TOFEDU: The Future of Education Journal
Vol 5 No 1 (2026)

Business Risk and Sales Growth as Determinants of Capital Structure

Carolina, Cyntia (Unknown)
Surya, Tiara Lilis (Unknown)
Maryanto, Maryanto (Unknown)



Article Info

Publish Date
30 Jan 2026

Abstract

This study focuses on a single research object, namely PT Mayora Indah, Tbk. The purpose of this study is to examine: (1) the partial effect of business risk on capital structure at PT Mayora Indah, Tbk; (2) the partial effect of sales growth on capital structure at PT Mayora Indah, Tbk; (3) the simultaneous effect of business risk and sales growth on capital structure at PT Mayora Indah, Tbk; and (4) the magnitude of the influence of business risk and sales growth on the capital structure of PT Mayora Indah, Tbk. The research methodology employed a descriptive qualitative and descriptive quantitative approach. The results of the study indicate that: (1) partially, business risk has no significant effect on the capital structure of PT Mayora Indah, Tbk during the period 2012–2021, as evidenced by the value of –t_calculated > –t_table (–0.156 > –2.30600); (2) partially, sales growth has no significant effect on the capital structure of PT Mayora Indah, Tbk during the period 2012–2021, as indicated by the value of –t_calculated > –t_table (–1.081 > –2.30600); (3) simultaneously, business risk and sales growth have no significant effect on the capital structure of PT Mayora Indah, Tbk during the period 2012–2021, as shown by the value of F_calculated < F_table (0.585 < 4.74); and (4) the magnitude of the influence of business risk and sales growth on the capital structure of PT Mayora Indah, Tbk is 12.8%.

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Journal Info

Abbrev

journal

Publisher

Subject

Education Languange, Linguistic, Communication & Media Mathematics Other

Description

TOFEDU Journal is a scientific journal related to research results, conceptual studies, critical/comprehensive studies in the field of education. The results of the work of the researchers are expected to make a positive contribution in the field of education in order to achieve equitable, inclusive ...