JURNAL MANAJEMEN MOTIVASI
Vol 22 No 1 (2026): Jurnal Manajemen Motivasi

Capital Structure Determinants of Sharia-Compliant and Non-Compliant Companies in the Food and Beverage Sector

ARIF (Unknown)
Mohammad Nofal (Unknown)
Cici Rianty K. Bidin (Unknown)
Ayu Putri Utami (Unknown)

Article Info

Publish Date
30 Jun 2026

Abstract

This study examines the effects of profitability, tangibility, Tobin’s Q, and firm size on the capital structure of Sharia and non-Sharia food and beverage companies listed on the Indonesia Stock Exchange during 2020–2025. Using purposive sampling, the study analyzed 240 observations through panel data regression with the Random Effects Model. The results show that profitability negatively affects capital structure, while tangibility and Tobin’s Q have positive effects. Firm size has no significant effect. In Sharia companies, profitability and Tobin’s Q are significant, whereas in non-Sharia companies, only tangibility significantly affects capital structure. Keywords: Capital Structure; Sharia Companies; Profitability; Tangibility; Tobin's Q; Firm Size

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Journal Info
JURNAL MANAJEMEN MOTIVASI
Website

Abbrev

jm_motivasi

Publisher

Universitas Muhammadiyah Pontianak

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

Jurnal Manajemen Motivasi (JMM) adalah Jurnal Ilmiah Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Pontianak yang diterbitkan secara berkala 2 (dua) kali dalam satu tahun (Juni dan Oktober) sebagai sarana untuk menyebarluaskan hasil penelitian dan ilmu pengetahuan di bidang ilmu manajemen ...