu Oktavendi Triwardoyo, Anggito Umaimah Unti Ludigdo Wahono, Arif Kurniawan Wilamsari, Feni Wuryan Andayani Yazied, Naufal Yeney Widya Prihatiningtias Yohanes Cores Seralurin Zeffri Setiawan Zhongqiu Zhao Zuhrotin Nasyi’ah, Eny Zulfikar Ismail Zulfikar Ismail