Keywords
Capital Structure
Liquidity
Panel Robustness
Profitability
Abstract
This study examines associations between asset structure, profitability, liquidity, and capital structure using 42 firm year observations from seven Indonesian food and beverage firms during 2019-2024. Financial ratios were reconstructed from underlying statement accounts; asset structure is measured as non-current assets divided by total assets. Pooled OLS with firm clustered standard errors shows negative associations for asset structure (B=-1.502, p=.010) and liquidity (B=-.278, p=.020), while profitability is not significant (B=.635, p=.675). The model explains 56.9% of sample variation in DER. Random intercept, fixed effects, post listing only, and influential observation checks show that liquidity has the most stable negative pattern, whereas asset structure significance is specification sensitive. The evidence supports cautious pecking order interpretation while highlighting firm heterogeneity and measurement boundaries.
References
Akbari, R. H., & Arifin, Z. (2023). Pengaruh Struktur Aktiva, Profitabilitas, Likuiditas, dan Ukuran Perusahaan terhadap Struktur Modal pada Perusahaan Konstruksi yang Terdaftar di Bursa Efek Indonesia. Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, 2(6), 203-219.
Baramukti, M., & Mariani, D. (2024). Pengaruh Profitabilitas, Likuiditas, Sales Growth, dan Struktur Aset terhadap Struktur Modal: Studi Empiris pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2019-2023. Jurnal Riset Akuntansi, 2(3), 240-252. https://doi.org/10.54066/jura-itb.v2i3.2250.
Dewi, C. R., & Fachrurrozie, F. (2021). The Effect of Profitability, Liquidity, and Asset Structure on Capital Structure with Firm Size as Moderating Variable. Accounting Analysis Journal, 10(1), 32-38. https://doi.org/10.15294/aaj.v10i1.44516.
Frank, M. Z., & Goyal, V. K. (2009). Capital Structure Decisions: Which Factors are Reliably Important?. Financial Management, 38(1), 1-37.
Ibrahim, B. P., & Sudirgo, T. (2023). Pengaruh Likuiditas, Profitabilitas, Ukuran Perusahaan, dan Struktur Aktiva terhadap Struktur Modal. Jurnal Paradigma Akuntansi, 5(1), 2044-2054. https://doi.org/10.24912/jpa.v5i1.22166.
Indonesia Stock Exchange e-IPO. (2021). PT Cisarua Mountain Dairy Tbk (CMRY): IPO information. Indonesia Stock Exchange e-IPO.
Indonesia Stock Exchange e-IPO. (2022). PT Toba Surimi Industries Tbk (CRAB): IPO information. Indonesia Stock Exchange e-IPO.
Kementerian Perindustrian Republik Indonesia. (2024). Genjot Kinerja Industri Mamin, Kemenperin Gulirkan Restrukturisasi Mesin. Kementerian Perindustrian Republik Indonesia.
Kho, A. R., & Susanti, M. (2023). The Effect of Profitability and Liquidity on Capital Structure with Firm Size as Moderating Variable. International Journal of Application on Economics and Business, 1(3), 1351-1359. https://doi.org/10.24912/ijaeb.v1i3.1351-1359.
Komariah, N., & Nururahmatiah, N. (2020). Pengaruh Struktur Aktiva dan Likuiditas terhadap Struktur Modal. Balance: Jurnal Akuntansi dan Bisnis, 5(2), 112-122. https://doi.org/10.32502/jab.v5i2.2826.
Kraus, A., & Litzenberger, R. H. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4), 911-922.
Kusna, I., & Setijani, E. (2018). Analisis Pengaruh Kinerja Keuangan, Growth Opportunity dan Ukuran Perusahaan terhadap Struktur Modal dan Nilai Perusahaan. Jurnal Manajemen dan Kewirausahaan, 6(1), 93-102. https://doi.org/10.26905/jmdk.v6i1.2155.
Luthfita, F., Zulaecha, H. E., Hidayat, I., & Santoso, S. B. (2022). Pengaruh Profitabilitas, Struktur Aset, Likuiditas, Pertumbuhan Penjualan dan Leverage terhadap Struktur Modal. Jurnal Ekonomi Bisnis dan Manajemen, 1(4), 131-147. https://doi.org/10.58192/ebismen.v1i4.152.
Mas, I. K. P., & Werastuti, D. N. S. (2024). Pengaruh Profitabilitas, Tingkat Pertumbuhan, Likuiditas, dan Struktur Aktiva terhadap Struktur Modal. Jurnal Akuntansi Profesi, 15(3), 583-594. https://doi.org/10.23887/jap.v15i03.43853.
Mukaromah, D. U., & Suwarti, T. (2022). Pengaruh Profitabilitas, Likuiditas dan Struktur Aset terhadap Struktur Modal dengan Ukuran Perusahaan sebagai Variabel Moderating. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 13(1), 222-232. https://doi.org/10.23887/jimat.v13i01.39819.
Muna, M. I., & Kartini. (2023). Pengaruh Likuiditas, Ukuran Perusahaan, Struktur Aktiva, dan Profitabilitas terhadap Struktur Modal pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, 2(2), 200-215.
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.
Nggengo, Y., Hasan, K., & Pawestri, H. P. (2021). Pengaruh Likuiditas dan Profitabilitas terhadap Struktur Modal Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2016-2019. Journal of Public and Business Accounting, 2(2), 90-98. https://doi.org/10.31328/jopba.v2i2.275.
Nurohmah, W. S., & Triyono. (2023). The Effect of Company Growth, Asset Structure, and Profitability on Debt Policy. Proceeding International Conference on Accounting and Finance, 1, 167-173.
Puspitasari, W. A. (2022). Pengaruh Likuiditas, Struktur Aktiva, dan Profitabilitas terhadap Struktur Modal. Jurnal Cendekia Keuangan, 1(1), 42-56. https://doi.org/10.32503/jck.v1i1.2258.
Rajan, R. G., & Zingales, L. (1995). What do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421-1460.
Santosa, P. W. (2020). The Effect of Financial Performance and Innovation on Leverage: Evidence from Indonesian Food and Beverage Sector. Organizations and Markets in Emerging Economies, 11(2), 367-388. https://doi.org/10.15388/omee.2020.11.38.
Dewi, S. S., Sari, I. R., Panjaitan, P., & Munawarah. (2024). Pengaruh Profitabilitas, Struktur Aktiva, Growth Opportunity dan Likuiditas terhadap Struktur Modal pada Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia Tahun 2020-2022. Journal of Economic, Business and Accounting (COSTING), 7(4), 10622-10633. https://doi.org/10.31539/costing.v7i5.11437.
Sekartini, N. K. A., & Dewanti, M. A. (2025). Pengaruh Profitabilitas dan Likuiditas terhadap Struktur Modal pada Perusahaan Sub-Sektor Non-Durable Household Products yang Terdaftar di Bursa Efek Indonesia. Prospek: Jurnal Manajemen dan Bisnis, 7(2), 673-680. https://doi.org/10.23887/pjmb.v7i2.97909.
Septiani, N. P. N., & Suaryana, I. G. N. A. (2018). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Aset, Risiko Bisnis dan Likuiditas pada Struktur Modal. E-Jurnal Akuntansi, 22(3), 1682-1710. https://doi.org/10.24843/EJA.2018.v22.i03.p02.
Sutomo, S., Wahyudi, S., Pangestuti, I. R. D., & Muharam, H. (2020). The Determinants of Capital Structure in Coal Mining Industry on the Indonesia Stock Exchange. Investment Management and Financial Innovations, 17(1), 165-174. https://doi.org/10.21511/imfi.17(1).2020.15.
Syafitri, D., & Fauzan, F. (2025). The Influence of Profitability, Sales Growth, Asset Structure, and Liquidity on Capital Structure in Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange 2021-2023. Indonesian Interdisciplinary Journal of Sharia Economics, 8(2), 4118-4136. https://doi.org/10.31538/iijse.v8i2.6498.
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright (c) 2026 Octa Margaretha, Yoga Adi Prayogi, Ria Dini Apriliasari