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Capital Structure Determinants in the Food and Beverage Industry in ASEAN: The Moderating Role of Firm Size.

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Název: Capital Structure Determinants in the Food and Beverage Industry in ASEAN: The Moderating Role of Firm Size.
Autoři: Patiu, Liberty S.1
Zdroj: Review of Integrative Business & Economics Research. 2025, Vol. 14 Issue 4, p682-698. 17p.
Témata: *BUSINESS size, *FOOD industry, *BEVERAGE industry, *DATABASES, *CAPITAL structure, ENTERPRISE value
Abstrakt: The study investigates the impact of the firms' capital structure indicators in Indonesia, the Philippines, Thailand, and the entire sample from 2013 to 2022. It measures the moderating role of firm size on the impact of capital structure determinants of 10 top-performing publicly listed food and beverage firms using the Refinitiv Eikon database. The researcher applied Random Effect, Fixed Effect, and Panel Corrected Standard Errors (PCSE) models to analyze the data. Except for Indonesia, firm size provided a positive impact on capital structure. The results for profitability, liquidity, tangibility, and asset turnover ratios are similar for the country groups except for the Philippines. Liquidity and profitability are the primary predictors of the firms' capital structure. Findings revealed that firm size moderates the impact of liquidity and profitability on capital structure decisions. However, its moderating effect weakened the impact of the non-debt tax shield, growth opportunities, asset turnover ratio, and tangibility ratio. The results provide policy implications for firms to closely monitor their capital structure to sustain long-term growth and increase firm value. [ABSTRACT FROM AUTHOR]
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Databáze: Business Source Index
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Abstrakt:The study investigates the impact of the firms' capital structure indicators in Indonesia, the Philippines, Thailand, and the entire sample from 2013 to 2022. It measures the moderating role of firm size on the impact of capital structure determinants of 10 top-performing publicly listed food and beverage firms using the Refinitiv Eikon database. The researcher applied Random Effect, Fixed Effect, and Panel Corrected Standard Errors (PCSE) models to analyze the data. Except for Indonesia, firm size provided a positive impact on capital structure. The results for profitability, liquidity, tangibility, and asset turnover ratios are similar for the country groups except for the Philippines. Liquidity and profitability are the primary predictors of the firms' capital structure. Findings revealed that firm size moderates the impact of liquidity and profitability on capital structure decisions. However, its moderating effect weakened the impact of the non-debt tax shield, growth opportunities, asset turnover ratio, and tangibility ratio. The results provide policy implications for firms to closely monitor their capital structure to sustain long-term growth and increase firm value. [ABSTRACT FROM AUTHOR]
ISSN:24146722