Capital Structure Determinants and the Over-versus Under-Leveraged Divide: Evidence from Intangible-Intensive Industries in Indonesia
Purpose – This study examines how tangible investment, intangible assets (proxied by acquisition goodwill), cash holdings, and economic conditions shape capital structure among intangible-intensive, non-banking Indonesian firms, testing whether the Pecking Order Hypothesis (POH) or Trade-off Theory (TOT) better explain...