DETERMINAN STRUKTUR MODAL PADA PERUSAHAAN SYARIAH DAN NON SYARIAH DI SEKTOR MAKANAN DAN MINUMAN

This study examines the effects of profitability, tangibility,
Tobin’s Q, and firm size on the capital structure of Sharia and nonSharia
food
and
beverage
companies
listed
on
the
Indonesia
Stock

Exchange
during
2020–2025.
Using
purposive
sampling,
the
study

analyzed
240
observations
through
panel
data
regression
with
the

Random

Effects Model. The results show that profitability
negatively affects capital structure, while tangibility and Tobin’s
Q have positive effects. Firm size has no significant effect. In
Sharia companies, profitability and Tobin’s Q are significant,
whereas in non-Sharia companies, only tangibility significantly
affects capital structure.