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Said Kelana Asnawi

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Open access Sep 2026

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...

Said Kelana Asnawi, Filbert Ferdinand · 0 citations

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