POLITICAL CONNECTIONS MODERATING CAPITAL STRUCTURE AND GROWTH OPPORTUNITIES: Indonesian SOEs’ Value Impac

Sagita Clarensia Napitupulu, . (2025) POLITICAL CONNECTIONS MODERATING CAPITAL STRUCTURE AND GROWTH OPPORTUNITIES: Indonesian SOEs’ Value Impac. Political Connections Moderating Capital Structure and Growth Opportunities: Indonesian SOEs’ Value Impact, 13 (3). pp. 691-710. ISSN 2541-061X

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Abstract

This study aims to determine the effect of capital structure and growth opportunity on firm value with the moderating role of political connections of directors and commissioners. Profitability and firm size are used as control variables in this research. The study was conducted on state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The data used in this study consisted of 60 samples, excluding the financial sector. Panel data analysis was employed to test the research hypotheses using STATA version 14. The results of this study indicate that capital structure and growth opportunity have no significant effect on firm value. The political connections of directors strengthen the positive effect of capital structure and growth opportunity on firm value. However, the political connections of commissioners are proven not to moderate the relationship between capital structure and growth opportunity and firm value.

Item Type:	Article
Additional Information:	[No.Panggil: 2210112099] [Pembimbing: Husnah Nur Laela Ermaya] [Penguji 1: Agus Maulana] [Penguji 2: Dewi Darmastuti]
Uncontrolled Keywords:	capital structure, growth opportunity, political connection
Subjects:	H Social Sciences > HF Commerce > HF5601 Accounting
Divisions:	Fakultas Ekonomi dan Bisnis > Program Studi Akuntansi (S1)
Depositing User:	SAGITA CLARENSIA NAPITUPULU
Date Deposited:	10 Apr 2026 03:48
Last Modified:	10 Apr 2026 03:48
URI:	http://repository.upnvj.ac.id/id/eprint/41109

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