Determinants of Capital Structure from Malaysian Shariah-Compliant Food and Beverages Firms

Norliza Che-Yahya; Nor Akila Mohd Kassim; Nur Afiqah M. Rasit; Nursyazwina Zainal Abidin; Erni Nazirah Shahrel; Norizzanie Wajihah Zulkefli; Nurliyana Zalani; Atirah Abd Latif; Siti Sarah Alyasa-Gan

doi:10.22610/imbr.v16i1(I)S.3729

Author

Norliza Che-Yahya
- Faculty of Business and Management, Universiti Teknologi Mara, Puncak Alam Campus, Selangor, Malaysia
- Malaysia
Nor Akila Mohd Kassim
- Faculty of Business and Management, Universiti Teknologi Mara, Puncak Alam Campus, Selangor, Malaysia
- Malaysia
Nur Afiqah M. Rasit
- Faculty of Business and Management, Universiti Teknologi Mara, Puncak Alam Campus, Selangor, Malaysia
- Malaysia
Nursyazwina Zainal Abidin
- Faculty of Business and Management, Universiti Teknologi Mara, Puncak Alam Campus, Selangor, Malaysia
- Malaysia
Erni Nazirah Shahrel
- Faculty of Business and Management, Universiti Teknologi Mara, Puncak Alam Campus, Selangor, Malaysia
- Malaysia
Norizzanie Wajihah Zulkefli
- Faculty of Business and Management, Universiti Teknologi Mara, Puncak Alam Campus, Selangor, Malaysia
- Malaysia
Nurliyana Zalani
- Faculty of Business and Management, Universiti Teknologi Mara, Puncak Alam Campus, Selangor, Malaysia
- Malaysia
Atirah Abd Latif
- Faculty of Business and Management, Universiti Teknologi Mara, Puncak Alam Campus, Selangor, Malaysia
- Malaysia
Siti Sarah Alyasa-Gan
- Faculty of Business Management and Professional Studies, Management and Science University, Selangor, Malaysia
- Malaysia

Abstract

This paper addresses the dearth of empirical research on the capital structure of Shariah-compliant food and beverage (F&B) firms in Malaysia. Despite the industry's dynamic growth, specific financing needs, and adherence to Shariah principles, a comprehensive investigation into the determinants of their capital structure choices is lacking. By exploring factors such as profitability, tangibility, growth opportunities, liquidity, and firm size, this paper aims to provide valuable insights into the financial strategies of these specific entities and fill crucial knowledge gaps in empirical evidence. The study employs panel data, a combination of cross-sectional and time-series data, with a sample comprising 24 Shariah-compliant F&B firms listed on Bursa Malaysia, totalling 240 observations. Quantitative methods are applied using secondary data sourced from the Eikon database and financial statements in the annual reports of Bursa Malaysia-listed companies from 2013 to 2022. The findings reveal that profitability, tangibility, liquidity, and firm size significantly impact the capital structure choices of Shariah-compliant F&B firms, while growth opportunities emerge as an insignificant factor. These results support the application of the trade-off theory for profitability and the pecking order theory for tangibility, liquidity, and firm size, shedding light on the nuanced financial decision-making processes within this sector.

Keywords

References

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Che-Yahya, N., Mohd Kassim, N. A., M. Rasit, N. A., Zainal Abidin, N., Shahrel, E. N., Zulkefli, N. W., Zalani, N., Abd Latif, A., & Alyasa-Gan, S. S. (2024). Determinants of Capital Structure from Malaysian Shariah-Compliant Food and Beverages Firms. Information Management and Business Review, 16(1(I)S), 76-93. https://doi.org/10.22610/imbr.v16i1(I)S.3729

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Copyright (c) 2024 Norliza Che-Yahya, Nor Akila Mohd Kassim, Nur Afiqah M. Rasit, Nursyazwina Zainal Abidin, Erni Nazirah Shahrel, Norizzanie Wajihah Zulkefli, Nurliyana Zalani, Atirah Abd Latif, Siti Sarah Alyasa-Gan (Author)

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Determinants of Capital Structure from Malaysian Shariah-Compliant Food and Beverages Firms

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