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The Effect of Institutional Ownership, Company Size, Profitability, and Tangibility on Capital Structure in Non-Cyclical Consumer Sector Companies Listed on The Indonesia Stock Exchange Putrandy, Leonardo; Santoso, Hadi
Journal of Management and Business Review Vol 23, No 1 (2026)
Publisher : Research Center and Case Clearing House PPM School of Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34149/jmbr.v23i1.765

Abstract

This study aims to examine the effect of these variables on the capital structure of non-cyclical consumer sector companies listed on the Indonesia Stock Exchange. This study employs a quantitative approach using secondary data obtained from firms’ financial statements for the period 2018–2022. The sample was selected using a purposive sampling method, resulting in 67 companies with a total of 335 observations. The data were analyzed using panel data regression. The results show that institutional ownership has a positive and significant effect on capital structure, while profitability has a significant negative effect. Meanwhile, firm size and tangibility do not have a significant effect on capital structure. These findings support agency theory and pecking order theory in explaining corporate financing decisions. Practically, the findings provide insights for managers and investors in determining optimal financing strategies. Theoretically, this study contributes to the literature on capital structure determinants in companies operating in emerging markets
Co-Authors A.A. Ketut Agung Cahyawan W Abdi Wahab Abdul Muis Prasetia, Abdul Muis Adiwena, Muh. Afiyati, Afiyati Ahmad Ridwan Aldri Frinaldi Alfariz, Muhammad Alkam Aminatuz Zahroh, Nuril Amirul Mukminin Andhitiyara, Revan Andi Rosman N Andrew Joewono, Andrew Anjelika, Anjelika Argubi, Adi Hidayat Arie Linory Arif Arif Bambang Jokonowo Budiana, Kelik Cahyo, Yosef Ceffiriana, Paramita Destiyani, Arvina Dewi, Sita Dian Retno Sari Dewi Dian Trihastuti Dumendehe, Tri Dianingsi DWI SANTOSO Dwifi Aprillia Karisma Dwina Kuswardani, Dwina Eva, Lidwina Fadilah, Ahmad Nur Febrianto, Rizky Fitria Hidayati, Fitria Francisca Hermawan Gabriela Raring, Paulina Ganishti, Fairly Sekar Gunadhi, Albert Hamidah, Nur Khusnul Hanafi, Roy Hanif, Sholahuddin Hartono Hartono Hartono`, Hartono Hidayatullah, Syahrul Hilyah Magdalena Hursepuny, Johan Ibrahim, Maulana Idum Satia Santi Ig. Jaka Mulyana Imaman, Rahardian Aulia Imbuh Rochmad Indrianto Indrianto Ineputri, Aprilia Loika iromo, heppi Ivan Gunawan Jaya, Akbar Jerius, Rusli JULIANTO Julius Mulyono Karisma Riskinanti Kartina Kartina Kismanti, S. T. Leonita, Litha Lestari, Mulyati Lestariningsih, Diana Listyowati, Dwi Lukman Hakim Lukman Hakim Manoe, Wahi Silvana Marhadi Budi Waluyo Marpaung, Oktavia Melda, Melda Muhajirin Muhajrah, Muhajrah Muhammad Azhar Muhammad Noor Asnan Munandar, Is Murdianto, Deny Napitupulu, Bertha Elvy Nasir Nasir Natalia, Evy Novrizal, Kevin Nur Rohmah Lufti A'yuni Nurdin, Muh. Firdan Nurdin, Muhammad Firdan Nurhafida, Alisa Nurwijayanti Pakiding, Sakti Paramita, Gemala Perkasa, Eza Budi Prasetya, Andre Puspitasari, Nurrisma Puspitojati, Endah Putrandy, Leonardo Rahmah, Nia Ridlan, Ahmad Ridwan, Rasmawati Rosmiati Rosmiati S, M Rizal Samsuri Tarmadja, Samsuri Santi Yatnikasari Sari, Yunita Sartika Septryanti, Ade Setiyo Budiyanto Shinta Tri Kismanti Sianto, Martinus Edy Silalahi, Prayoga Raja Lambok Siswahyudianto Subekhi, Dimas Sudirman Sudirman Suryapradana, Ilmawan Umami, Umami Valeria Vivi Silvia Vebrian, Vebrian Waluyo, M. B. Waluyo, Marhadi Budi Wennadi, Luky Yunia Wulan Dari, Ranti Yanuarti, Elly Yolanda, Agusius Yuliati -