Determinants of Capital Structure from Malaysian Shariah-Compliant Food and Beverages Firms
Keywords:
Capital Structure, Shariah Compliant, Food and Beverage Companies, Malaysia
Abstract
This paper addresses the dearth of empirical research on the capital structure of Shariah-compliant food and beverage (F&B) firms in Malaysia. Despite the industry's dynamic growth, specific financing needs, and adherence to Shariah principles, a comprehensive investigation into the determinants of their capital structure choices is lacking. By exploring factors such as profitability, tangibility, growth opportunities, liquidity, and firm size, this paper aims to provide valuable insights into the financial strategies of these specific entities and fill crucial knowledge gaps in empirical evidence. The study employs panel data, a combination of cross-sectional and time-series data, with a sample comprising 24 Shariah-compliant F&B firms listed on Bursa Malaysia, totalling 240 observations. Quantitative methods are applied using secondary data sourced from the Eikon database and financial statements in the annual reports of Bursa Malaysia-listed companies from 2013 to 2022. The findings reveal that profitability, tangibility, liquidity, and firm size significantly impact the capital structure choices of Shariah-compliant F&B firms, while growth opportunities emerge as an insignificant factor. These results support the application of the trade-off theory for profitability and the pecking order theory for tangibility, liquidity, and firm size, shedding light on the nuanced financial decision-making processes within this sector.
Downloads
Download data is not yet available.
References
Agency, I. T. (2018). Food and beverages market report in Malaysia.
Ahmed, I. E., & Sabah, A. (2021). The Determinants of Capital Structure of the GCC Oil and Gas. International Journal of Energy Economics and Policy, 11(2), 30-39. https://doi.org/10.32479/ijeep.10570
Ahmeti, Y., Albina, K., Ahmeti, A., & Ahmeti, S. (2023). The Capital Structure Determinants of Banking Sector of Western Balkan Countries. Ekonomika, 102(1), 102–121. https://doi.org/10.15388/Ekon.2023.102.1.6
Ahsan, T., Wang, M., & Qureshi, M. A. (2016). Firm, industry, and country-level determinants of capital structure: evidence from Pakistan. South Asian Journal of Global Business Research, 5(3), 362-384. https://doi.org/10.1108/sajgbr-052015-0036
Akbar, S., Khan, S., Haq, Z. U., & Khan, M. I. (2023). Capital structure dynamics of Shariah-compliant vs noncompliant firms: evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 16(2), 366-383. 10.1108/IMEFM-06-2021-0239
Alabdulkarim, N. (2023). Determinants of Capital Structure Evidence from Saudi Arabia. Journal of Economics, Management and Trade, 29(7), 104-110. 10.9734/JEMT/2023/v29i71109
Ali, S., Rangone, A., & Farooq, M. (2022). Corporate Taxation and Firm-Specific Determinants of Capital Structure: Evidence from the UK and US Multinational Firms. Journal of Risk and Financial Management, 15(55). https://doi.org/10.3390/jrfm15020055
Alihodži?, A., & Muratovi?-Dedi?, A. (2020). The Determinants of Capital Structure and Optimization: Evidence from the Power Sector. Economic Analysis, 53(1), 84-93. 10.28934/ea.20.53.1.pp84-93
Almir, A., & Ajla, M.-D. (2020). The Determinants of Capital Structure and Optimization: Evidence from the Power Sector. Economic Analysis: Applied Research in Emerging Markets, 53(1), 84-93. https://doi.org/10.28934/ea.20.53.1.pp84-93
Alnajjar, M. I. M. (2015). Business risk impact on capital structure: A case of Jordan industrial sector. Global Journal of Management and Business Research: C Finance, 15(1).
Alqahtani, F., & Alnori, F. S. (2019). Capital Structure and Speed of Adjustment in Non-Financial Firms: Does Sharia Compliance Matter? Evidence from Saudi Arabia. Emerging Markets Review, 39, 50-67. 10.1016/j.ememar.2019.03.008
Arif, I. A. I., & Mai, M. U. (2020). The Determinants of Capital Structure: A Comparative Study between Sharia and Non-Sharia Manufacturing Companies on Indonesia Stock Exchange (IDX). International Journal of Applied Business Research, 2(1), 73-85. 10.35313/ijabr.v0i0.67
Arilyn, E. J. (2020). The effects of profitability, liquidity, tangibility, firm size, and asset turnover on capital structure in the chemical industry listed on the Indonesia Stock Exchange from 2014 to 2018. Advances in Economics, Business and Management Research, 145. https://www.atlantispress.com/proceedings/icebm-19/125941590
Arsyad, N. A. A., & Suresh, R. D. (2018). The Impact of Different Firm Sizes on Capital Structure Determinants Among Listed Consumer Product Firms In Malaysia. Journal of Economic Info, 5(2), 1-6. https://doi.org/10.31580/jei.v5i2.104
Asif, I., & Wang, Z. (2015). Working Capital Management and Profitability Evidence from Firms Listed on Karachi Stock Exchange. International Journal of Business and Management, 10(2). https://doi.org/10.5539/ijbm.v10n2p231
Basri, M. F., Shoib, F. S., & Kamaralzaman, S. (2019). Determinants of Capital Structure: Evidence from Malaysian Food and Beverage Firms. Research in World Economy, 10(5), 45-52. 10.5430/rwe.v10n5p45
BNM, B. N. M.-. (2014). The Halal Economy. Huge Potential for Islamic Finance.
Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The journal of finance, 56(1), 87-130.
Brealey, R., Myers, S., & Marcus, A. (2020). Fundamentals of Corporate Finance (10th ed.).
Campello, M., & Giambona, E. (2011). Capital structure and the redeployability of tangible assets. Tinbergen Institute Discussion Paper. https://www.econstor.eu/bitstream/10419/87545/1/11-091.pdf
Chang, C., Chen, X., & Liao, G. (2014). What are the reliably important determinants of capital structure in China? Pacific-Basin Finance Journal, 30, 87-113. https://doi.org/https://doi.org/10.1016/j.pacfin.2014.06.001
Chen, S.-Y., & Chen, L.-J. (2011). Capital structure determinants: An empirical study in Taiwan. African Journal of Business Management, 5(27). https://doi.org/10.5897/ajbm10.1334
Clarisa, S., & Nila, P. (2022). Determinants Of Capital Structure: Property And Real Estate Companies (IDX). E-Jurnal Manajemen TSM, 2(4), 209-214.
Coleman, S., & Cohn, R. (2000). Small firms' use of financial leverage: Evidence from the 1993 national survey of small business finances. Journal of Business and Entrepreneurship, 12(3), 81.
Czerwonka, L., & Jaworski, J. (2022). Capital structure and its determinants in companies originating from two opposite sides of the European Union: Poland and Portugal. Economics and Business Review, 8(22), 24-49. 10.18559/ebr.2022.1.3
Daskalakis, N., & Psillaki, M. (2008). Do country or firm factors explain capital structure? Evidence from SMEs in France and Greece. Applied Financial Economics, 18(2), 87-97. https://doi.org/10.1080/09603100601018864
Daskalakis, N., & Thanou, E. (2010). Capital structure of SMEs: to what extent does size matter?
Degryse, H., de Goeij, P., & Kappert, P. (2010). The impact of firm and industry characteristics on small firms’ capital structure. Small Business Economics, 38(4), 431-447. https://doi.org/10.1007/s11187-010-9281-8
Dr. Rummana, Z., Syed Aqeel, A., Syed Rashid, A., & Afsha, A. (2021). Determinants Of Capital Structure -Evidence from Oil and Gas Tradable Sector Index (Ogti) Of Pakistan Stock Exchange. Journal of Contemporary Issues in Business and Government, 27(1), 129-142.
Dutta, A. (2013). Lemon problem and pecking order theory: An investigation on Indian corporate sector. XIMB Journal of Management, 10(2).
Fatima, K., & Yasmin, S. (2022, November). The Determinants of Capital Structure of Companies in An Emerging Economy: A Critical Review. International Journal of Business & Management Studies, 3(11), 41-52. 10.56734/ijbms.v3n11a4
Fauzi, F., Basyith, A., & Idris, M. (2013). The Determinants of Capital Structure: An Empirical Study of New Zealand-Listed Firms. Asian Journal of Finance & Accounting, 5(2). https://doi.org/10.5296/ajfa.v5i2.3740
Fawzi, A. M., & Sunarti. (2021, April). Factors Affecting the Performance of the F&B Industry in Malaysia and Indonesia. Jurnal Economia, 17(1), 65-80. https://journal.uny.ac.id/index.php/economia
Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67, 217-248.
Gharaibeh, O. K., & AL-Tahat, S. S. (2020). Determinants of capital structure: evidence from Jordanian service companies. Investment Management and Financial Innovations, 17(2), 364-376. 10.21511/imfi.17(2).2020.28
Goyenko, R. Y., Holden, C. W., & Trzcinka, C. A. (2009). Do liquidity measures measure liquidity? Journal of Financial Economics, 92(2), 153-181.
Guizaini, M. (2021). The determinants of capital structure of Islamic and conventional banks: an autoregressive distributed lag approach. Journal of Islamic Accounting and Business Research, 12(1), 131-147. 10.1108/JIABR-06-2020-0177
Hapsah, S. M., Imbarine, B., & Taufik, A. H. (2019). Capital structure and financial performance of Malaysian construction firms. Asian Economic and Financial Review, 9(12), 1306.
Haque, Z. U., & Shaiq, M. (2023, January). Study on Determinants of Capital Structure in the Pharmaceutical Industry of Pakistan. International Journal of Social Sciences and Entrepreneurship (IJSSE), 3(1), 2790-7724.
Haron, R., Nomran, N. M., Abdullah Othman, A. H., & Md Husin, M. (2021). The influence of firm, industry and concentrated ownership on dynamic capital structure decision in an emerging market. Journal of Asia Business Studies. 10.1108/JABS-04-2019-0109
Hossain, M. F., & Ali, M. A. (2012). Impact of firm-specific factors on capital structure decision: an empirical study of Bangladeshi Companies. International Journal of Business Research and Management, 3(4), 163-182.
Hossin, M. S., & Mia, S. (2020). Determinants of Capital Structure: A Study on Some Selected Corporate Firms in Bangladesh. International Journal of Economics and Financial Research, 6(6), 111-120. doi.org/10.32861/ijefr.66.121.129
Ibrahim, E. A., & Ariba, S. (2021). The Determinants of Capital Structure of the GCC Oil and Gas Companies. International Journal of Energy Economics and Policy, 11(2), 30-39.
Jong, A. d., Verbeek, M., & Verwijmeren, P. (2011). Firms’ debt-equity decisions when the static trade-off theory and the pecking order theory disagree. Journal of Banking & Finance, 35(5), 1303-1314.
Jubilee, R. V. W., Khong, R. W. L., & Hung, W. T. (2018). Would diversified corporate boards add value? The case of banking institutions in Malaysia. Asia-Pacific Journal of Business Administration, 10(2), 218-228.
June, M. (2023). Mixed reviews on the F&B industry’s outlook. The Malaysia Reserve.
Kahya, E. H., Ersen, H. Y., Ekinci, C., Tas, O., & D.Simsek, K. (2020). Determinants of capital structure for firms in an Islamic equity index: comparing developed and developing countries. Journal of Capital Markets Studies, 4(2), 167-191. 10.1108/JCMS-07-2020-0023
Kariuki, S. N., & Kamau, C. G. (2014). Determinants of corporate capital structure among private manufacturing firms in Kenya: A survey of food and beverage manufacturing firms. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(3), 49-62.
Kayhan, A., & Titman, S. (2007). Firms’ histories and their capital structures. Journal of Financial Economics, 83(1), 1-32.
Khan, S., Bashir, U., & Islam, M. S. (n.d.). Determinants of capital structure of banks: evidence from the Kingdom of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 1753-8394. 2020. 10.1108/IMEFM-04-2019-0135
Khémiri, W., & Noubbigh, H. (2018). Determinants of capital structure: Evidence from sub-Saharan African firms. The Quarterly Review of Economics and Finance, 70, 150-159.
Köksal, B., Orman, C., & Oduncu, A. (2013). Determinants of capital structure: evidence from a major emerging market economy. MPRA Paper.
Kothari, C. R. (2004). Research methodology: Methods and techniques. New Age International (P) Limited.
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The journal of finance, 28(4), 911-922.
Kumar, S., Colombage, S., & Rao, P. (2017). Research on capital structure determinants: a review and future directions. International Journal of Managerial Finance, 13(2), 106-132. https://doi.org/10.1108/ijmf-09-20140135
Lakshmi, K. B. (2015). Factors Determining Capital Structure of Indian Companies. International Journal in Management & Social Science, 3(6), 72-82.
Leszek, C., & Jacek, a. (2022). Capital structure and its determinants in companies originating from two opposite sides of the European Union: Poland and Portugal. Economics and Business Review, 8(22), 24-49. 10.18559/ebr.2022.1.3
Maizan, A. M. S., & Anisabanum, S. W. (2020). Interrogating the performance of Shariah compliance food and beverages industry in Malaysia. Proceedings: Nurture Young Research Talent.
Mardan, R. M., Moeljadi, Sumiati, & Indrawati, N. K. (2023). The Determinants of Capital Structure: Evidence from Indonesia. International Journal of Professional Business Review, 8(5), 01-30. https://doi.org/10.26668/businessreview/2023.v8i5.878
Marimuthu, M., Hamzah, H. H., & Bangash, R. (2023). Determinants of the Capital Structure of the Oil and Gas Industry in Malaysia: The Moderating Role of Earnings Volatility. Sustainability, 15, 16568. https://doi.org/10.3390/ su152416568
Matemilola, B. T., Ahmad, R., Kareem, S. D., Mautin, O. D., & Sakiru, O. K. (2015). Dynamic relationship between debt and cash flow in Pecking Order Theory: evidence from panel GMM. Journal of Marketing and Consumer Research, 6, 30-38.
Mohammad, H. S., Bujang, I., & Hakim, T. A. (2019). Capital Structure and Financial Performance of Malaysian Construction Firms. Asian Economic and Financial Review, 9(12), 1306-1319. 10.18488/journal.aefr.2019.912.1306.1319
Moradi, A., & Paulet, E. (2019). The firm-specific determinants of capital structure–An empirical analysis of firms before and during the Euro Crisis. Research in International Business and Finance, 47, 150-161.
Mouamer, F. M. A. (2011). The determinants of capital structure of Palestine?listed companies. The Journal of Risk Finance, 12(3), 226-241.
Muhammad, K. S. N., Sri Hasnawati, & Ernie Hendrawaty. (2023). Determinants Of Capital Structure In Manufacturing Companies InEmerging Stock Market. Journal of Economics, Finance and Management Studies, 6(1), 5459-5467. 5459-5467. 10.47191/jefms/v6-i11-22
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.
Neves, M. E., Serrasqueiro, Z., Dias, A., & Hermano, C. (2020). Capital structure decisions in a period of economic intervention: Empirical evidence of Portuguese companies with panel data. International Journal of Accounting and Information Management, 28(3), 465-495. 10.1108/IJAIM-08-2019-0094
Nguyen, D. (2013). Determinants of Capital Structure in Vietnam. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2481417
Nizam, J. M., Afif, M. A., Ismail, A., & Faigah, S. A. S. (2017). Determinants of capital structure: Empirical evidence from Shariah-compliant plantation firms in Malaysia. Journal of Emerging Economies & Islamic Research, 5(4), 1-9.
Omran, M. M., & Pointon, J. (2009). Capital structure and firm characteristics: an empirical analysis from Egypt. Review of Accounting and Finance, 8(4), 454-474. https://doi.org/10.1108/14757700911006976
Onyema, J. I., & Oji, J. U. (2018). Financial leverage and profitability of quoted food and beverage companies in Nigeria. International Journal of Research in Economics and Social Sciences (IJRESS), 8(9), 46-60.
Orkaido, K. (2021). Determinants of Capital Structure in Financial Institutions: Evidence from selected Micro Finance Institutions of Ethiopia. https://doi.org/10.20944/preprints202101.0349.v1
Panda, A. K., & Nanda, S. (2020). Determinants of capital structure; a sector-level analysis for Indian manufacturing firms. International Journal of Productivity and Performance Management, Vol. 69(5), 1033-1060. 10.1108/IJPPM-12-2018-0451
Patnaik, D., & Pillai, A. (2017). Responsiveness of the Indian Tax System: A Time Series Analysis from 1990 to 2010. Economy 4(1), 1-6. https://doi.org/10.20448/journal.502.2017.41.1.6
Prieto, T., Belen, A., & Younghwan, L. (2019). Internal and External Determinants of Capital Structure in Large Korean Firms. Global Business Finance Review, 24(3), 79-96. https://doi.org/10.17549/gbfr.2019.24.3.79
Puspita, N. V., Ruhamak, M. D., & Perdana, Y. (2021). Determinant of Capital Structure of Cigarette Firm Listed on IDX. Advances in Economics, Business and Management Research, 175, 61-64.
Rachmawati, R., & Sherlita, E. (2021). Effect of Sales Growth, Firm Size, Profitability on Earning Per Share. Turkish Journal of Computer and Mathematics Education 12(8), 675-680.
Rahim, N., Fauzias, M. N., Ramli, N., & Marzuki, A. (2020). Determinants of Capital Structure for Malaysian Shariah-Compliant Firms: The Impact of Revised Screening Methodology. The International Journal of Banking and Finance, 14, 45-74.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The journal of finance, 50(5), 1412-1460.
Rocca, M. L., Rocca, T. L., & Cariola, A. (2009). Small Business Financing. Financial preferences throughout the life cycle of a firm. ResearchGate.
Ruhmiyati, E. R., & Rizkianto, E. (2022, March). Determinants of Capital Structure and Financial Performance in Indonesian Manufacturing Company (Empirical Study on Companies Listed on the Indonesia Stock Exchange 2010–2019). In ICE-BEES 2021: Proceedings of the 4th International Conference on Economics, Business and Economic Education Science, ICE-BEES 2021, 27-28 July 2021, Semarang, Indonesia (p. 312). European Alliance for Innovation.
S, S., & Machali, M. (2017). The Effect of Asset Structure and Firm Size on Firm Value with Capital Structure as Intervening Variable. Journal of Business & Financial Affairs, 06(04). https://doi.org/10.4172/2167-0234.1000298
Sahudin, Z., Md Razak, M. I., Putit, L., & Bakri, M. H. (2023). Overview of Halal-Integrated Platform (HIP) Adaption as a Halal Digital Economy Hub for Small–Medium Enterprises (SMEs) in Malaysia. In Digitalization in Halal Management (65-72). Springer Nature Singapore Pte. Ltd. https;//doi.org/10.1007/978-981-99-5146-8_5
Saif-Alyousfi, A. Y. H., Md-Rus, R., Taufik-Mohd, K. N., Taib, H. M., & Shahar, H. K. (2020). Determinants of capital structure: evidence from Malaysian firms. Asia-Pacific Journal of Business Administration,12(3), 283-326. https://doi.org/https://doi.org/10.1108/APJBA-09-2019-0202
Salawu, R. O., & Agboola, A. A. (2008). The determinants of capital structure of large non-financial listed firms in Nigeria. The International Journal of Business and Finance Research, 2(2), 75-84.
Saleh, M. S. A. H., Shahar, H. K., & Ibrahim, Y. (2018). The determinant of capital structure of Malaysian firms: Test of Pecking Order and trade-off theories under different corporate ownership identities. IOSR Journal of Economics and Finance, 9(4), 61-70. https://doi.org/10.9790/5933-0904026170
Salimah, H. S., & Hassan, M. (2015). The determinants of capital structure for Malaysian food producing companies. International Journal of Accounting and Business Management, 4(2), 138-161.
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(22), 367-388. https://doi.org/10.15388/omee.2020.11.38
Santosa, P. W., Tambunan, M. E., & Kumullah, E. R. (2020). The role of moderating audit quality relationship between corporate characteristics and financial distress in the Indonesian mining sector. Investment Management and Financial Innovations, 17(2), 88-100. 10.21511/imfi.17(2).2020.08
Saša, S., Nemanja, S., & Tijana, R. (2022). Determinants of European telecom operators' capital structure. Ekonomika preduzeca, 71(3-4), 178-191.
Sbeiti, W., & Moosa, I. (2012). Firm-specific factors as determinants of capital structure in the absence of taxes. Applied Financial Economics, 22(3), 209-213. https://doi.org/10.1080/09603107.2011.610738
Serghiescu, L., & V?idean, V.-L. (2014). Determinant Factors of the Capital Structure of a Firm- an Empirical Analysis. Procedia Economics and Finance, 15, 1447-1457. https://doi.org/10.1016/s2212-5671(14)00610-8
Setiawan, C., & Yumeng, Q. (2021). The Determinants of Capital Structure on China-Listed Construction Companies. Journal of Applied Accounting and Finance, 5(1), 1-15. http://dx.doi.org/10.33021/jaaf.v%vi%i.1459
Shahid, E. M., Sourafel, G., Shah, M. E., & Jonathan, W. (2014). Dynamic capital structure and political patronage: The case of Malaysia. International Review of Financial Analysis, 31, 117-128.
Shaik, M. B., Kethan, M., Rani, I., Mahesh, U., Harsha, C. S., Navya, M. K., & Sravani, D. (2022). Which Determinants Matter for Capital Structure? An Empirical Study on NBFC in India. International Journal of Entrepreneurship, 26(1), 1-9. 1939-4675-26-S1-005
Singh, S. G., & Kumar, S. V. (2021). Dealing with Multicollinearity Problem in Analysis of Side Friction Characteristics Under Urban Heterogeneous Traffic Conditions. Arabian Journal for Science and Engineering, 46, 10739-10755. https://doi.org/10.1007/s13369-020-05213-y
Singhal, N., Goyal, S., Sharma, D., Kumari, S., & Nagar, S. (2022). Capitalization and profitability: applicability of capital theories in BRICS banking sector. International Journal of Business and Management Future, 8(1), 30. 10.1186/s43093-022-00140-w
Soekarno, S., Prayoga, E. M., & Mambea, I. Y. (2021). Determinants Of Capital Structure’s Adjustment Speed: Empirical Analysis of Real Estate, Property, And Construction Firms. Jurnal Bisnis dan Manajemen, 22(1), 51-64.
Stamenkovi?, S., Staniši?, N., & Radojevi?, T. (2022). Determinants Of European Telecom Operators’ Capital Structure. Ekonomika preduzeca, 71(3), 178-191.
Strebulaev, I. A. (2007). Do tests of capital structure theory mean what they say? The journal of finance, 62(4), 1747-1787.
Studenmund, A. H. (2014). Using econometrics as a practical guide. Pearson Education Limited.
Subiakto, S., Eggy, M. P., & Indra, Y. M. (2021). Determinants Of Capital Structure’s Adjustment Speed: Empirical Analysis of Real Estate, Property, And Construction Firms. Jurnal Bisnis dan Manajemen, 22(1), 51-64.
Suhaila, M. K., & Mansor, W. M. W. (2008). Capital structure and firm characteristics: Some evidence from Malaysian companies. Munich Personal RePEc Archive, 1-17.
Sunitha, V., & Ratnam, V. (2018). The Determinants of Capital Structure Decisions: Evidence from Chinese Listed Companies. Asian Journal of Finance & Accounting, 10(2). https://doi.org/10.5296/ajfa.v10i2.13065
Susanti, Widyawati, D., & Iswara, U. S. (2023). The Effect of Profitability and Firm Size on Capital Structure. Jurnal Ilmiah Akuntansi dan Keuangan, 2(2), 140-151. 10.24034/jiaku.v2i2. 5883
Sutanuka Shaw, & Debdas Rakshit. (2021). Determinants of Target Capital Structure and Adjustment Speed: Evidence from India. Universal Journal of Accounting and Finance, 9(2), 160-169. 10.13189/ujaf.2021.090203
Sutomo, S., Wahyudi, S., Pangestuti, I. R. D., & Muharam, H. (2020). The determinants of capital structure in the coal mining industry in Indonesia. Investment Management and Financial, 17(1), 165-174. http://dx.doi.org/10.21511/imfi.17(1).2020.15
Thanh, N. T. H., & Trang, H. L. (2021). Factors Affecting the Capital Structure of Pharmaceutical-Medical Companies Listed on Vietnam's Stock Exchanges. Advances in Economics, Business and Management Research, 196, 113-121.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
Triyono, Kusumastuti, A., & Palupi, I. D. (2019). The Influence of Profitability, Assets Structure, Firm Size, Business Risk, Sales Growth, and Dividend Policy on Capital Structure. Riset Akuntansi Dan Keuangan Indonesia, 4(3), 101-111.
Yahya, N. C., Harun, H. N., & Roslan, A. (2019). Determinants of Financial Leverage: The Case of Largest Airlines in Asia. Advances in Business Research International Journal, 5(2), 127-136.
Zulvia, Y., & Linda, M. R. (2019). The Determinants of Capital Structure in Manufacturing Companies Listed on the Indonesia Stock Exchange with the Firms’ Size As a Moderating Variable. KnE Social Sciences, International Conference on Economics, Education, Business and Accounting, 715-735.
Ahmed, I. E., & Sabah, A. (2021). The Determinants of Capital Structure of the GCC Oil and Gas. International Journal of Energy Economics and Policy, 11(2), 30-39. https://doi.org/10.32479/ijeep.10570
Ahmeti, Y., Albina, K., Ahmeti, A., & Ahmeti, S. (2023). The Capital Structure Determinants of Banking Sector of Western Balkan Countries. Ekonomika, 102(1), 102–121. https://doi.org/10.15388/Ekon.2023.102.1.6
Ahsan, T., Wang, M., & Qureshi, M. A. (2016). Firm, industry, and country-level determinants of capital structure: evidence from Pakistan. South Asian Journal of Global Business Research, 5(3), 362-384. https://doi.org/10.1108/sajgbr-052015-0036
Akbar, S., Khan, S., Haq, Z. U., & Khan, M. I. (2023). Capital structure dynamics of Shariah-compliant vs noncompliant firms: evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 16(2), 366-383. 10.1108/IMEFM-06-2021-0239
Alabdulkarim, N. (2023). Determinants of Capital Structure Evidence from Saudi Arabia. Journal of Economics, Management and Trade, 29(7), 104-110. 10.9734/JEMT/2023/v29i71109
Ali, S., Rangone, A., & Farooq, M. (2022). Corporate Taxation and Firm-Specific Determinants of Capital Structure: Evidence from the UK and US Multinational Firms. Journal of Risk and Financial Management, 15(55). https://doi.org/10.3390/jrfm15020055
Alihodži?, A., & Muratovi?-Dedi?, A. (2020). The Determinants of Capital Structure and Optimization: Evidence from the Power Sector. Economic Analysis, 53(1), 84-93. 10.28934/ea.20.53.1.pp84-93
Almir, A., & Ajla, M.-D. (2020). The Determinants of Capital Structure and Optimization: Evidence from the Power Sector. Economic Analysis: Applied Research in Emerging Markets, 53(1), 84-93. https://doi.org/10.28934/ea.20.53.1.pp84-93
Alnajjar, M. I. M. (2015). Business risk impact on capital structure: A case of Jordan industrial sector. Global Journal of Management and Business Research: C Finance, 15(1).
Alqahtani, F., & Alnori, F. S. (2019). Capital Structure and Speed of Adjustment in Non-Financial Firms: Does Sharia Compliance Matter? Evidence from Saudi Arabia. Emerging Markets Review, 39, 50-67. 10.1016/j.ememar.2019.03.008
Arif, I. A. I., & Mai, M. U. (2020). The Determinants of Capital Structure: A Comparative Study between Sharia and Non-Sharia Manufacturing Companies on Indonesia Stock Exchange (IDX). International Journal of Applied Business Research, 2(1), 73-85. 10.35313/ijabr.v0i0.67
Arilyn, E. J. (2020). The effects of profitability, liquidity, tangibility, firm size, and asset turnover on capital structure in the chemical industry listed on the Indonesia Stock Exchange from 2014 to 2018. Advances in Economics, Business and Management Research, 145. https://www.atlantispress.com/proceedings/icebm-19/125941590
Arsyad, N. A. A., & Suresh, R. D. (2018). The Impact of Different Firm Sizes on Capital Structure Determinants Among Listed Consumer Product Firms In Malaysia. Journal of Economic Info, 5(2), 1-6. https://doi.org/10.31580/jei.v5i2.104
Asif, I., & Wang, Z. (2015). Working Capital Management and Profitability Evidence from Firms Listed on Karachi Stock Exchange. International Journal of Business and Management, 10(2). https://doi.org/10.5539/ijbm.v10n2p231
Basri, M. F., Shoib, F. S., & Kamaralzaman, S. (2019). Determinants of Capital Structure: Evidence from Malaysian Food and Beverage Firms. Research in World Economy, 10(5), 45-52. 10.5430/rwe.v10n5p45
BNM, B. N. M.-. (2014). The Halal Economy. Huge Potential for Islamic Finance.
Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The journal of finance, 56(1), 87-130.
Brealey, R., Myers, S., & Marcus, A. (2020). Fundamentals of Corporate Finance (10th ed.).
Campello, M., & Giambona, E. (2011). Capital structure and the redeployability of tangible assets. Tinbergen Institute Discussion Paper. https://www.econstor.eu/bitstream/10419/87545/1/11-091.pdf
Chang, C., Chen, X., & Liao, G. (2014). What are the reliably important determinants of capital structure in China? Pacific-Basin Finance Journal, 30, 87-113. https://doi.org/https://doi.org/10.1016/j.pacfin.2014.06.001
Chen, S.-Y., & Chen, L.-J. (2011). Capital structure determinants: An empirical study in Taiwan. African Journal of Business Management, 5(27). https://doi.org/10.5897/ajbm10.1334
Clarisa, S., & Nila, P. (2022). Determinants Of Capital Structure: Property And Real Estate Companies (IDX). E-Jurnal Manajemen TSM, 2(4), 209-214.
Coleman, S., & Cohn, R. (2000). Small firms' use of financial leverage: Evidence from the 1993 national survey of small business finances. Journal of Business and Entrepreneurship, 12(3), 81.
Czerwonka, L., & Jaworski, J. (2022). Capital structure and its determinants in companies originating from two opposite sides of the European Union: Poland and Portugal. Economics and Business Review, 8(22), 24-49. 10.18559/ebr.2022.1.3
Daskalakis, N., & Psillaki, M. (2008). Do country or firm factors explain capital structure? Evidence from SMEs in France and Greece. Applied Financial Economics, 18(2), 87-97. https://doi.org/10.1080/09603100601018864
Daskalakis, N., & Thanou, E. (2010). Capital structure of SMEs: to what extent does size matter?
Degryse, H., de Goeij, P., & Kappert, P. (2010). The impact of firm and industry characteristics on small firms’ capital structure. Small Business Economics, 38(4), 431-447. https://doi.org/10.1007/s11187-010-9281-8
Dr. Rummana, Z., Syed Aqeel, A., Syed Rashid, A., & Afsha, A. (2021). Determinants Of Capital Structure -Evidence from Oil and Gas Tradable Sector Index (Ogti) Of Pakistan Stock Exchange. Journal of Contemporary Issues in Business and Government, 27(1), 129-142.
Dutta, A. (2013). Lemon problem and pecking order theory: An investigation on Indian corporate sector. XIMB Journal of Management, 10(2).
Fatima, K., & Yasmin, S. (2022, November). The Determinants of Capital Structure of Companies in An Emerging Economy: A Critical Review. International Journal of Business & Management Studies, 3(11), 41-52. 10.56734/ijbms.v3n11a4
Fauzi, F., Basyith, A., & Idris, M. (2013). The Determinants of Capital Structure: An Empirical Study of New Zealand-Listed Firms. Asian Journal of Finance & Accounting, 5(2). https://doi.org/10.5296/ajfa.v5i2.3740
Fawzi, A. M., & Sunarti. (2021, April). Factors Affecting the Performance of the F&B Industry in Malaysia and Indonesia. Jurnal Economia, 17(1), 65-80. https://journal.uny.ac.id/index.php/economia
Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67, 217-248.
Gharaibeh, O. K., & AL-Tahat, S. S. (2020). Determinants of capital structure: evidence from Jordanian service companies. Investment Management and Financial Innovations, 17(2), 364-376. 10.21511/imfi.17(2).2020.28
Goyenko, R. Y., Holden, C. W., & Trzcinka, C. A. (2009). Do liquidity measures measure liquidity? Journal of Financial Economics, 92(2), 153-181.
Guizaini, M. (2021). The determinants of capital structure of Islamic and conventional banks: an autoregressive distributed lag approach. Journal of Islamic Accounting and Business Research, 12(1), 131-147. 10.1108/JIABR-06-2020-0177
Hapsah, S. M., Imbarine, B., & Taufik, A. H. (2019). Capital structure and financial performance of Malaysian construction firms. Asian Economic and Financial Review, 9(12), 1306.
Haque, Z. U., & Shaiq, M. (2023, January). Study on Determinants of Capital Structure in the Pharmaceutical Industry of Pakistan. International Journal of Social Sciences and Entrepreneurship (IJSSE), 3(1), 2790-7724.
Haron, R., Nomran, N. M., Abdullah Othman, A. H., & Md Husin, M. (2021). The influence of firm, industry and concentrated ownership on dynamic capital structure decision in an emerging market. Journal of Asia Business Studies. 10.1108/JABS-04-2019-0109
Hossain, M. F., & Ali, M. A. (2012). Impact of firm-specific factors on capital structure decision: an empirical study of Bangladeshi Companies. International Journal of Business Research and Management, 3(4), 163-182.
Hossin, M. S., & Mia, S. (2020). Determinants of Capital Structure: A Study on Some Selected Corporate Firms in Bangladesh. International Journal of Economics and Financial Research, 6(6), 111-120. doi.org/10.32861/ijefr.66.121.129
Ibrahim, E. A., & Ariba, S. (2021). The Determinants of Capital Structure of the GCC Oil and Gas Companies. International Journal of Energy Economics and Policy, 11(2), 30-39.
Jong, A. d., Verbeek, M., & Verwijmeren, P. (2011). Firms’ debt-equity decisions when the static trade-off theory and the pecking order theory disagree. Journal of Banking & Finance, 35(5), 1303-1314.
Jubilee, R. V. W., Khong, R. W. L., & Hung, W. T. (2018). Would diversified corporate boards add value? The case of banking institutions in Malaysia. Asia-Pacific Journal of Business Administration, 10(2), 218-228.
June, M. (2023). Mixed reviews on the F&B industry’s outlook. The Malaysia Reserve.
Kahya, E. H., Ersen, H. Y., Ekinci, C., Tas, O., & D.Simsek, K. (2020). Determinants of capital structure for firms in an Islamic equity index: comparing developed and developing countries. Journal of Capital Markets Studies, 4(2), 167-191. 10.1108/JCMS-07-2020-0023
Kariuki, S. N., & Kamau, C. G. (2014). Determinants of corporate capital structure among private manufacturing firms in Kenya: A survey of food and beverage manufacturing firms. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(3), 49-62.
Kayhan, A., & Titman, S. (2007). Firms’ histories and their capital structures. Journal of Financial Economics, 83(1), 1-32.
Khan, S., Bashir, U., & Islam, M. S. (n.d.). Determinants of capital structure of banks: evidence from the Kingdom of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 1753-8394. 2020. 10.1108/IMEFM-04-2019-0135
Khémiri, W., & Noubbigh, H. (2018). Determinants of capital structure: Evidence from sub-Saharan African firms. The Quarterly Review of Economics and Finance, 70, 150-159.
Köksal, B., Orman, C., & Oduncu, A. (2013). Determinants of capital structure: evidence from a major emerging market economy. MPRA Paper.
Kothari, C. R. (2004). Research methodology: Methods and techniques. New Age International (P) Limited.
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The journal of finance, 28(4), 911-922.
Kumar, S., Colombage, S., & Rao, P. (2017). Research on capital structure determinants: a review and future directions. International Journal of Managerial Finance, 13(2), 106-132. https://doi.org/10.1108/ijmf-09-20140135
Lakshmi, K. B. (2015). Factors Determining Capital Structure of Indian Companies. International Journal in Management & Social Science, 3(6), 72-82.
Leszek, C., & Jacek, a. (2022). Capital structure and its determinants in companies originating from two opposite sides of the European Union: Poland and Portugal. Economics and Business Review, 8(22), 24-49. 10.18559/ebr.2022.1.3
Maizan, A. M. S., & Anisabanum, S. W. (2020). Interrogating the performance of Shariah compliance food and beverages industry in Malaysia. Proceedings: Nurture Young Research Talent.
Mardan, R. M., Moeljadi, Sumiati, & Indrawati, N. K. (2023). The Determinants of Capital Structure: Evidence from Indonesia. International Journal of Professional Business Review, 8(5), 01-30. https://doi.org/10.26668/businessreview/2023.v8i5.878
Marimuthu, M., Hamzah, H. H., & Bangash, R. (2023). Determinants of the Capital Structure of the Oil and Gas Industry in Malaysia: The Moderating Role of Earnings Volatility. Sustainability, 15, 16568. https://doi.org/10.3390/ su152416568
Matemilola, B. T., Ahmad, R., Kareem, S. D., Mautin, O. D., & Sakiru, O. K. (2015). Dynamic relationship between debt and cash flow in Pecking Order Theory: evidence from panel GMM. Journal of Marketing and Consumer Research, 6, 30-38.
Mohammad, H. S., Bujang, I., & Hakim, T. A. (2019). Capital Structure and Financial Performance of Malaysian Construction Firms. Asian Economic and Financial Review, 9(12), 1306-1319. 10.18488/journal.aefr.2019.912.1306.1319
Moradi, A., & Paulet, E. (2019). The firm-specific determinants of capital structure–An empirical analysis of firms before and during the Euro Crisis. Research in International Business and Finance, 47, 150-161.
Mouamer, F. M. A. (2011). The determinants of capital structure of Palestine?listed companies. The Journal of Risk Finance, 12(3), 226-241.
Muhammad, K. S. N., Sri Hasnawati, & Ernie Hendrawaty. (2023). Determinants Of Capital Structure In Manufacturing Companies InEmerging Stock Market. Journal of Economics, Finance and Management Studies, 6(1), 5459-5467. 5459-5467. 10.47191/jefms/v6-i11-22
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.
Neves, M. E., Serrasqueiro, Z., Dias, A., & Hermano, C. (2020). Capital structure decisions in a period of economic intervention: Empirical evidence of Portuguese companies with panel data. International Journal of Accounting and Information Management, 28(3), 465-495. 10.1108/IJAIM-08-2019-0094
Nguyen, D. (2013). Determinants of Capital Structure in Vietnam. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2481417
Nizam, J. M., Afif, M. A., Ismail, A., & Faigah, S. A. S. (2017). Determinants of capital structure: Empirical evidence from Shariah-compliant plantation firms in Malaysia. Journal of Emerging Economies & Islamic Research, 5(4), 1-9.
Omran, M. M., & Pointon, J. (2009). Capital structure and firm characteristics: an empirical analysis from Egypt. Review of Accounting and Finance, 8(4), 454-474. https://doi.org/10.1108/14757700911006976
Onyema, J. I., & Oji, J. U. (2018). Financial leverage and profitability of quoted food and beverage companies in Nigeria. International Journal of Research in Economics and Social Sciences (IJRESS), 8(9), 46-60.
Orkaido, K. (2021). Determinants of Capital Structure in Financial Institutions: Evidence from selected Micro Finance Institutions of Ethiopia. https://doi.org/10.20944/preprints202101.0349.v1
Panda, A. K., & Nanda, S. (2020). Determinants of capital structure; a sector-level analysis for Indian manufacturing firms. International Journal of Productivity and Performance Management, Vol. 69(5), 1033-1060. 10.1108/IJPPM-12-2018-0451
Patnaik, D., & Pillai, A. (2017). Responsiveness of the Indian Tax System: A Time Series Analysis from 1990 to 2010. Economy 4(1), 1-6. https://doi.org/10.20448/journal.502.2017.41.1.6
Prieto, T., Belen, A., & Younghwan, L. (2019). Internal and External Determinants of Capital Structure in Large Korean Firms. Global Business Finance Review, 24(3), 79-96. https://doi.org/10.17549/gbfr.2019.24.3.79
Puspita, N. V., Ruhamak, M. D., & Perdana, Y. (2021). Determinant of Capital Structure of Cigarette Firm Listed on IDX. Advances in Economics, Business and Management Research, 175, 61-64.
Rachmawati, R., & Sherlita, E. (2021). Effect of Sales Growth, Firm Size, Profitability on Earning Per Share. Turkish Journal of Computer and Mathematics Education 12(8), 675-680.
Rahim, N., Fauzias, M. N., Ramli, N., & Marzuki, A. (2020). Determinants of Capital Structure for Malaysian Shariah-Compliant Firms: The Impact of Revised Screening Methodology. The International Journal of Banking and Finance, 14, 45-74.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The journal of finance, 50(5), 1412-1460.
Rocca, M. L., Rocca, T. L., & Cariola, A. (2009). Small Business Financing. Financial preferences throughout the life cycle of a firm. ResearchGate.
Ruhmiyati, E. R., & Rizkianto, E. (2022, March). Determinants of Capital Structure and Financial Performance in Indonesian Manufacturing Company (Empirical Study on Companies Listed on the Indonesia Stock Exchange 2010–2019). In ICE-BEES 2021: Proceedings of the 4th International Conference on Economics, Business and Economic Education Science, ICE-BEES 2021, 27-28 July 2021, Semarang, Indonesia (p. 312). European Alliance for Innovation.
S, S., & Machali, M. (2017). The Effect of Asset Structure and Firm Size on Firm Value with Capital Structure as Intervening Variable. Journal of Business & Financial Affairs, 06(04). https://doi.org/10.4172/2167-0234.1000298
Sahudin, Z., Md Razak, M. I., Putit, L., & Bakri, M. H. (2023). Overview of Halal-Integrated Platform (HIP) Adaption as a Halal Digital Economy Hub for Small–Medium Enterprises (SMEs) in Malaysia. In Digitalization in Halal Management (65-72). Springer Nature Singapore Pte. Ltd. https;//doi.org/10.1007/978-981-99-5146-8_5
Saif-Alyousfi, A. Y. H., Md-Rus, R., Taufik-Mohd, K. N., Taib, H. M., & Shahar, H. K. (2020). Determinants of capital structure: evidence from Malaysian firms. Asia-Pacific Journal of Business Administration,12(3), 283-326. https://doi.org/https://doi.org/10.1108/APJBA-09-2019-0202
Salawu, R. O., & Agboola, A. A. (2008). The determinants of capital structure of large non-financial listed firms in Nigeria. The International Journal of Business and Finance Research, 2(2), 75-84.
Saleh, M. S. A. H., Shahar, H. K., & Ibrahim, Y. (2018). The determinant of capital structure of Malaysian firms: Test of Pecking Order and trade-off theories under different corporate ownership identities. IOSR Journal of Economics and Finance, 9(4), 61-70. https://doi.org/10.9790/5933-0904026170
Salimah, H. S., & Hassan, M. (2015). The determinants of capital structure for Malaysian food producing companies. International Journal of Accounting and Business Management, 4(2), 138-161.
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(22), 367-388. https://doi.org/10.15388/omee.2020.11.38
Santosa, P. W., Tambunan, M. E., & Kumullah, E. R. (2020). The role of moderating audit quality relationship between corporate characteristics and financial distress in the Indonesian mining sector. Investment Management and Financial Innovations, 17(2), 88-100. 10.21511/imfi.17(2).2020.08
Saša, S., Nemanja, S., & Tijana, R. (2022). Determinants of European telecom operators' capital structure. Ekonomika preduzeca, 71(3-4), 178-191.
Sbeiti, W., & Moosa, I. (2012). Firm-specific factors as determinants of capital structure in the absence of taxes. Applied Financial Economics, 22(3), 209-213. https://doi.org/10.1080/09603107.2011.610738
Serghiescu, L., & V?idean, V.-L. (2014). Determinant Factors of the Capital Structure of a Firm- an Empirical Analysis. Procedia Economics and Finance, 15, 1447-1457. https://doi.org/10.1016/s2212-5671(14)00610-8
Setiawan, C., & Yumeng, Q. (2021). The Determinants of Capital Structure on China-Listed Construction Companies. Journal of Applied Accounting and Finance, 5(1), 1-15. http://dx.doi.org/10.33021/jaaf.v%vi%i.1459
Shahid, E. M., Sourafel, G., Shah, M. E., & Jonathan, W. (2014). Dynamic capital structure and political patronage: The case of Malaysia. International Review of Financial Analysis, 31, 117-128.
Shaik, M. B., Kethan, M., Rani, I., Mahesh, U., Harsha, C. S., Navya, M. K., & Sravani, D. (2022). Which Determinants Matter for Capital Structure? An Empirical Study on NBFC in India. International Journal of Entrepreneurship, 26(1), 1-9. 1939-4675-26-S1-005
Singh, S. G., & Kumar, S. V. (2021). Dealing with Multicollinearity Problem in Analysis of Side Friction Characteristics Under Urban Heterogeneous Traffic Conditions. Arabian Journal for Science and Engineering, 46, 10739-10755. https://doi.org/10.1007/s13369-020-05213-y
Singhal, N., Goyal, S., Sharma, D., Kumari, S., & Nagar, S. (2022). Capitalization and profitability: applicability of capital theories in BRICS banking sector. International Journal of Business and Management Future, 8(1), 30. 10.1186/s43093-022-00140-w
Soekarno, S., Prayoga, E. M., & Mambea, I. Y. (2021). Determinants Of Capital Structure’s Adjustment Speed: Empirical Analysis of Real Estate, Property, And Construction Firms. Jurnal Bisnis dan Manajemen, 22(1), 51-64.
Stamenkovi?, S., Staniši?, N., & Radojevi?, T. (2022). Determinants Of European Telecom Operators’ Capital Structure. Ekonomika preduzeca, 71(3), 178-191.
Strebulaev, I. A. (2007). Do tests of capital structure theory mean what they say? The journal of finance, 62(4), 1747-1787.
Studenmund, A. H. (2014). Using econometrics as a practical guide. Pearson Education Limited.
Subiakto, S., Eggy, M. P., & Indra, Y. M. (2021). Determinants Of Capital Structure’s Adjustment Speed: Empirical Analysis of Real Estate, Property, And Construction Firms. Jurnal Bisnis dan Manajemen, 22(1), 51-64.
Suhaila, M. K., & Mansor, W. M. W. (2008). Capital structure and firm characteristics: Some evidence from Malaysian companies. Munich Personal RePEc Archive, 1-17.
Sunitha, V., & Ratnam, V. (2018). The Determinants of Capital Structure Decisions: Evidence from Chinese Listed Companies. Asian Journal of Finance & Accounting, 10(2). https://doi.org/10.5296/ajfa.v10i2.13065
Susanti, Widyawati, D., & Iswara, U. S. (2023). The Effect of Profitability and Firm Size on Capital Structure. Jurnal Ilmiah Akuntansi dan Keuangan, 2(2), 140-151. 10.24034/jiaku.v2i2. 5883
Sutanuka Shaw, & Debdas Rakshit. (2021). Determinants of Target Capital Structure and Adjustment Speed: Evidence from India. Universal Journal of Accounting and Finance, 9(2), 160-169. 10.13189/ujaf.2021.090203
Sutomo, S., Wahyudi, S., Pangestuti, I. R. D., & Muharam, H. (2020). The determinants of capital structure in the coal mining industry in Indonesia. Investment Management and Financial, 17(1), 165-174. http://dx.doi.org/10.21511/imfi.17(1).2020.15
Thanh, N. T. H., & Trang, H. L. (2021). Factors Affecting the Capital Structure of Pharmaceutical-Medical Companies Listed on Vietnam's Stock Exchanges. Advances in Economics, Business and Management Research, 196, 113-121.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
Triyono, Kusumastuti, A., & Palupi, I. D. (2019). The Influence of Profitability, Assets Structure, Firm Size, Business Risk, Sales Growth, and Dividend Policy on Capital Structure. Riset Akuntansi Dan Keuangan Indonesia, 4(3), 101-111.
Yahya, N. C., Harun, H. N., & Roslan, A. (2019). Determinants of Financial Leverage: The Case of Largest Airlines in Asia. Advances in Business Research International Journal, 5(2), 127-136.
Zulvia, Y., & Linda, M. R. (2019). The Determinants of Capital Structure in Manufacturing Companies Listed on the Indonesia Stock Exchange with the Firms’ Size As a Moderating Variable. KnE Social Sciences, International Conference on Economics, Education, Business and Accounting, 715-735.
Published
2024-04-27
How to Cite
Che-Yahya, N., Mohd Kassim, N. A., M. Rasit, N. A., Zainal Abidin, N., Shahrel, E. N., Zulkefli, N. W., Zalani, N., Abd Latif, A., & Alyasa-Gan, S. S. (2024). Determinants of Capital Structure from Malaysian Shariah-Compliant Food and Beverages Firms. Information Management and Business Review, 16(1(I)S), 76-93. https://doi.org/10.22610/imbr.v16i1(I)S.3729
Issue
Section
Research Paper
Copyright (c) 2024 Norliza Che-Yahya, Nor Akila Mohd Kassim, Nur Afiqah M. Rasit, Nursyazwina Zainal Abidin, Erni Nazirah Shahrel, Norizzanie Wajihah Zulkefli, Nurliyana Zalani, Atirah Abd Latif, Siti Sarah Alyasa-Gan
This work is licensed under a Creative Commons Attribution 4.0 International License.
Author (s) should affirm that the material has not been published previously. It has not been submitted and it is not under consideration by any other journal. At the same time author (s) need to execute a publication permission agreement to assume the responsibility of the submitted content and any omissions and errors therein. After submission of revised paper in the light of suggestions of the reviewers, the editorial team edits and formats manuscripts to bring uniformity and standardization in published material.
This work will be licensed under Creative Commons Attribution 4.0 International (CC BY 4.0) and under condition of the license, users are free to read, copy, remix, transform, redistribute, download, print, search or link to the full texts of articles and even build upon their work as long as they credit the author for the original work. Moreover, as per journal policy author (s) hold and retain copyrights without any restrictions.
