Factors Affecting Capital Structure Of Manufacturing Companies In Indonesia And Malaysia
DOI:
https://doi.org/10.31849/zt5xyn11Keywords:
Capital Structure, Company, Growth, Liquidity, ProfitabilityAbstract
Differences in macroeconomic conditions, monetary policy, and financial regulation between Indonesia and Malaysia shape different capital structure patterns in both countries. This study aims to analyze the effect of economic conditions and government policies on the capital structure of manufacturing companies in Indonesia and Malaysia. The sample is selected using purposive sampling technique from Osiris database and stock exchanges of both countries. The manufacturing sector is the focus due to its large contribution to the economy and efforts to optimize its funding. The results show that in Malaysia, factors such as growth, liquidity, profitability, size, and age of the firm affect capital structure, while in Indonesia only size and age are significant. The combined analysis with Fixed Effect found that only firm size is consistently influential, while other variables are not significant due to differences in economic context and financial system. These findings highlight the importance of considering local context in capital structure analysis.
References
Awalsidik, N. (2023). Analisis Faktor-Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2012-2016. Jurnal Metansi, 6(2).
Deesomsak, R., Paudyal, K., & Pescetto, G. (2004). The Determinants of Capital Structure: Evidence from the Asia Pacific Region. Journal of Multinational Financial Management, 14(4-5), 387-405.
Fahmi, I. (2016). Manajemen Keuangan: Teori dan Aplikasi. Bandung: Alfabeta.
Falencia, F., & Dewi, S. P. (2020). Pengaruh profitabilitas, pertumbuhan aset, ukuran perusahaan, struktur aktiva, dan likuiditas terhadap struktur modal pada perusahaan manufaktur di Bursa Efek Indonesia. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(3), 1334-1342.
Ghozali, I. (2021). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23 (Edisi 8). Semarang: Badan Penerbit Universitas Diponegoro.
Goh, C. F., Tai, W. Y., Rasli, A., Tan, O. K., & Norhayati. (2018). Determinan Struktur Modal Perusahaan Manufaktur di Bursa Efek Malaysia. Jurnal Akuntansi Multiparadigma, 9(3), 1-20.
Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics (5th ed.). New York: McGraw-Hill.
Gumilar, I. (2018). Pengaruh Globalisasi terhadap Daya Saing Industri di Indonesia. Jurnal Sosial Humaniora Sigli (JSH), 7(1), 529-536.
Hadinugroho, B., Agustanto, H., & Harmadi. (2018). Determinan Struktur Modal Perusahaan di Negara-Negara Asia Tenggara. Jurnal Siasat Bisnis, 22(2), 144–163.
Halim, A., Wijaya, H., & Prasetyo, D. (2024). The Effect of Profitability, Liquidity, and Firm Size on Capital Structure in the Manufacturing Sector. Journal of Finance and Accounting, 10(2), 45-58.
Japar, M. G., & Susanti, M. (2020). Faktor-faktor yang mempengaruhi struktur modal pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(2), 852-862.
Memon, P. A., Shah, M. S., Ghumro, N. H., & Rus, R. M. (2019). Capital Structure and Adjustment Speed: Evidence From Listed Manufacturing Firms in Malaysia and Indonesia. Indonesian Capital Market Review, 11(2), 7-30.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Nawir, J., Hadi, A. R. A., & Dewi, F. D. (2023). Capital Structure and Company's Sustainability: Case Study of Public Listed Oil and Gas Companies in Indonesia and Malaysia. Jurnal Akuntansi dan Keuangan, 25(1), 45-60.
Ng, A. H., & Tan, S. K. (2023). Capital Structure and Firm Performance in ASEAN: Evidence from Indonesia and Malaysia. Journal of Southeast Asian Economics, 41(2), 225-245.
Pamungkas, D. S. (2023). The Effect Of Asset Structure, Size, Growth And Profitability Of The Company On The Capital Structure Of Manufacturing Companies. CoValue Journal, 14(6).
Pham, T. L., & Nguyen, P. T. (2021). Capital Structure and Firm Performance: Evidence from ASEAN Countries. Journal of Asian Business and Economic Studies, 28(3), 52-71.
Pluang. (2024). Rasio Utang Terhadap Ekuitas. Diakses dari https://pluang.com/blog/glossary/rasio-utang-terhadap-ekuitas
Pratama, A., & Sari, M. (2021). Validasi Model Panel Data dengan Uji Chow, Hausman, dan LM. Jurnal Ekonometrika Indonesia, 12(2), 45-60.
Rahman, F., & Sulaiman, M. (2023). Financial Factors Affecting Capital Structure in ASEAN Manufacturing Firms. Journal of Asian Finance, Economics and Business, 10(2), 123-134.
Rahmawati, A. (2023). Analisis Pengaruh Profitabilitas, Likuiditas, dan Ukuran Perusahaan terhadap Struktur Modal pada Perusahaan Manufaktur yang Terdaftar di BEI. Skripsi. Universitas Indonesia.
Saad, R. M., & Almasarwah, A. (2024). Institutional quality and capital structure: Evidence from ASEAN manufacturing firms. International Journal of Business and Society, 25(1), 77–94.
Sahabuddin, Z. A., & Setiawan, S. A. C. (2012). Balance Sheet Effect Sebagai Penentu Determinan Struktur Modal Enam Bursa Efek Pada Negara-Negara ASEAN. Media Riset Akuntansi, Auditing & Informasi, 12(3), 106-125.
Sari, M. M., Sulastri, M., & Prasetyo, A. (2020). Dynamics of Firm’s Capital Structure Along The Life Cycle of Indonesian Manufacturing Firms. Indonesian Journal of Business and Entrepreneurship, 5(1), 21.
Silviani, R. (2024). Capital Structure, Profitability, Liquidity, and Growth: Their Impact on Firm Value in Manufacturing Companies. Indonesian Journal of Business and Economics, 12(1), 75-89.
Sulaiman, A., & Muhammad, A. (2022). Financial Risk Management and Capital Structure Decisions in ASEAN Financial Sectors. Journal of Financial Markets and Risk Management, 12(1), 34-49.
Widarjono, A. (2007). Ekonometrika: Teori dan Aplikasi untuk Ekonomi dan Bisnis. Yogyakarta: UPP STIM YKPN.
Wijaya, H. (2021). The Effect of Firm Size, Liquidity, and Growth Opportunity on Capital Structure in Manufacturing Companies in Malaysia. Asian Journal of Business and Finance, 9(2), 88-102.
Zainudin, N., et al. (2021). The Role of Firm Size and Age in Capital Structure Decisions: Evidence from Developing Countries. International Journal of Finance & Economics, 28(1), 45-59.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Nadzma Safira Putri Sugianto, Abdul Moin
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
This work is licensed under a Attribution 4.0 International (CC BY 4.0) 