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This study uses a bibliometric analysis based on Scopus data to map the literature on capital structure development for the period 2018–2023. Using articles from Q1 and Q2 indexed journals selected using the PRISMA 2020 guidelines, this study examines publication trends, dominant keywords, and theme evolution using VOSviewer. The results show a shift in focus from classical theories (such as trade-off and pecking order) to contemporary issues such as ESG, green finance, and digitalization. In addition, the majority of studies are still dominated by developed countries, while contributions from developing countries are still limited. These findings highlight the need for a contextual approach and updating of theoretical models in capital structure research, as well as providing an initial foundation for empirical studies in the technology sector of developing countries.

This study investigates the determinants of capital structure within the healthcare industry, focusing on the influence of asset structure, profitability, and company size. Given the capital-intensive nature of healthcare—characterized by significant investments in medical technology and infrastructure—understanding how these firms balance debt and equity is critical for financial sustainability and operational growth. Using a quantitative approach, this research analyzes a panel dataset of healthcare companies listed on the Indonesian Capital Market from 2018 to 2023. Furthermore, the capital structure is quantified by the debt-to-equity ratio. Meanwhile, asset structure, profitability, and company size are measured by the ratio of fixed assets to total assets, return on assets, and the natural logarithm of total assets, respectively. Moreover, the data are analyzed using multiple linear regression, supported by the classical assumption testing. As a result, asset structure has a significant positive impact on capital structure, aligning with the static trade-off theory. Conversely, profitability demonstrates a significant negative relationship with capital structure, supporting the pecking order theory. Finally, company size positively affects capital structure, indicating that larger firms have greater access to debt financing. These findings suggest that healthcare managers should optimize their asset utilization and internal reserves to maintain an efficient capital structure that supports long-term healthcare delivery and investor confidence.

This study aims to analyze the role of company size as a moderator variable in the relationship between profitability and leverage and sales growth in manufacturing companies in the basic industry and chemical sectors listed on the Indonesia Stock Exchange (IDX) for the 2020–2023 period. The research method used is a quantitative approach with purposive sampling techniques, so that 56 sample data that meet the research criteria are obtained. Data analysis was carried out using Moderated Regression Analysis (MRA) with the help of SPSS software version 30. The results show that leverage does not have a significant effect on profitability, while sales growth is proven to have a significant effect on profitability. Furthermore, company size has not been shown to moderate the relationship between leverage and profitability, but it does play a significant role in moderating the relationship between sales growth and profitability. These findings support the Pecking Order theory, which emphasizes that companies with larger sizes tend to have wider access to funding so that they are able to strengthen the influence of sales growth on profitability. This research provides a theoretical contribution in enriching the literature on factors that affect profitability, as well as a practical contribution to company management in formulating more effective financial and growth strategies. Thus, the size of the company proves to be an important factor to consider in the analysis of financial performance, particularly in the context of the relationship between sales growth and profitability.

This study aims to determine the relationship between firm size, profitability, and debt policy on company value at PT. KMI Wire and Cable, Tbk. for the 2017–2024 period. Company value is the main focus because it reflects the company’s overall performance and can attract investor interest and perception. Firm size is measured by the natural logarithm of total assets (LN), profitability is measured by return on equity (ROE), debt policy is measured by debt-to-equity ratio (DER), and company value is measured by price-to-book value (PBV). This research employs a quantitative method using multiple linear regression analysis to examine the causal relationship between variables. The data used are secondary data in the form of quarterly financial reports of PT. KMI Wire and Cable, Tbk. during the study period. The results of the study indicate that firm size has a negative and significant effect on company value, while profitability and debt policy show a positive and significant effect. Simultaneously, firm size, profitability, and debt policy jointly have a positive and significant effect on company value. These findings highlight the importance of balancing company growth with efficient asset management and optimal capital structure to ensure long-term financial stability. Moreover, the study contributes to empirical evidence supporting Trade-Off Theory and Pecking Order Theory, showing how capital structure decisions and profitability management can shape investor perception and firm valuation. This study provides practical insights for management in designing strategies to optimize capital structure, strengthen profitability, and manage debt responsibly to enhance firm value and investor confidence.

Profitability is one of the key indicators in assessing a company's ability to generate profits and plays a crucial role in financial decision-making. According to the pecking order theory, companies with high profitability tend to prefer using internal funds and reduce reliance on debt. This study aims to analyze the effect of profitability on debt policy, as well as to examine the role of dividend policy as a moderating variable in this relationship. The study employed Slovin’s formula for sample selection and analyzed 263 non-financial publicly listed companies on the Indonesia Stock Exchange (IDX) in 2023. The data used in this research were secondary data obtained from annual financial reports published on the official website of the IDX or the respective company websites. Profitability was measured using return on assets (ROA), debt policy was measured by the debt-to-equity ratio (DER), and dividend policy was measured by the dividend payout ratio (DPR). The analytical method used in this study was multiple linear regression analysis with the help of the SPSS software. The results indicate that profitability has a negative effect on debt policy, meaning that the more profitable a company is, the less likely it is to depend on debt financing. Additionally, the findings suggest that dividend policy does not significantly moderate the relationship between profitability and debt policy. This implies that whether a company distributes dividends or not does not meaningfully influence how profitability affects its debt decisions. These results are in line with the pecking order theory and provide insight for corporate financial managers in planning funding structures. It also emphasizes the importance of internally generated funds for companies with strong earnings performance.

This study provides a comprehensive synthesis of ten SINTA-accredited journal articles (levels 1–3) published from 2019 to 2024, examining how a low-interest-rate policy environment affects corporate capital structure in Indonesia. We focus on internal determinants (profitability, firm size, asset composition) versus external factors (market interest rates) in shaping firms’ debt ratios. The meta-analysis results indicate that although low interest rates statistically encourage higher leverage (average coefficient +0.28), internal firm characteristics remain the dominant drivers of capital structure decisions. Approximately 80% of studies report that more profitable firms tend to reduce debt ratios, consistent with the pecking order theory. In the post-pandemic context, low rates initially facilitated cheap borrowing, but heightened economic uncertainty underscores the need for managers to align funding strategy with each firm’s risk profile. The study draws practical implications: financial managers should calibrate capital structure in line with profitability and market volatility, while regulators should monitor corporate debt growth to safeguard financial stability. The findings also suggest directions for future research on how evolving macroeconomic conditions influence corporate finance in Indonesia.

An effective capital structure has an essential role in maintaining a company's stability and competitiveness amid dynamic changes in the business environment. This study aims to provide empirical findings on the influence of profitability, asset structure, liquidity, and business risk on the capital structure of banking companies listed on the Indonesia Stock Exchange (IDX) during 2019–2023. 30 companies were selected through purposive sampling method with a total of 150 observations. Data analysis was conducted through multiple linear regression using SPSS software. The result shows that profitability has no influence on the capital structure of the banking companies. Asset structure, liquidity, and business risk have a negative influence on the capital structure of the banking companies.  The results of this study provide a theoretical contribution to the pecking order theory and trade-off theory related to the influence of profitability, asset structure, liquidity, and business risk on the capital structure of banking companies.

This study explores the factors influencing firm value in the manufacturing industry in Indonesia, specifically focusing on dividends, investment opportunities, and leverage. The analysis is based on publicly available data from 178 manufacturing companies in Indonesia, spanning the years 2018 to 2023. The primary objective of this research is to identify the key determinants of firm value in Indonesia's manufacturing sector, grounded in capital structure theory, through the development of a theoretical model. The findings indicate that dividend policy, investment decisions, and leverage have a positive impact on firm value within Indonesia's manufacturing industry. This study provides empirical support for both the pecking order theory and agency theory.

This study investigates the role of profit-based tangible assets and sales growth (ProTAPP) in enhancing the relationship between market ratios and financing decisions in property and real estate companies across Southeast Asia from 2019-2023. Using agency theory, pecking order theory, and trade-off theory, the research examines how EPS, TATO, and CR influence DER, with ProTAPP serving as a mediating variable. The analysis, based on panel data from ASEAN countries including Indonesia, Malaysia, Thailand, and Singapore, aims to provide practical insights for investors, corporate managers, and policymakers in optimizing financing strategies within the property and real estate sector. The study emphasizes the significance of tangible assets and sales growth dynamics in financial decision-making for achieving an optimal capital structure. Findings reveal that ProTAPP significantly mediates the relationship between EPS, TATO, CR, and DER in Southeast Asian property and real estate firms. The impact of these independent variables on DER through ProTAPP varies by country, reflecting specific market dynamics and company strategies. These results offer valuable guidance for developing more effective financing strategies in the sector.

This study investigates the role of profit-based tangible assets and sales growth (ProTAPP) in enhancing the relationship between market ratios and financing decisions in property and real estate companies across Southeast Asia from 2019-2023. Using agency theory, pecking order theory, and trade-off theory, the research examines how EPS, TATO, and CR influence DER, with ProTAPP serving as a mediating variable. The analysis, based on panel data from ASEAN countries including Indonesia, Malaysia, Thailand, and Singapore, aims to provide practical insights for investors, corporate managers, and policymakers in optimizing financing strategies within the property and real estate sector. The study emphasizes the significance of tangible assets and sales growth dynamics in financial decision-making for achieving an optimal capital structure. Findings reveal that ProTAPP significantly mediates the relationship between EPS, TATO, CR, and DER in Southeast Asian property and real estate firms. The impact of these independent variables on DER through ProTAPP varies by country, reflecting specific market dynamics and company strategies. These results offer valuable guidance for developing more effective financing strategies in the sector.      

This systematic literature review evaluates the existing research on capital structure and financing decisions within the property and real estate sector of Southeast Asia (ASEAN). Despite the sector's dynamic growth and substantial investments, the financial strategies specific to ASEAN remain minimally explored. A methodical review of scholarly articles from ScienceDirect, and Google Scholar spanning from 2000 to 2023. Our analysis identified prevalent themes and trends, notably the application of traditional capital structure theories such as pecking order and trade-off theories to more developed markets. However, the review highlights a significant gap in empirical research focusing on the unique economic, regulatory, and market conditions in ASEAN that crucially impact capital structure and financing choices in the region's property sector. The findings emphasize the need for more targeted empirical studies that account for the socio-economic diversity and specific institutional frameworks of ASEAN countries. These studies aim to enhance understanding of the financing behaviors in their property and real estate markets, thus aiding policymakers and investors in crafting informed strategies and policies.  

Knowing the results of tests on the influence of profitability, business risk, sales growth and company size on the capital structure of insurance companies listed on Indonesia Stock Exchange is the aim of this research. The theory used is pecking order theory. Purposive sampling is the chosen sampling method. There are 18 insurance companies as sample companies registered on the Indonesian Stock Exchange and this has been processed for 4 years, resulting in 72 observations. The type of data used is secondary data in the form of financial reports of insurance companies that are registered on the Indonesia Stock Exchange for the 2019-2020 period. The analytical method used is multiple linear testing using the SPSS version 27 application. After testing and analyzing the data, the results show when partially profitability has a negative influence on capital structure. Partially, business risk, sales growth and company size have no influence on capital structure.

This study examines company size, liquidity and asset structure on capital structure in the food and beverage manufacturing companies listed on the Indonesia Stock Exchange in the period 2011-2015. Analysis was carried out using multiple linear regression. The test results show that for liquidity variables affect the capital structure, this shows that companies that have high liquidity, will choose to use funding from internal sources first, namely using their current assets rather than having to use funding through debt. These findings support the Pecking Order Theory which states that companies will prefer to use internal funding, namely by using their current assets to meet their funding needs. Test results for company size and asset structure show no effect on capital structure.

This study aims to analyze the factors that affect the capital structure. Factors examined as independent variables are profitability, company size, business risk, growth opportunities and managerial ownership. Variable profitability, company size, business risk is analyzed in the perspective of the pecking order theory and variable growth opportunities and managerial ownership is analyzed in the perspective of agency theory.Hypothesis testing using multiple regression. The population in this study is manufacturing companies listed in Indonesia Stock Exchange. Sampling technique using purposive sampling method. The samples used 222 observations are pooled data from 2008 to 2010. Types of data used are secondary data. Statistical tests showed hypotheses for the variables profitability and business risk accepted. This means that the profitability and business risk significantly and negatively related to capital structure. Hypothesis testing results for firm size variable positive and significant impact on capital structure. Thus the hypothesis is rejected due to size of company direction opposite hypothesis. Variable growth opportunities and managerial ownership and significant negative effect on capital structure.Keywords: capital structure, profitability, company size, business risk, growth opportunity, managerial ownership, the pecking order theory, agency theory.

The aims of this study is to analyze the impact of the variables free cash flow, Profitability,Growth, Tangibility, Retained Earning and Managerial Ownership on debt. Research usingpurposive sampling method for taking samples. Data obtained on the basis of the publication ofIndonesian Capital Market Directory (ICMD), Samples of this research is manufacturing firmwhich listed in Indonesian Stock Exchange during 2007-2011. This research obtained 135 samplesof manufacturing firms. Analysis technique used is multiple regression analysis. Based on the teststatistic F indicates that the model is fit because has a significance value less than 5% of Alphavalue. The Result of analisys show that the four independent variables have significant influenceto DER and other independence variables have no significant influence to DER. Profitability hassignificant positive influence toward debt, growth has significant negative influence toward debt,tangibility has significant positive influence toward debt, retained earning has significant negativeinfluence toward debt, but free cash flow and managerial ownership have no significant influencetoward debt.Key Words :Determinant, Agency Theory, Pecking Order Theory, Debt Policy,