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All Journal Jurnal Akuntansi Multiparadigma Jati: Jurnal Akuntansi Terapan Indonesia Integritas: Jurnal Antikorupsi JIA (Jurnal Ilmiah Akuntansi) Journal of Information System, Applied, Management, Accounting and Research Indonesian Community Journal Capacitarea : Jurnal Pengabdian Kepada Masyarakat ORGANIZE: Journal of Economics, Management and Finance Akuntansi: Jurnal Riset Ilmu Akuntansi Kenduri: Jurnal Pengabdian Dan Pemberdayaan Masyarakat
Eka Wirajuang Daurrohmah
Universitas Terbuka
Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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Capital Structure Decisions In Capital-Intensive Firms: Evidence From Indonesian Listed Firms Nindya Farah Dwi Puspitasari; Eka Wirajuang Daurrohmah; Fitriyeni Oktavia; Novta Winkey Pradana
ORGANIZE: Journal of Economics, Management and Finance Vol. 5 No. 3 (2026): Economic Transformation and Development
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58355/organize.v5i3.225

Abstract

Asset-heavy and capital-intensive firms require substantial financing for long-term investment, making capital structure decisions particularly important. This study explores the link between operating leverage, profitability, liquidity, and inflation on capital structure. Using balanced panel data from 65 firms across five capital-intensive sectors listed on the Indonesia Stock Exchange, the study analyzes 390 firm-year observations over six years. The Random Effect Model was selected based on the Chow, Hausman, and Breusch-Pagan Lagrange Multiplier tests. The analysis indicates that profitability and liquidity are both inversely associated with capital structure, and these associations are statistically significant, whereas degree of operating leverage and inflation have no significant effects. These findings indicate that profitability and liquidity have a stronger influence in explaining leverage and should receive greater consideration in capital structure policies.
Co-Authors Ali Riza ANDAYANI ANDAYANI Annisa Novianti Antares Firman Dedi Iskandar Inan Dekar Urumsah Edward Zubir Elang Krisnadi Fitriyeni Oktavia Hendrian Hendrian Heri Kurniawan Heriyanni Mashitoh Ichwan Ichwan Ikhsan Ikhsan Izzul Fatawi Mudayat, Mudayat Muhammad Daud Nindya Farah Dwi Puspitasari Novta Winkey Pradana Nustini, Yuni Pesi Suryani Rahayu Lestari Robiansyah, Anton Selly Anastassia Amellia Kharis Sila Ninin Wisnantiasri Tepati Hak Kewajiban Ulul Hidayah Yudhi Prasetiyo