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Capital Structure Decision: Asymmetric Information in Total Assets and Growth Opportunities Cover

Capital Structure Decision: Asymmetric Information in Total Assets and Growth Opportunities

Open Access
|Jan 2026

Figures & Tables

Regression analysis (Source: IDX statistics and annual report 2020–2023, analyzed)

All firmsGrowthMaturity
Variables < 14.24 years
N-Obs1266363
Const561.471404.85406.65
Total asset0.06*0.02*0.05*
Profitability0.12*0.170.85*
R square0.870.320.92
F test426.5914.34368.19
Sig0.000.000.00

Descriptive statistic (Source: Annual report 2020–2023, analyzed)

N-ObsMinQ1MeanMedianQ3Std. dev
Fund raised
Growth6316.50247.441,848.16956.841,677.642,727.43
Mature6320.84247.443,526.771,160.002,456.0712,139.46
Total asset
Growth630.131,106.0016,686.325,316.0012,857.0042,448.83
Mature636.374,042.5053,217.7016,357.0025,912.00187,914.00
Profitability
Growth63-101.10-4.81950.3213.0069.507,122.92
Mature63-189.00-22.00230.2021.00111.001,784.98

Sector, equity issues, and fund raised in billion IDR (Source: IDX Statistics, 2020–2023, analyzed)

SectorsTotal sectorsAverage of outstanding in billion IDR
Basic materials103,307.6
Consumer cyclicals9976.5
Consumer non-cyclicals92,303.3
Energy41,245.2
Financials663,286.6
Healthcare31,344.4
Industrials21,815.6
Infrastructures82,950.7
Properties and real estate51,644.0
Technology276.8
Transportation and logistic81,810.7
Grand total1262,687.5
DOI: https://doi.org/10.2478/fman-2025-0014 | Journal eISSN: 2300-5661 | Journal ISSN: 2080-7279
Language: English
Page range: 203 - 214
Published on: Jan 22, 2026
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year

© 2026 S MARTONO, Arief YULIANTO, Angga Pandu WIJAYA, Boonrat PLANGSORN, published by Warsaw University of Technology
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.