How to cite this paper
Daviesi, S & Utama, A. (2025). Unveiling the quantitative impact of capital structure on firm value: A study of manufacturers of food, produce companies in South Africa.Accounting, 11(3), 181-196.
References
Abdeljawad, I., & Nor, F. M. (2017). The capital structure dynamics of Malaysian firms: Timing behavior vs adjustment toward the target. International Journal of Managerial Finance, 13(3), 226–245. https://doi.org/10.1108/IJMF-09-2015-0170
Abor, J. (2005). The effect of capital structure on profitability: An empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438–445.
Adamu, I., & Hamidah, H. (2024). Assessing The Impact of Capital Structure on Firm Value: A Quantitative Study of Financial Ratios and Stock Prices of Nigeria Food and Beverage Companies. The Indonesian Journal of Accounting Research, 26(3), Article 3. https://doi.org/10.33312/ijar.729
Aggarwal, D., & Padhan, P. C. (2017). Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry. Theoretical Economics Letters, 7(4), Article 4. https://doi.org/10.4236/tel.2017.74067
Allen, F., & Gale, D. (1992). Stock-Price Manipulation. The Review of Financial Studies, 5(3), 503–529. https://doi.org/10.1093/rfs/5.3.503
Altman, E. I. (2018). A fifty-year retrospective on credit risk models, the Altman Z-score family of models and their applications to financial markets and managerial strategies. Journal of Credit Risk, 14(4).
Arellano, M., & Bond, S. (1991). Application to Employment Equations.
Asiri, B. K., & Hameed, S. A. (2014). Financial Ratios and Firm’s Value in the Bahrain Bourse. Research Journal of Finance and Accounting, 5(7).
Athanasakou, V. E., & Athanassakos, G. (2019). Earnings quality and book-to-market in the cross section of expected returns. Available at SSRN 3467747.
Baker, M., & Wurgler, J. (2007). Investor Sentiment in the Stock Market. Journal of Economic Perspectives, 21(2), 129–152. https://doi.org/10.1257/jep.21.2.129
Baltagi, B. H., Bratberg, E., & Holmås, T. H. (2005). A panel data study of physicians’ labor supply: The case of Norway. Health Economics, 14(10), 1035–1045.
Bandanuji, A., & Khoiruddin, M. (2020). The Effect of Business Risk and Firm Size on Firm Value with Debt Policy as Intervening Variable. Management Analysis Journal, 9(2), Article 2. https://doi.org/10.15294/maj.v9i2.37812
Bansal, D., & Singh, S. (2020). Impact of intellectual capital on financial performance of the Indian software sector. Asia-Pacific Management Accounting Journal (APMAJ), 15(1), 68–95.
Beck, C., Frost, G., & Jones, S. (2018). CSR disclosure and financial performance revisited: A cross-country analysis. Australian Journal of Management, 43(4), 517–537.
Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273.
Boks, H., & Mazenda, A. (2023). Entrepreneurship in emerging cities: Mitigating impediments to small business development in Tshwane, South Africa. Commonwealth Journal of Local Governance, 28, 105–121.
Borgia, D., & Yan, N. (2013). The impact of institutional factors on capital structure: Evidence from chinese private listed firms. International Journal of Economics and Finance, 45(4), 191–215.
Borio, C., Furfine, C., & Lowe, P. (n.d.). Procyclicality of the financial system and financial stability: Issues and policy options.
Botha, B., de Jager, S., Ruch, F., & Steinbach, R. (2017). The quarterly projection model of the SARB. South African Reserve Bank Working Paper WP/17/01.
Campello, M. (2006). Debt financing: Does it boost or hurt firm performance in product markets? Journal of Financial Economics, 82(1), 135–172.
Carton, R. B., & Hofer, C. W. (2006). Measuring Organizational Performance: Metrics for Entrepreneurship and Strategic Management Research. Edward Elgar Publishing.
Chance, D., & Hemler, M. (2001). The Performance of Professional Market Timers: Daily Evidence from Executed Strategies. Journal of Financial Economics, 62, 377–411. https://doi.org/10.1016/S0304-405X(01)00081-2
Charumathi, B., & KRISHNAN, R. M. (2016). Corporate Governance and Timeliness Of Financial Reporting By Indian Companies. SSRN-Id2888519.
Cheng, M.-C., & Tzeng, Z.-C. (2011). The effect of leverage on firm value and how the firm financial quality influence on this effect. World Journal of Management, 3(2), 30–53.
Cho, M. A., Mutanga, O., & Mabhaudhi, T. (2023). Understanding local actors’ perspective of threats to the sustainable management of communal rangeland and the role of Participatory GIS (PGIS): The case of Vulindlela, South Africa. South African Geographical Journal, 105(4), 516–533.
Culp, C. L. (2002). The ART of Risk Management: Alternative Risk Transfer, Capital Structure, and the Convergence of Insurance and Capital Markets. John Wiley & Sons.
Cuong, N. T., & Nguyen Thi, C. (2012). The Effect of Capital Structure on Firm Value for Vietnam’s Seafood Processing Enterprises. International Research Journal of Finance and Economics, Issue, 221–223.
Dada, O. (Lola), & Watson, A. (2013). Entrepreneurial orientation and the franchise system. European Journal of Marketing, 47(5/6), 790–812. https://doi.org/10.1108/03090561311306877
Donaldson, R., & Parr, L. (1961). Donaldson. Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity." Harvard Business School, Division of Research, Harvard Univ.
Ehrhardt, M. C., & Brigham, E. F. (2011). Corporate finance: A focused approach. South-Western Cengage Learning.
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 1–33.
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1–37.
Garg, S. K., & Gupta, R. (2023). Exploring the relationship between corporate governance and stock price performance: Evidence from Indian publicly listed companies.
Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: Evidence from the United States. Business and Economics Journal, 10(1), 1–9.
Greenberg, S. (2017). Corporate power in the agro-food system and the consumer food environment in South Africa. The Journal of Peasant Studies, 44(2), 467–496.
Hanlon, M., & Heitzman, S. (2022). Corporate debt and taxes. Annual Review of Financial Economics, 14(1), 509–534.
Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297–355.
Haryono, U., Iskandar, R., Paminto, A., & Ulfah, Y. (2016). Sustainability performance: It’s impact on risk and value of the firm. Corporate Ownership and Control, 14(1), 278–286. https://doi.org/10.22495/cocv14i1c1p11
Hermuningsih, S. (2019). Effect of Financial Performance on Company Growth with Company Size as Moderating Variable. 211–215. https://doi.org/10.2991/iclick-18.2019.43
Hsiao, C. (2007). Panel data analysis—Advantages and challenges. Test, 16(1), 1–22.
Hsiao, C. (2022). Analysis of panel data (Issue 64). Cambridge university press.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economic Review.
Kaur, A., Joshi, M., Singh, G., & Sharma, S. (2024). The Impact of Corporate Reputation on Cost of Debt: A Panel Data Analysis of Indian Listed Firms. Journal of Risk and Financial Management, 17(8), 367.
Khan, F. (2014). Economic Exposure, Pricing of Risk and Various Volatility Dynamics of Stock Returns on an Emerging Stock Market.
Khan, K. I., Qadeer, F., Mata, M. N., Chavaglia Neto, J., Sabir, Q. ul A., Martins, J. N., & Filipe, J. A. (2021). Core Predictors of Debt Specialization: A New Insight to Optimal Capital Structure. Mathematics, 9(9), Article 9. https://doi.org/10.3390/math9090975
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922.
Li, Y., Wang, P., & Zhang, W. (2023). Individual investors matter: The effect of investor-firm interactions on corporate earnings management. Journal of Corporate Finance, 83, 102492.
Meckling, W. H., & Jensen, M. C. (1976). Theory of the Firm. Managerial Behavior, Agency Costs and Ownership Structure.
Merton, R. C. (1987). A simple model of capital market equilibrium with incomplete information.
Mkhize-Simelane, B., van der Merwe, P., & De Sousa, L. (2024). English South Africa ENTOMOPHAGY AS A POTENTIAL TOURISM PRODUCT: THE CASE OF THE MOPANI DISTRICT, LIMPOPO PROVINCE, SOUTH AFRICA: ENTOMOPHAGY AS A POTENTIAL TOURISM PRODUCT. Applied Tourism, 9(2), 65–87.
Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261–297.
Mogues, T. (2015). Political economy determinants of public spending allocations: A review of theories, and implications for agricultural public investment. The European Journal of Development Research, 27, 452–473.
Motswaledi, T. R., Marumo, P. O., & Oluwatobi, O. A. (2023). Eskom’s Lack of Energy Provision and Human Insecurity in South Africa: A Critical Analysis. African Renaissance, 2023(si1), 71–93.
Musabayana, G. T., & Mutambara, E. (2022). The Implementation of the Broad-Based Black Economic Empowerment (B-BBEE) Policy in South Africa: A Myth or a Reality in SMEs? Australasian Accounting, Business and Finance Journal, 16(1).
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175.
Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81–102.
Myers, S. C., & Majluf, N. S. (1984). wHEN FIRMS HAVE INFORMATION THAT INVESTORS. Journal of Financial Economics, 13, 187–221.
Ojo, M. C., & Albertus, R. H. (2021). THE EFFECT OF CURRENT RATIO, RETURN ON EQUITY, AND DEBT TO EQUITY RATIO ON STOCK RETURNS ON THE INDONESIA STOCK EXCHANGE. Strategic Management Business Journal, 1(01), Article 01. https://doi.org/10.55751/smbj.v1i01.2
Omet, G. (2008). The capital structure in stable and extremely unstable political and economic environments. Second Singapore International Conference on Finance.
Petersen, J. A., McAlister, L., Reibstein, D. J., Winer, R. S., Kumar, V., & Atkinson, G. (2009). Choosing the Right Metrics to Maximize Profitability and Shareholder Value. Journal of Retailing, 85(1), 95–111. https://doi.org/10.1016/j.jretai.2008.11.004
Putro, D. C., & Risman, A. (2021). The Effect of Capital Structure and Liquidity on Firm Value Mediated by Profitability. The EUrASEANs: Journal on Global Socio-Economic Dynamics, 2 (27), 26–34.
Saif-Alyousfi, A. Y., Md-Rus, R., Taufil-Mohd, K. N., Taib, H. M., & Shahar, H. K. (2020). Determinants of capital structure: Evidence from Malaysian firms. Asia-Pacific Journal of Business Administration, 12(3/4), 283–326.
Schön, W., Beuchert, T. A., Roesener, A., Gerten, A., Haag, M., Heidenbauer, S., Hohmann, C., Kornack, D., Lagdali, N., & Müller, L. (2009). Debt and equity: What’s the difference? A comparative view. A Comparative View (July 8, 2009). Max Planck Institute for Intellectual Property, Competition & Tax Law Research Paper, 09–09.
Singh, N. P., & Bagga, M. (2019). The Effect of Capital Structure on Profitability: An Empirical Panel Data Study. Jindal Journal of Business Research, 8(1), 65–77. https://doi.org/10.1177/2278682118823312
Stats, S. (2013). What is GDP and its impact. Stats SA, Available at: Http://Www. Statssa. Gov. Za, p51143.
Susilowati, M. W. K., & Wahyuningdyah, R. Y. (2020). PATH ANALYSIS OF MONETARY POLICY MECHANISMS: DOES ECONOMIC CAPACITY MEDIATE PRICES? Jurnal Penelitan Ekonomi Dan Bisnis, 5(2), 136–151. https://doi.org/10.33633/jpeb.v5i2.3159
Tetlock, P. C. (2007). Giving Content to Investor Sentiment: The Role of Media in the Stock Market. The Journal of Finance, 62(3), 1139–1168. https://doi.org/10.1111/j.1540-6261.2007.01232.x
Treasury, S. A. (2020). Briefing by National Treasury on Financial Implications of Covid-19 on both the Economy and Budget.
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT press.
Yela Aránega, A., Ferraris, A., Baima, G., & Bresciani, S. (2022). Guest editorial: Sustainable growth and development in the food and beverage sector. British Food Journal, 124(8), 2429–2433.
Yin, L., & Liao, H. (2020). Firm’s quality increases and the cross-section of stock returns: Evidence from China. International Review of Economics & Finance, 66, 228–243.
Zuhroh, I. (2019). The effects of liquidity, firm size, and profitability on the firm value with mediating leverage. KnE Social Sciences, 203–230.
Abor, J. (2005). The effect of capital structure on profitability: An empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438–445.
Adamu, I., & Hamidah, H. (2024). Assessing The Impact of Capital Structure on Firm Value: A Quantitative Study of Financial Ratios and Stock Prices of Nigeria Food and Beverage Companies. The Indonesian Journal of Accounting Research, 26(3), Article 3. https://doi.org/10.33312/ijar.729
Aggarwal, D., & Padhan, P. C. (2017). Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry. Theoretical Economics Letters, 7(4), Article 4. https://doi.org/10.4236/tel.2017.74067
Allen, F., & Gale, D. (1992). Stock-Price Manipulation. The Review of Financial Studies, 5(3), 503–529. https://doi.org/10.1093/rfs/5.3.503
Altman, E. I. (2018). A fifty-year retrospective on credit risk models, the Altman Z-score family of models and their applications to financial markets and managerial strategies. Journal of Credit Risk, 14(4).
Arellano, M., & Bond, S. (1991). Application to Employment Equations.
Asiri, B. K., & Hameed, S. A. (2014). Financial Ratios and Firm’s Value in the Bahrain Bourse. Research Journal of Finance and Accounting, 5(7).
Athanasakou, V. E., & Athanassakos, G. (2019). Earnings quality and book-to-market in the cross section of expected returns. Available at SSRN 3467747.
Baker, M., & Wurgler, J. (2007). Investor Sentiment in the Stock Market. Journal of Economic Perspectives, 21(2), 129–152. https://doi.org/10.1257/jep.21.2.129
Baltagi, B. H., Bratberg, E., & Holmås, T. H. (2005). A panel data study of physicians’ labor supply: The case of Norway. Health Economics, 14(10), 1035–1045.
Bandanuji, A., & Khoiruddin, M. (2020). The Effect of Business Risk and Firm Size on Firm Value with Debt Policy as Intervening Variable. Management Analysis Journal, 9(2), Article 2. https://doi.org/10.15294/maj.v9i2.37812
Bansal, D., & Singh, S. (2020). Impact of intellectual capital on financial performance of the Indian software sector. Asia-Pacific Management Accounting Journal (APMAJ), 15(1), 68–95.
Beck, C., Frost, G., & Jones, S. (2018). CSR disclosure and financial performance revisited: A cross-country analysis. Australian Journal of Management, 43(4), 517–537.
Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273.
Boks, H., & Mazenda, A. (2023). Entrepreneurship in emerging cities: Mitigating impediments to small business development in Tshwane, South Africa. Commonwealth Journal of Local Governance, 28, 105–121.
Borgia, D., & Yan, N. (2013). The impact of institutional factors on capital structure: Evidence from chinese private listed firms. International Journal of Economics and Finance, 45(4), 191–215.
Borio, C., Furfine, C., & Lowe, P. (n.d.). Procyclicality of the financial system and financial stability: Issues and policy options.
Botha, B., de Jager, S., Ruch, F., & Steinbach, R. (2017). The quarterly projection model of the SARB. South African Reserve Bank Working Paper WP/17/01.
Campello, M. (2006). Debt financing: Does it boost or hurt firm performance in product markets? Journal of Financial Economics, 82(1), 135–172.
Carton, R. B., & Hofer, C. W. (2006). Measuring Organizational Performance: Metrics for Entrepreneurship and Strategic Management Research. Edward Elgar Publishing.
Chance, D., & Hemler, M. (2001). The Performance of Professional Market Timers: Daily Evidence from Executed Strategies. Journal of Financial Economics, 62, 377–411. https://doi.org/10.1016/S0304-405X(01)00081-2
Charumathi, B., & KRISHNAN, R. M. (2016). Corporate Governance and Timeliness Of Financial Reporting By Indian Companies. SSRN-Id2888519.
Cheng, M.-C., & Tzeng, Z.-C. (2011). The effect of leverage on firm value and how the firm financial quality influence on this effect. World Journal of Management, 3(2), 30–53.
Cho, M. A., Mutanga, O., & Mabhaudhi, T. (2023). Understanding local actors’ perspective of threats to the sustainable management of communal rangeland and the role of Participatory GIS (PGIS): The case of Vulindlela, South Africa. South African Geographical Journal, 105(4), 516–533.
Culp, C. L. (2002). The ART of Risk Management: Alternative Risk Transfer, Capital Structure, and the Convergence of Insurance and Capital Markets. John Wiley & Sons.
Cuong, N. T., & Nguyen Thi, C. (2012). The Effect of Capital Structure on Firm Value for Vietnam’s Seafood Processing Enterprises. International Research Journal of Finance and Economics, Issue, 221–223.
Dada, O. (Lola), & Watson, A. (2013). Entrepreneurial orientation and the franchise system. European Journal of Marketing, 47(5/6), 790–812. https://doi.org/10.1108/03090561311306877
Donaldson, R., & Parr, L. (1961). Donaldson. Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity." Harvard Business School, Division of Research, Harvard Univ.
Ehrhardt, M. C., & Brigham, E. F. (2011). Corporate finance: A focused approach. South-Western Cengage Learning.
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 1–33.
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1–37.
Garg, S. K., & Gupta, R. (2023). Exploring the relationship between corporate governance and stock price performance: Evidence from Indian publicly listed companies.
Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: Evidence from the United States. Business and Economics Journal, 10(1), 1–9.
Greenberg, S. (2017). Corporate power in the agro-food system and the consumer food environment in South Africa. The Journal of Peasant Studies, 44(2), 467–496.
Hanlon, M., & Heitzman, S. (2022). Corporate debt and taxes. Annual Review of Financial Economics, 14(1), 509–534.
Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297–355.
Haryono, U., Iskandar, R., Paminto, A., & Ulfah, Y. (2016). Sustainability performance: It’s impact on risk and value of the firm. Corporate Ownership and Control, 14(1), 278–286. https://doi.org/10.22495/cocv14i1c1p11
Hermuningsih, S. (2019). Effect of Financial Performance on Company Growth with Company Size as Moderating Variable. 211–215. https://doi.org/10.2991/iclick-18.2019.43
Hsiao, C. (2007). Panel data analysis—Advantages and challenges. Test, 16(1), 1–22.
Hsiao, C. (2022). Analysis of panel data (Issue 64). Cambridge university press.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economic Review.
Kaur, A., Joshi, M., Singh, G., & Sharma, S. (2024). The Impact of Corporate Reputation on Cost of Debt: A Panel Data Analysis of Indian Listed Firms. Journal of Risk and Financial Management, 17(8), 367.
Khan, F. (2014). Economic Exposure, Pricing of Risk and Various Volatility Dynamics of Stock Returns on an Emerging Stock Market.
Khan, K. I., Qadeer, F., Mata, M. N., Chavaglia Neto, J., Sabir, Q. ul A., Martins, J. N., & Filipe, J. A. (2021). Core Predictors of Debt Specialization: A New Insight to Optimal Capital Structure. Mathematics, 9(9), Article 9. https://doi.org/10.3390/math9090975
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922.
Li, Y., Wang, P., & Zhang, W. (2023). Individual investors matter: The effect of investor-firm interactions on corporate earnings management. Journal of Corporate Finance, 83, 102492.
Meckling, W. H., & Jensen, M. C. (1976). Theory of the Firm. Managerial Behavior, Agency Costs and Ownership Structure.
Merton, R. C. (1987). A simple model of capital market equilibrium with incomplete information.
Mkhize-Simelane, B., van der Merwe, P., & De Sousa, L. (2024). English South Africa ENTOMOPHAGY AS A POTENTIAL TOURISM PRODUCT: THE CASE OF THE MOPANI DISTRICT, LIMPOPO PROVINCE, SOUTH AFRICA: ENTOMOPHAGY AS A POTENTIAL TOURISM PRODUCT. Applied Tourism, 9(2), 65–87.
Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261–297.
Mogues, T. (2015). Political economy determinants of public spending allocations: A review of theories, and implications for agricultural public investment. The European Journal of Development Research, 27, 452–473.
Motswaledi, T. R., Marumo, P. O., & Oluwatobi, O. A. (2023). Eskom’s Lack of Energy Provision and Human Insecurity in South Africa: A Critical Analysis. African Renaissance, 2023(si1), 71–93.
Musabayana, G. T., & Mutambara, E. (2022). The Implementation of the Broad-Based Black Economic Empowerment (B-BBEE) Policy in South Africa: A Myth or a Reality in SMEs? Australasian Accounting, Business and Finance Journal, 16(1).
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175.
Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81–102.
Myers, S. C., & Majluf, N. S. (1984). wHEN FIRMS HAVE INFORMATION THAT INVESTORS. Journal of Financial Economics, 13, 187–221.
Ojo, M. C., & Albertus, R. H. (2021). THE EFFECT OF CURRENT RATIO, RETURN ON EQUITY, AND DEBT TO EQUITY RATIO ON STOCK RETURNS ON THE INDONESIA STOCK EXCHANGE. Strategic Management Business Journal, 1(01), Article 01. https://doi.org/10.55751/smbj.v1i01.2
Omet, G. (2008). The capital structure in stable and extremely unstable political and economic environments. Second Singapore International Conference on Finance.
Petersen, J. A., McAlister, L., Reibstein, D. J., Winer, R. S., Kumar, V., & Atkinson, G. (2009). Choosing the Right Metrics to Maximize Profitability and Shareholder Value. Journal of Retailing, 85(1), 95–111. https://doi.org/10.1016/j.jretai.2008.11.004
Putro, D. C., & Risman, A. (2021). The Effect of Capital Structure and Liquidity on Firm Value Mediated by Profitability. The EUrASEANs: Journal on Global Socio-Economic Dynamics, 2 (27), 26–34.
Saif-Alyousfi, A. Y., Md-Rus, R., Taufil-Mohd, K. N., Taib, H. M., & Shahar, H. K. (2020). Determinants of capital structure: Evidence from Malaysian firms. Asia-Pacific Journal of Business Administration, 12(3/4), 283–326.
Schön, W., Beuchert, T. A., Roesener, A., Gerten, A., Haag, M., Heidenbauer, S., Hohmann, C., Kornack, D., Lagdali, N., & Müller, L. (2009). Debt and equity: What’s the difference? A comparative view. A Comparative View (July 8, 2009). Max Planck Institute for Intellectual Property, Competition & Tax Law Research Paper, 09–09.
Singh, N. P., & Bagga, M. (2019). The Effect of Capital Structure on Profitability: An Empirical Panel Data Study. Jindal Journal of Business Research, 8(1), 65–77. https://doi.org/10.1177/2278682118823312
Stats, S. (2013). What is GDP and its impact. Stats SA, Available at: Http://Www. Statssa. Gov. Za, p51143.
Susilowati, M. W. K., & Wahyuningdyah, R. Y. (2020). PATH ANALYSIS OF MONETARY POLICY MECHANISMS: DOES ECONOMIC CAPACITY MEDIATE PRICES? Jurnal Penelitan Ekonomi Dan Bisnis, 5(2), 136–151. https://doi.org/10.33633/jpeb.v5i2.3159
Tetlock, P. C. (2007). Giving Content to Investor Sentiment: The Role of Media in the Stock Market. The Journal of Finance, 62(3), 1139–1168. https://doi.org/10.1111/j.1540-6261.2007.01232.x
Treasury, S. A. (2020). Briefing by National Treasury on Financial Implications of Covid-19 on both the Economy and Budget.
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT press.
Yela Aránega, A., Ferraris, A., Baima, G., & Bresciani, S. (2022). Guest editorial: Sustainable growth and development in the food and beverage sector. British Food Journal, 124(8), 2429–2433.
Yin, L., & Liao, H. (2020). Firm’s quality increases and the cross-section of stock returns: Evidence from China. International Review of Economics & Finance, 66, 228–243.
Zuhroh, I. (2019). The effects of liquidity, firm size, and profitability on the firm value with mediating leverage. KnE Social Sciences, 203–230.