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All Journal Jurnal Management Risiko dan Keuangan
Mochamad Rizky Pratama
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Decision Sciences, Operations Research & Management

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Governance Mechanisms, Ownership Dynamics, and Capital Structure Determinants Mochamad Rizky Pratama; Ratnawati, Kusuma
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.05

Abstract

This study aims to analyze the influence of corporate governance and ownership structure on the capital structure of infrastructure sector companies listed on the Indonesia Stock Exchange. It is motivated by the fact that 57% of companies in this sector face capital structure problems due to economic uncertainty and the Covid-19 pandemic. This is reflected in the relatively high Long-Term Debt-to-Equity Ratios; some companies even exceed a value of 1, indicating a greater reliance on long-term debt than equity. The study sample consists of 21 infrastructure sector companies observed over a five-year period. Data analysis using SPSS 29 shows that corporate governance, proxied by the size of the board of directors and the independent board of commissioners, has a significant positive effect on capital structure. However, the variable proxied by CEO duality has an insignificant negative effect. Meanwhile, ownership structure, proxied by managerial ownership, has a significant negative effect on capital structure, and ownership concentration has an insignificant negative effect. This study makes a significant contribution by demonstrating that sound corporate governance policies and ownership structures can influence capital structure decisions in the management of infrastructure sector companies.
Co-Authors Kusuma Ratnawati