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All Journal International Journal of Education, Social Studies, And Management (IJESSM) Amkop Management Accounting Review (AMAR)
Febrianto, Igo
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Humanities Economics, Econometrics & Finance Education Social Sciences Other

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Analysis of Financial Flexibility, Earning Volatility, and Asset Structure on Capital Structure in Infrastructure Companies Listed on the Indonesia Stock Exchange 2021–2024 Anggara, Amelia Putri; Febrianto, Igo; Kesumah, Fajrin Satria Dwi
International Journal Of Education, Social Studies, And Management (IJESSM) Vol. 5 No. 2 (2025): The International Journal of Education, Social Studies, and Management (IJESSM)
Publisher : LPPPIPublishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52121/ijessm.v5i2.813

Abstract

This study explores the impact of financial flexibility, earnings volatility, and asset structure on the capital structure of companies operating in the heavy construction and civil engineering subsector of Indonesia’s infrastructure industry, listed on the Indonesia Stock Exchange between 2021 and 2024. Employing panel data regression on 285 firm-year observations, the research identifies several critical insights. First, financial flexibility approximated by the ratio of retained earnings to total assets has a positive and statistically significant relationship with capital structure. This suggests that firms with greater internal financial strength tend to rely more on debt financing when additional funding is required, allowing them to respond efficiently to financial risks and investment opportunities in this capital-intensive environment. Second, earnings volatility, calculated as the standard deviation of return on assets (ROA), does not exhibit a significant influence on capital structure decisions. This outcome indicates that income variability does not markedly affect firms’ use of debt, likely due to their ability to manage unstable earnings through adaptive financial practices. Lastly, asset structure—measured by the proportion of fixed assets to total assets—also shows no significant correlation with capital structure. This result challenges the universal applicability of the pecking order theory, especially within industries characterized by high capital demands and unique risk profiles, such as heavy construction. The findings offer valuable insights by analyzing financial decision-making in a capital-intensive sector within a developing economy and highlight the potential need to reconsider traditional capital structure theories in specific industry contexts.
The Effect of Sustainability Report Disclosure and Sustainable Growth on Firm Value: The Moderating Role of CEO Power Effendi, Dicky Rizky Ramadhan; Hendrawaty, Ernie; Febrianto, Igo
Amkop Management Accounting Review (AMAR) Vol. 5 No. 2 (2025): July - December
Publisher : Pascasarjana STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/amar.v5i2.2949

Abstract

Environmental issues have become a global concern, with the energy sector identified as the most significant contributor to greenhouse gas emissions. This study provides a novel contribution by examining the moderating role of CEO power, measured by CEO ownership, in strengthening the effects of sustainability reporting disclosure and sustainable growth on firm value. Focusing on Indonesia’s energy sector during the crisis and post-pandemic recovery period (2019–2023), the study employs a Random Effects GLS model with White two-way cluster robust standard errors. Firm value is measured using Tobin’s Q; sustainability disclosure is proxied by the Global Reporting Initiative (GRI) index; sustainable growth by the Sustainable Growth Rate (SGR); and CEO power by CEO ownership (CEOP). The results indicate that GRI has no significant impact on firm value, while SGR has a positive effect and CEOP has an adverse impact. However, the interaction terms GRICEOP and SGRCEOP exhibit significantly positive effects on firm value. These findings suggest that CEO ownership strengthens the relationship between corporate sustainability initiatives and firm value creation.
Analysis of Financial Flexibility, Earning Volatility, and Asset Structure on Capital Structure in Infrastructure Companies Listed on the Indonesia Stock Exchange 2021–2024 Anggara, Amelia Putri; Febrianto, Igo; Kesumah, Fajrin Satria Dwi
International Journal Of Education, Social Studies, And Management (IJESSM) Vol. 5 No. 2 (2025): The International Journal of Education, Social Studies, and Management (IJESSM)
Publisher : LPPPIPublishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52121/ijessm.v5i2.813

Abstract

This study explores the impact of financial flexibility, earnings volatility, and asset structure on the capital structure of companies operating in the heavy construction and civil engineering subsector of Indonesia’s infrastructure industry, listed on the Indonesia Stock Exchange between 2021 and 2024. Employing panel data regression on 285 firm-year observations, the research identifies several critical insights. First, financial flexibility approximated by the ratio of retained earnings to total assets has a positive and statistically significant relationship with capital structure. This suggests that firms with greater internal financial strength tend to rely more on debt financing when additional funding is required, allowing them to respond efficiently to financial risks and investment opportunities in this capital-intensive environment. Second, earnings volatility, calculated as the standard deviation of return on assets (ROA), does not exhibit a significant influence on capital structure decisions. This outcome indicates that income variability does not markedly affect firms’ use of debt, likely due to their ability to manage unstable earnings through adaptive financial practices. Lastly, asset structure—measured by the proportion of fixed assets to total assets—also shows no significant correlation with capital structure. This result challenges the universal applicability of the pecking order theory, especially within industries characterized by high capital demands and unique risk profiles, such as heavy construction. The findings offer valuable insights by analyzing financial decision-making in a capital-intensive sector within a developing economy and highlight the potential need to reconsider traditional capital structure theories in specific industry contexts.
Co-Authors Anggara, Amelia Putri Effendi, Dicky Rizky Ramadhan Ernie Hendrawaty Fajrin Satria Dwi Kesumah