RESOURCE CAPACITY, CAPITAL STRUCTURE AND SHAREHOLDER VALUE IN CONSUMER CYCLICALS FIRMS

Ratih Adistina (Universitas Pendidikan Indonesia)
Nelly Nur Apandi (Universitas Pendidikan Indonesia)

Multidiciplinary Output Research for Actual and International Issue (Morfai Journal)
Vol. 6 No. 6 (2026): Multidiciplinary Output Research For Actual and International Issue

This study examines how Resource Capacity and Capital Structure affect Shareholder Value in Consumer Cyclicals firms during 2022-2024, using 1,029 firm-year observations from Indonesia, Malaysia, and Singapore. Resource Capacity is proxied by LN Total Assets, Capital Structure by the Debt-to-Equity Ratio, and Shareholder Value by LN Price Close, tested using multiple linear regression with year dummies and bootstrap procedures. Resource Capacity shows a positive and significant effect on Shareholder Value (p < 0.001), robust under bootstrap testing. Capital Structure shows a significant negative effect in the main regression (p = 0.017), but this weakens under bootstrap (p = 0.393). Both variables jointly explain Shareholder Value significantly, though explanatory power remains limited (Adjusted R² = 16.5%).