<![CDATA[This study is to determine the effect of capital structure on the financial stability and sustainability performance of non-banking companies in Indonesia. Currently, similar research is still dominated by banking companies. The study used archival data with non-banking companies go public in Indonesia. Financial data is taken from the OSIRIS database and sustainability data is taken from the ESGI dataset. The number of observations was 2177 firm years from 2015-2021. It uses the panel data regression as the model’s application. Robustness tests and additional analyses also add depth to the research discussion. Structure capital statistically positively affects financial stability for shareholders and short-term debt, while other proxies of long-term debt and debt-to-equity have a statistically negative effect on financial stability. Structure capital also negatively affects sustainability performance for proxy shareholders and short-term debt, while long-term debt proxies and DER are insignificant on sustainability performance. This study isn’t carried out in all sectors so the measurement of financial stability and sustainability performance is still limited and needs to be tested more broadly. This study fills in the gaps in the findings of previous studies that are still debatable and adds a proxy for measuring capital structure to complement the discussion study.]]>
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