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Abstract

This study aims to examine the impact of the COVID-19 pandemic on capital structure adjustment among firms in Indonesia, with a focus on differences between Sharia-compliant and non-compliant companies. The research utilizes panel data from non-financial firms listed on the Indonesia Stock Exchange (IDX) during the 2017–2022 period. Capital structure adjustment is analyzed using panel regression methods, controlling for variables such as profitability, growth, firm size, tangibility, liquidity, and income volatility. The findings indicate that the pandemic increased leverage and accelerated capital structure adjustment overall. However, Sharia-compliant firms exhibited a slower adjustment speed compared to non-compliant firms, due to constraints imposed by Islamic financial principles. This study contributes to a deeper understanding of capital structure dynamics during crises and offers practical implications for corporate financial decision-making and regulatory strategies.

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Bahasa Abstract

Penelitian ini bertujuan untuk mengkaji pengaruh pandemi COVID-19 terhadap penyesuaian struktur modal perusahaan di Indonesia, dengan menyoroti perbedaan antara perusahaan Sharia-compliant dan non-compliant. Studi ini menggunakan data panel perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia (BEI) selama 2017–2022. Penyesuaian struktur modal dianalisis menggunakan metode regresi panel yang mempertimbangkan variabel kontrol seperti profitabilitas, pertumbuhan, ukuran, tangibilitas, likuiditas, dan volatilitas pendapatan. Hasil menunjukkan bahwa pandemi meningkatkan leverage dan mempercepat penyesuaian struktur modal secara umum. Namun, perusahaan Sharia-compliant menunjukkan kecepatan penyesuaian yang lebih lambat dibanding non-compliant, seiring keterbatasan prinsip-prinsip keuangan Islam. Temuan ini memberikan kontribusi penting bagi pemahaman dinamika struktur modal di masa krisis serta implikasi praktis bagi pengambilan keputusan keuangan oleh manajer dan regulator.

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