This quantitative research aims to examine the effect of capital intensity, capital structure, and tax avoidance on firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. A total of 332 panel observations were analyzed using the Fixed Effect Model (FEM), selected based on the Chow test, Lagrange Multiplier test, and Hausman test. The empirical results show that capital intensity has a negative but statistically insignificant effect on firm value, indicating that a higher proportion of fixed asset investment does not necessarily enhance market valuation. Capital structure also exhibits a negative coefficient and is marginally significant at the 10% level, although not significant at the 5% level, suggesting that higher leverage may increase financial risk perceived by the market. Tax avoidance, measured using CETR, also shows a negative and insignificant effect, implying that cash tax payments are not a key determinant of firm value. Overall, the model explains only a small portion of within-firm variation, suggesting that other factors outside this study may play a stronger role in influencing firm value.

This study aims to analyze the effect of inflation and Debt to Equity Ratio (DER) on firm value, proxied by Price to Book Value (PBV), in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2022–2024. The data used are secondary data obtained from annual financial statements, publications of the Central Bureau of Statistics (BPS), and Bank Indonesia (BI). The analytical method employed is panel data regression using the Fixed Effect Model (FEM), selected based on the results of the Chow and Ha usman tests. The results show that partially, inflation has no significant effect on firm value, indicating that the food and beverage sector tends to be resilient to inflation due to the essential nature of its products. Meanwhile, the Debt toEquity Ratio (DER) has a positive and significant effect on firm value, implying that the optimal use of debt within the capital structure can increase the company’s market value. Simultaneously, inflation and DER significantly affect PBV, confirming that macroeconomic and capital structure factors play an important role in determining firm value. The findings of this study are expected to serve as a reference for company management in determining optimal financing policies and for investors in assessing investment potential in the food and beverage sector.

This study aims to analyze the financial performance of companies listed in the LQ45 index before, during, and after the COVID-19 pandemic. Financial performance is measured using five key ratios: Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), Debt to Asset Ratio (DAR), and Current Ratio (CR). The data used were obtained from the annual financial reports of 45 companies over three periods: 2019 (pre-pandemic), 2020 (during the pandemic), and 2021 (post-pandemic). The analysis method employed is the Wilcoxon Signed Rank Test, as the data are not normally distributed, making it suitable for assessing differences between paired periods. The results indicate significant differences in profitability ratios (ROA, ROE, and NPM) across the three periods, particularly a decline during the pandemic followed by a recovery afterwards. Meanwhile, solvency (DAR) and liquidity (CR) ratios remained relatively stable without significant changes. These findings suggest that the pandemic had a notable impact on the profitability of LQ45 companies, but had less effect on their capital structure and liquidity. This research is expected to provide useful insights for investors, corporate management, and other stakeholders in evaluating company performance during crisis periods and economic recovery phases.Keywords: Covid-19, financial performance, LQ45, liquidity, profitabiliy, solvabilty.

Purpose This study aims to examine whether environmental (E), social (S), and governance (G) scores differentially shape capital structure and leverage for Thai listed firms during 2020–2022, and whether firm size moderates these effects in a crisis context. Design/methodology/approach Using 288 firm-year observations, this study estimates fixed-effects regressions with comprehensive controls and interaction terms with size. This study additionally outlines and implements robustness checks. Findings Governance scores positively and significantly influence both capital structure and leverage, with a more pronounced effect in smaller firms. Larger firms can better leverage social initiatives to improve capital structure. In contrast, environmental performance shows no significant direct effect on capital structure and leverage. Practical implications The findings offer valuable insights for corporate managers, investors, and policymakers aiming to promote sustainable and resilient business practices, especially during periods of economic distress. Social implications This study highlights the importance of robust governance and social performance in enhancing financial stability, contributing to broader social and economic resilience during crises. Originality/value This study provides nuanced insights into the differential impacts of ESG components on corporate finance and highlighting the critical role of firm size in moderating these effects, particularly in times of crisis.

Abstract This study investigates the determinants of capital structure by comparing firms listed on two prominent global stock indices: the S&P 500 (United States) and the NSE CNX 500 (India). Specifically, it examines how firm-specific factors—such as liquidity, asset tangibility, and sustainability practices—influence leverage decisions within differing economic and institutional contexts. Drawing on a comprehensive dataset of 3,575 firm-year observations from 406 S&P 500 companies and 4,180 observations from 419 NSE CNX 500 firms between 2011 and 2021, the analysis employs Two-Stage Least Squares (2SLS) regression, the Generalized Method of Moments (GMM), and a series of diagnostic tests addressing heteroskedasticity and model robustness. The empirical results indicate that liquidity, tangibility, and sustainability performance significantly affect firms’ capital structure decisions. Moreover, growth opportunities and profitability also play key roles. Cross-country differences highlight the influence of macroeconomic conditions and financial system structures on leverage behavior. This research enriches the capital structure literature by offering a comparative, cross-national perspective and provides actionable insights for corporate managers, investors, and policymakers seeking to optimize capital structure in diverse financial environments

Media-affiliated directors, news coverage, and capital structure

Abstract The current study looks at how capital structure affects performance of few Indian electronic manufacturing companies. Decisions on the capital structure of a company are critical to its long-term growth, profitability, and financial stability. Based on secondary information gathered from the annual reports of specific firms listed on BSE and NSE over a five-year period from 2019 to 2024, the study uses a descriptive and analytical research design. Debt–Equity Ratio, Total Debt Ratio, Long-term Debt Ratio, and Short-term Debt Ratio are used to measure capital structure, and Return on Equity (ROE), Return on Assets (ROA), and Earnings per Share (EPS) are used to evaluate firm performance. The data is analyzed using multiple regression analysis, correlation analysis, and descriptive statistics. The findings show a strong negative correlation between leverage and company performance, suggesting that higher debt levels have a detrimental impact on profitability since they raise financial risk and interest costs. In order to improve financial performance and sustainability, electronic manufacturing companies in India should maintain an ideal balance between the debt and the equity, according to findings, which support the trade-off and also pecking order theory related to capital structure. Corporate managers, investors, and legislators can use the study's insightful findings to create financing plans that work for the electronic manufacturing industry. Keywords: Capital Structure, Firm Performance, Debt–Equity Ratio, ROA, ROE, EPS.

This study investigates the determinants of capital structure and their implications for the financial performance of corporate firms operating by integrating the Pecking Order Theory and Trade-Off Theory. Using a sample of firms with complete and publicly available financial reports from 2020 to 2024, this research examines the influence of profitability, liquidity, firm size, asset structure, and firm growth on capital structure decisions, as well as the mediating effect of capital structure on financial performance. The study employs panel data regression with comprehensive diagnostic testing, including normality, multicollinearity, heteroscedasticity, and autocorrelation assessments to ensure the validity and reliability of the model. The results reveal that profitability and liquidity negatively affect leverage, supporting the pecking order theory, while firm size and asset structure positively influence debt levels, consistent with the trade-off theory. Capital structure is further found to play a significant role in strengthening financial performance, indicating that optimal leverage can enhance corporate value. This study contributes to the literature by providing empirical evidence from a developing regional context and by combining two dominant theoretical perspectives to explain capital structure behavior.

The research objective is to obtain empirical evidence regarding the influence of variables on firm value. The independent variables used are profitability, capital structure, company growth, liquidity, company size.The population used in this study are property and real estate sector companies listed on the Indonesia Stock Exchange for the period 2013-2023. The sampling technique used in this study was purposive sampling and there were 187 data that could be used as research samples. This study uses multiple regression analysis to analyze the data. The results of this study indicate that profitability and capital structure have a positive effect on firm value, while firm size has a negative effect on firm value. On the other hand, firm growth and liquidity have no influence on firm value.

The purpose of this study is to examine and empirically prove the influence of Return on Equity (ROE), Debt to Equity Ratio (DER), and Earnings Per Share (EPS) on stock prices. The population consists of non-bank companies listed in the LQ-45 Index on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. A total of 35 companies were selected using a purposive sampling technique. The data were analyzed using a panel data regression model with the Fixed Effect Model (FEM) approach through EViews version 13 software. The results indicate that ROE has a significant positive effect on stock prices, while DER has a significant negative effect. Meanwhile, EPS was found to have no significant effect on stock prices, suggesting that earnings per share information has already been reflected in market prices. Simultaneously, the independent variables explain 95.34% of the variation in stock prices. These findings imply that investors should prioritize the analysis of profitability and capital structure over earnings per share when making investment decisions in LQ-45 stocks.

This research examines how tax planning, profitability, and capital structure influence corporate income tax, with operating costs playing a moderating role. The analysis centers on publicly traded manufacturing firms listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Employing secondary data from audited statements and purposive sampling, the research analyzes 284 firm-year observations from 71 companies. The key variables are operationalized as follows: ETR for tax planning, ROA for profitability, DER for capital structure, and total SG&A expenses for operating costs. Analysis using a panel data Fixed Effects Model (FEM) with Moderated Regression Analysis (MRA) in EViews 13 reveals a positive and significant impact of profitability on tax obligations, with no significant effects found for tax planning or capital structure. Furthermore, operating costs strengthen the positive relationship between profitability and tax. Conversely, operating costs negatively and significantly moderate the effects of both tax planning and capital structure on corporate income tax. These findings highlight the critical role of operating cost efficiency in shaping how financial factors influence tax obligations. The study contributes to academic taxation literature and offers practical insights for firms in developing compliant tax strategies.

One of the most effective ways to assess how well a business creates value for its shareholders is by examining its financial performance. Such performance is expected to be largely driven by strategic instruments, including capital structure management, managerial ownership, and transparency in environmental, social, and governance (ESG) practices. This research seeks to analyze the influence of three key factors on corporate financial performance. Adopting a quantitative research design, the study relies on secondary data derived from the annual and sustainability reports of firms listed on the Indonesia Stock Exchange. The sample covers 20 companies that were consistently classified within the SRI KEHATI Index over the 2019–2023 period, resulting in 100 firm-year observations. The empirical findings reveal that managerial ownership does not exert a statistically significant impact on financial performance. Conversely, ESG disclosure is found to have a significant positive relationship with financial performance, whereas capital structure exhibits a significant negative association. These findings suggest that strengthening ESG governance and optimizing debt utilization levels are essential steps toward promoting sustainable corporate financial health

Earnings management involves managers adjusting financial reports to achieve specific objectives, which can affect the transparency of information received by stakeholders. Earnings management is conditioned by a constellation of internal firm-level attributes, including free cash flow availability, capital structure intensity, financial vulnerability, and ownership configuration, all of which may recalibrate managerial incentives to intervene in the financial reporting process. Focused on consumer non-cyclicals companies on the IDX, this study tests hypotheses concerning the drivers of earnings management, specifically free cash flow, leverage, financial distress, and ownership structure. The quantitative analysis, using secondary data (2022-2024) and SPSS 27 on a purposively sampled set of 89 observations, confirms the significant roles of free cash flow and leverage. However, it finds no empirical support for the effects of financial distress or managerial ownership. The findings highlight key governance and analytical implications. The significant roles of free cash flow and leverage call for stronger oversight of discretionary cash and debt to limit reporting opportunism. The insignificant effect of managerial ownership suggests weak alignment of manager, shareholder interests, while financial distress does not appear to drive manipulation. For investors and regulators, the results emphasize prioritizing cash flow and leverage analysis when assessing reporting quality.

Tinjauan literatur sistematis ini menyelidiki dampak kebijakan dividen dan struktur modal terhadap penilaian perusahaan, dengan fokus pada platform fintech di pasar berkembang. Seiring dengan pesatnya perkembangan fintech yang terus mengubah lanskap keuangan global, sektor ini menghadapi tantangan dan peluang baru yang memengaruhi kebijakan keuangan yang diterapkan oleh perusahaan-perusahaan di dalamnya. Pemahaman mengenai dinamika keputusan dividen dan strategi pembiayaan menjadi sangat penting untuk mengelola penilaian perusahaan, khususnya di industri fintech yang cenderung memiliki karakteristik dan kebutuhan yang berbeda dibandingkan dengan sektor tradisional. Keputusan mengenai kebijakan dividen dan struktur modal tidak hanya berdampak pada likuiditas dan stabilitas keuangan perusahaan, tetapi juga memainkan peran penting dalam menarik investor, meningkatkan daya saing, serta memperkuat posisi perusahaan di pasar yang semakin kompetitif. Tinjauan ini mensintesis 80 studi yang relevan, mengidentifikasi pengaruh ganda rasio pembayaran dividen dan leverage terhadap nilai perusahaan, serta mengungkap variasi pengaruhnya di berbagai industri dan wilayah geografis. Temuan menunjukkan bahwa kebijakan dividen dan struktur modal memiliki dampak yang signifikan, namun efeknya bergantung pada faktor kontekstual yang bervariasi, seperti tata kelola perusahaan, modal intelektual, dan inovasi dalam sektor fintech. Meskipun terdapat konsensus umum mengenai pentingnya struktur modal yang optimal dalam meningkatkan penilaian perusahaan, hasil mengenai kebijakan dividen masih bervariasi, mengindikasikan bahwa kebijakan tersebut perlu disesuaikan dengan konteks industri dan kondisi pasar. Makalah ini memberikan kontribusi teoretis terhadap teori keuangan dengan menawarkan model yang lebih spesifik, serta menyarankan rekomendasi praktis bagi manajer fintech dan investor untuk mengoptimalkan kebijakan dividen dan struktur modal, guna mendukung pertumbuhan dan keberlanjutan perusahaan dalam ekonomi digital yang terus berkembang.

Purpose We empirically examine the impact of firm-level regulatory intensity, an external force or context, on corporate strategic change (i.e. changes in a firm's financing, investing and operating decisions to boost its competitive advantage and performance). Design/methodology/approach Using a sample of 78,523 firm-year observations of US firms from 1995–2019, we model firm strategic change as a function of firm-level regulatory intensity and other firm characteristics. We estimate the model using OLS regression with standard errors clustered at the firm level to generate statistical inference, controlling for firm- and year-fixed effects. Robustness tests include various methodologies, including propensity score matching, entropy balancing and instrumental variable approaches. We also employ alternative measures of firm-level regulatory intensity and corporate strategic change to further validate our results. Findings Regulatory intensity decreases the extent of corporate strategic change, providing evidence that managers become more cautious and conservative in undertaking strategic changes when facing a greater regulatory burden. This finding is robust to various model specifications and alternative proxies for strategic change, suggesting that regulations may hinder firms from making strategic changes in a timely manner. Delayed strategic changes can lead to negative effects on a firm's performance in the short run and growth in the long run. Further analysis shows that regulatory intensity reduces strategic changes in resource allocations but induces more strategic changes in corporate capital structure. Originality/value We enrich the literature on corporate strategic change and the association between regulatory intensity and corporate decision-making. The finding that corporate managers are more cautious in implementing strategic changes when facing a high level of regulatory compliance provides important implications to regulators and managers. To mitigate the unintended effects of regulations on businesses, policymakers should be more prudent in initiating and passing new regulations by adopting a more evidence-based and transparent approach and regulators and regulation implementing agencies should provide sufficient compliance support. Corporate managers need to proactively engage in the rule-making process to turn intensified compliance into business strategy drivers and undertake timely changes to enhance performance and long-term competitiveness.

Research Aims: This study examines the ability of firm size to moderate capital structure on profitability at the Healthcare companies listed on the Indonesia Stock Exchange 2020-2024. The health industry is seen as a sector that is very crucial in maintaining the quality of life and productivity of the community, so it is important to know the factors that can influence its profitability, as a variable that reflects the company's success in a given period. Design/methodology/approach: The study was carried out using a quantitative-causality approach. The analytical method used to test the hypotheses is moderated regression analysis. Research Findings: This study indicate that firm size is able to moderate capital structure on profitability, although capital structure is proven to have no effect on profitability. Theoretical Contribution/Originality: The theoretical contribution is the development of a middle-range theory regarding the ability of company size to moderate capital structure on profitability, which is based on a trade-off theoretical framework. This paper offers useful insights for the owners, investor, managers, and lending institutions based on empirical evidence. Research limitation and implication: This study only uses one component of capital structure, namely debt, in its measurement. Capital structure is measured using the debt to asset ratio indicator. This may have implications for results that are unable to support the trade-off theory, that capital structure is not an explanatory factor for profitability.

This study investigates the impact of Return on Equity (ROE), Equity Ratio (ER), and Asset Turnover Ratio (ATR) on Net Profit Margin (NPM) among telecommunication companies listed on the Indonesia Stock Exchange during 2018–2022. Employing a quantitative approach with panel data regression using the Random Effects Model and secondary data from company annual reports, the findings indicate that ROE exerts a positive but relatively weak influence on NPM, while ER demonstrates a positive relationship approaching significance. Conversely, ATR shows a significant negative effect, underscoring that asset efficiency contributes less to profitability in the capital-intensive telecommunications sector. The model achieves an adjusted R² of 0.874, suggesting strong explanatory power. Overall, the results emphasize that managerial strategies should prioritize optimizing equity utilization and maintaining a robust capital structure rather than relying on asset turnover efficiency. Despite being limited to five firms and secondary data, this research enriches sector-specific financial performance analysis and provides valuable insights for managers and policymakers. Future studies are encouraged to extend the model by incorporating factors such as technological innovation, market competition, and regulatory dynamics to capture a more comprehensive understanding of profitability determinants in the industry.

ABSTRACT This study, based on the data of Chinese listed companies from 2013 to 2024, examines the impact of high-quality development of the low-altitude economy on the patient capital structure of enterprises. Research findings indicate that the development level of low-altitude economy has a significant promoting effect on both strategic equity and relational debt, and the promoting effect on strategic equity is even stronger. The heterogeneity test further reveals that this impact presents a regional gradient characteristic, being significant in the east, local in the middle, and lagging in the west. It is particularly prominent in regulated industries, reflecting the institutional connection between strategic industries and financial resources within the system. After robustness and endogeneity tests, the conclusion remains valid.

This study aims to examine the effect of financial ratios—including liquidity, profitability, and solvency—on corporate financial stability using a systematic literature review (SLR) approach. Data were collected from various scholarly articles published between 2013 and 2023, selected based on topic relevance and publication quality. The analysis focuses on Return on Assets (ROA), Current Ratio (CR), and Debt to Equity Ratio (DER) as representative indicators of each financial ratio category. The findings reveal that these financial ratios play a crucial role in reflecting a company’s financial health and stability. ROA indicates asset management efficiency, CR reflects the company’s ability to meet short-term obligations, and DER reveals capital structure and financial risk. Therefore, these financial ratios serve as vital diagnostic tools for corporate financial assessment and decision-making.

The purpose of this study was to examine in depth how profitability and liquidity affect the capital structure of food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024. The research approach used a quantitative method utilizing secondary data in the form of company financial reports. The sample selection technique used in this study was purposive sampling, resulting in 22 sample companies that met the research criteria, which were measured using the Debt to Equity Ratio (DER) indicator. Meanwhile, the independent variables consisted of Return on Equity (ROE) as a representation of profitability and Current Ratio (CR) as a representation of liquidity. The results of the descriptive analysis showed that the average DER of food and beverage sub-sector companies was 8.214, the average ROE was 0.595, and the average CR was 2.619. The correlation test showed that DER had no significant relationship with ROE, but showed a significant negative correlation with CR. Furthermore, the results of the multiple linear regression test indicated that ROE had no significant effect on DER, while CR had a negative effect that was close to significant on DER. The results of this study indicate that liquidity plays a role in capital structure compared to profitability in food and beverage subsector companies in 2021-2024.