Examining the Determinants of Capital Structure of Blue-Chip Non-Financial Companies on the IDX

Authors

  • Khoirul Umam Hasbiy University of Brawijaya, Indonesia
  • Seri Suriani University of Bosowa, Indonesia
  • I Wayan Ruspendi Junaedi University of Dhyana Pura Bali, Indonesia
  • Puspa Rini Institut Bisnis dan Informatika Kosgoro 1957, Indonesia
  • Melati Sukma Dewi Labusang University of Muhammadiyah Luwuk, Indonesia

DOI:

https://doi.org/10.29040/ijebar.v7i3.9945

Abstract

This study aims to examine the effect of the variables Financial Deficit, Diversification, Institutional Ownership, and Asset Structure on Capital Structure in Non-Financial Blue Chip companies listed on the Indonesia Stock Exchange in 2020-2022. The population in this study is 125 manufacturing companies listed on the Indonesia Stock Exchange in 2020 – 2022. The sampling technique used was purposive sampling and a sample of 52 companies was obtained. The data analysis technique used is multiple linear regression analysis. The results of this study indicate: (1) the financial deficit has no effect on capital structure, as evidenced by the test results of the calculated t value of 1.091 and a significance level of 0.277 so that H1 is rejected; (2) Diversification has a significant positive effect on Capital Structure as evidenced by the t-value of 3.081 with a significance level of 0.002 so that H2 is accepted; (3) Institutional Ownership has a significant negative effect on Capital Structure as evidenced by the t-value of -3.542 with a significance level of 0.001 so that H3 is accepted; (4) Asset Structure has a significant positive effect on Capital Structure as evidenced by the t value of 3.660 with a significance level of 0.000 so that H4 is accepted. Adjusted R Square value of 0.156 indicates that Capital Structure is influenced by Financial Deficits, Diversification, Institutional Ownership, and Asset Structure of 15.6% while the remaining 84.6% is influenced by other factors not examined in this study. Keywords: Assets, Capital, Financial, Diversification

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Published

2023-10-05

How to Cite

Hasbiy, K. U., Suriani, S., Ruspendi Junaedi, I. W., Rini, P., & Dewi Labusang, M. S. (2023). Examining the Determinants of Capital Structure of Blue-Chip Non-Financial Companies on the IDX. International Journal of Economics, Business and Accounting Research (IJEBAR), 7(3). https://doi.org/10.29040/ijebar.v7i3.9945

Issue

Vol. 7 No. 3 (2023): IJEBAR, VOL. 07 ISSUE 03, SEPTEMBER 2023

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Articles

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