The Effect of Economic Policy Uncertainty and Leverage on Corporate Risk Taking: Pengaruh Ketidakpastian Kebijakan Ekonomi dan Rasio Utang terhadap Pengambilan Risiko Perusahaan

Erna Retna Rahadjeng (Universitas Muhammadiyah Malang)
Novi Puji Lestari (Universitas Muhammadiyah Malang)

JBMP (Jurnal Bisnis, Manajemen dan Perbankan)
Vol. 12 No. 2 (2026): September

This study aims to examine the impact of Economic Policy Uncertainty (EPU) and financial leverage on corporate risk-taking within the food and beverage manufacturing sector. Utilizing a quantitative approach, secondary data from publicly listed manufacturing firms were collected and analyzed using IBM SPSS Statistics. The empirical results reveal that neither EPU nor financial leverage has a statistically significant effect on corporate risk-taking. These findings indicate that food and beverage firms possess inherent defensive operational characteristics, enabling them to sustain consistent risk-taking behavior despite external macroeconomic volatility or changes in debt structures. Practically, this implies that management within this sector can maintain stable strategic decision-making and operational planning even during periods of high economic uncertainty, offering valuable insights for stakeholders navigating corporate finance and risk management.