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Nexus of Non-Controlling Interests on Capital Structure: Macroeconomic and External Party Integrity as Moderator Arisyahidin Arisyahidin; Marhaendra Kusuma; Sanju Kumar Singh; Mariano Nunes
Jurnal Akuntansi dan Keuangan Vol. 28 No. 1 (2026): MAY 2026
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.28.1.1-14

Abstract

This study investigates the effect of share ownership of non-controlling interests (NCI) on capital structure policy and investigates moderating effects of macroeconomic fundamentals and integrity of independent external parties. NCI negatively impacts capital structure, consistent with the trade-off theory in capital structure policy. Companies that already obtain funding from NCI tend to reduce debt financing, and vice versa. Macroeconomic fundamentals reinforce the trade-off between corporate funding sources, whether debt or equity, related to the cost of debt and the cost of equity. The quality of independent external parties strengthens the investment decision of fund providers, whether in equity securities or corporate debt securities, considering the most favorable investment returns.
Co-Authors Abdul Haris Agustin, Beby Hilda Ahamad, Abdul Hadi Bin Ahmad Budiman Ahmad Yani Ahmad, Abdul Hadi Bin Aina Lufitasari Akhmad Naruli Alisa Qurrota A'yun Khoirul Bariyah Anam, Moh. Khoirul Andriana, Ririn Anggita Septiarni Anis Marjukah Arif Julianto Sri Nugroho Ariska Devi Agustin Suhariani Arisyahidin, Arisyahidin Armiyani, Nora Arum Athori, Agus BARRETO, Carlos Afonso Beby Hilda Agustin Beny Mahyudi Saputra Dewi Wungkus Antasari Diana Zuhroh Edi Murdiyanto Fiola Amanda Purnamasari Fitria Nurul Izza Frana, Frana Gadis Ragil Krisistiya Hadi Bin Ahamad, Abdul Hilda Agustin, Beby Imarotus Suaidah Ivana Wilda Afosma Jayanti Indah Fresilina Kasim, Che Manisah Mohd Kurnia Robik Kusumaningarti, Miladiah Kusumanungarti, Miladiah Laela Mohimmatul Kirom Luzy Nur Agustin Mariano Nunes Merinda Ratna Sari Miladiah Kusumaningarti Miladiah Kusumaningarti Mohd Kasim, Che Manisah Muhammad Alfa Niam Nashya Youllanda Nunes, Mariano Nur Rahmanti Ratih Pramiana, Omi Prihat Assih Purwanti, Asih Tugi Puspita Sari, Hanifah Putranti, Eti Putri Agnestasya Permatasari Rahmanti Ratih, Nur Ratih, Nur Rahmanti Ria Lusiana Rike Selviasari Rike Selviasari Rohwiyati Rohwiyati Rusandy, Deby Santyo Sanju Kumar Singh Sanju Kumar Singh Santos , Alfredo Dos Santos, Alfredo Dos Sari, Hanifah Puspita Selviasari, Rike Shofia Fatimatuz Zahro’ siti isnaniati Soares, Jaime Sri Luayyi Srikalimah, Srikalimah Sulistya Violy Amanda Salsabilla Wahyudi, Moch. Yuliana, Agnes Prety Sinta YUNIEP MUJATI SUAIDAH Zelicca, Adinda Putri