<![CDATA[This study is motivated by the importance of financing decision-making in companies, which is closely related to managerial efficiency and agency cost control, as explained in Agency Theory. The purpose of this study is to examine the effect of profitability, liquidity, and non-debt tax shield on capital structure in consumer goods companies listed on the Indonesia Stock Exchange during the 2019-2023 period. This study uses a quantitative approach, secondary data obtained through purposive sampling, and panel data regression analysis. The results showed that profitability has a negative, significant effect on capital structure, while liquidity has a positive, but insignificant, effect. In contrast, the non-debt tax shield has a positive and significant impact. The findings support the agency perspective that firms tend to rely on internal financing or consider non-debt tax benefits to mitigate potential conflicts between managers and shareholders. The implications of this study show the importance of capital structure as a managerial control tool and the need to consider firm internal variables in determining the optimal financing composition to minimize agency costs and maximize firm value.]]>
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