Yanufa Indah Rosyidatussa'idah
Universitas Negeri Surabaya, Surabaya, Indonesia

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The Effect of Asset Tangibility, Growth Opportunity, and Business Risk on Capital Structure in Retail Companies Listed on the Indonesian Stock Exchange from 2020-2024 Yanufa Indah Rosyidatussa'idah; Risky Budianto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.864

Abstract

This study examines the influence of asset tangibility, growth opportunities, and business risk on the capital structure of companies in the retail sector during the 2020–2024 period. A quantitative approach was employed, using secondary data in the form of financial reports from retail companies obtained from the Indonesia Stock Exchange website. The entire population comprised 47 retail companies in both the consumer cyclicals and non-cyclicals sectors. Purposive sampling resulted in 28 selected companies, bringing the total number of observations to 140 units over a five-year period. The analysis results indicate that asset tangibility alone does not influence capital structure, nor do growth opportunities or business risk. However, the combination of these three factors collectively contributes to capital structure.
The Effect of Asset Tangibility, Growth Opportunity, and Business Risk on Capital Structure in Retail Companies Listed on the Indonesian Stock Exchange from 2020-2024 Yanufa Indah Rosyidatussa'idah; Risky Budianto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.864

Abstract

This study examines the influence of asset tangibility, growth opportunities, and business risk on the capital structure of companies in the retail sector during the 2020–2024 period. A quantitative approach was employed, using secondary data in the form of financial reports from retail companies obtained from the Indonesia Stock Exchange website. The entire population comprised 47 retail companies in both the consumer cyclicals and non-cyclicals sectors. Purposive sampling resulted in 28 selected companies, bringing the total number of observations to 140 units over a five-year period. The analysis results indicate that asset tangibility alone does not influence capital structure, nor do growth opportunities or business risk. However, the combination of these three factors collectively contributes to capital structure.