Mapping Penelitian (Artikel Ilmiah)

No Nama Jenis Judul penelitian Rumusan Hipotesis Penelitian Alat Analisis Hasil Penelitian Keterbatasan
Peneliti dan Penelitian Masalah
Tahun Penelitian
Rida Quantitative Does Religion The purpose of H1a: Muslim CEOs The model This study contributes to the The limitations of
Rahim, Affect Capital this study is to have lower corporate selection existing literature with the the study are that it
Cynthia Structure in analyse the debts than those of analysis was finding that CEOs’ decisions measures the CEOs’
Afriani Indonesia? influence of the other religions. performed on corporate financing are religion (Islam,
Utama and religion and between the influenced not only by Christian or others)
H1b: Christian CEOs
Rofikoh religious pooled least financial and risk factors, but by assuming that
(Catholic and
Rokhim values of Chief square (PLS) also by their religious they have the same
Protestant) have
(2019) Executive model and the behaviour and values, which level of adherence
higher corporate
Officers fixed effect can explain decisions on to their respective
debts than those of
(CEOs) on model (FEM) capital structure. The results religion. In reality,
other religions.
capital and then of the study indicate that however, some
structure in H2: CEOs who are between the Christian CEOs tend to CEOs have stronger
public involved in fraud FEM and the favour a greater degree of beliefs and are more
companies in cases have lower random effect debt than those with other likely to follow
Indonesia. corporate debt than model (REM), religions. It was the view of religious doctrine
those who are not. as can be seen the Christian reformers (16th than others of the
in the Chow Century to 1836) that same religion.
test and Christianity should allow Another limitation
Haussman test interest-bearing debts in is related to the
results. obtaining funding (Hilary & measurement of
Hui, 2009), although some fraud variables
Christians forbid interest on based on the acts of
money or usury in their CEOs who have
lives. However, these results committed fraud.
indicate that there is a non- Using Indonesian
financial factor affecting positive law, it
CEOs’ decisions, namely takes time to
that their religion is based on declare someone
beliefs in religious teachings who has allegedly
that have been embedded committed a crime
and are reflected in the as a suspect and to
organizational behaviour of be eventually
CEOs at the Indonesia Stock convicted.
Exchange. Therefore, the data
obtained could
As for Muslim CEOs, they
become invalid
have no significant impact
soon after the CEO
on corporate debts. This is
suspected to have
because Muslim CEOs are
committed fraud is
probably not so obedient to
free from any
their religious teachings,
criminal charge.
since their decisions are also
Moreover, the
influenced by the behaviour
measurement of
of other board members of
control variables
the company. Besides, it is
does not include
also probably due to the
tangibility, tax,
small number of companies
other determinants
running sharia-based
of corporate
businesses which are listed
governance, such as
on the Indonesia Stock
independent
Exchange. This means
committees, risk
external funding policy the
management
company’s at the Indonesia
committees or audit
Stock Exchange, tends to be
committee
in the form of loans sourced
reputation. For
from conventional banking.
future research, it
It was also found that the would be better if
religious values of CEOs are the measurement of
reflected in their CEOs’ religiosity
 involvement in fraudulent were also made by
acts. The involvement of questioning them,
CEOs in fraudulent act tends as a deeper
to make their companies measurement of
have more debt than other religiosity would
CEOs. provide a stronger
test. The use of
other cultural
elements focused on
the cultural
dimensions
identified by
Hofstede(2001)
would examine of a
broader set of non
economic factors.

2 Vipin Quantitative Culture and capital This paper H1. There is an This research The first set of results is Study limitations
Mogha, structure: What aims to fill this association between adopt Titman based on the long-term debt- were not listed,
Benjamin else to the puzzle? gap and national culture and Wessels to-equity. We find that however all in all –
W illiams addresses the dimensions and (1988) firms’ country-of-origin despite cultural
(2020) following firms’ short -term empirical test cultural dimensions of high differences– firms
research and methodology individualism, low common quest of
question: is long-term debt-to- of capital masculinity, low uncertainty optimal capital
capital equity choices of structure as avoidance, and high structure to meet
structure capital structure. follows. This longterm orientation have a their profit and
influenced by H2a. There is a research positive relationship with value maximizing
the national negative (positive) use a nine- their long-term debt-to- goals remains. In
culture of association between year period of equity book values. High line with existing
firm’s country- individualism and 2009-2017 individualism, low capital structure
of-origin the short-term that is split masculinity, high theory, firms’ risk
(long-term) debt-to- into three uncertainty avoidance have taking may guide
equity ratios. consecutive a positive relationship with their choice of
H2b. There is a periods of firms’ long-term debt-to- optimal debt-to-
negative (positive) three years equity market value. equity mix (Myers,
association between each. We The second set of results is 1984).
masculinity and the consider the based on the short-term Furthermore, firms’
short-term (longterm) periods 2009- debt-to-equity. These may extract optimal
debt-to-equity ratios. 2011 as t – 1, findings highlight the fact financing by timing
H2c. There is a 2012-2014 as that the influence of national it to the higher of
positive (negative) t, and 2015- culture lingers even when their equity’s book
association between 2017 as t + 1. we consider the effects of or market value
uncertainty avoidance Titman and the momentum of (Baker &
and the shortterm Wessels capital markets. In this Wurgler, 2002;
(long-term) debt-to- describe at case, we find that low Ferris et al.,
equity ratios. time t, firms individualism, low 2018). Therefore,
H2d. There is a base their masculinity, and high our findings are
positive (negative) capital long-term orientation relevant to
association between structure influence firms’ choices of international
long-term orientation decisions on short-term debt-to-equity corporate
and the shortterm their previous book value. Low finance managers,
(long-term) debt-to- period t – 1 individualism, low investors, and
equity ratios. results, and masculinity, high creditors in
deploy their uncertainty avoidance, and analyzing and
financing for high long-term orientation comparing firms’
firm’s growth influence firms’ choices of balance sheets.
from time t to short-term debt-to-equity They should base
t + 1. market values. These their analysis on
results confirm that several metrics of
national culture is firms’ capital
somewhat stronger that structure in relation
market forces with firms’ country
of-origin cultural
values. It would
allow all
stakeholders to
better interpret
capital structures
distances
 between firms in
the same industry
sector but from
different country of
origin cultures.
3 Elok Sri Quantitative Analysis Capital the purpose of H1: Asset structure Multiple The capital structure
Study limitations
Utami Structure on the study is negatively affects on Regression policy is consistently
were not stated
(2019) Indonesian Stock to analyze the the debt level of Analysis influenced by the level of
Exchange effect of asset equity ability to obtain business
structure, H2: profitability profits and risks faced by the
profitability, negatively affects on mining sector, agricultural
firm size, the debt level of sector and Food & beverage.
business risk equity There is a tradeoff between
and asset H3: the size of the the burden of using debt that
growth on company has a causes risk, but the ability to
capital positive effect on the earn profits can be a
structure level of debt on motivation for the company
decisions in equity to owe. The asset structure
mining and H4: business risk has factor is also an element of
agricultural a negative effect on the company in making a
sector the level of debt on capital structure policy
companies. equity even though in each sector
H5: company growth the way to influence it
has a positive effect can be positive and
on the level of debt negative. In the agricultural
on equity sector and the F & B asset
structure has a positive
effect, while the mining
sector has a negative effect.
Specifically in the sector, it
shows that the size of the
company is the basis for the
company to owe, as well as
the growth of the company.
4 Samuel Quantitative Culture, financial This study set Hypothesize that Objective 1 The study found that Study limitations
Kwaku literacy, and SME out to achieve religious beliefs was analyzed financial literacy levels of were not listed,
Agyei performance in three basic could influence the using the SMEs have generally however the study
(2018) Ghana objectives of; financial literacy ANOVA improved but most SME- makes the following
(1) assessing levels of owners of and ordinary owners appear to have recommendations:
whether SMEs. pecifically, least squares difficulty understanding the (1) religious bodies
differences in Protestants are more regression concept of diversification. should inculcate
financial likely to be approach but The study also revealed that financial education
literacy of financially literate objectives two religious ideologies in their teachings;
SME-Owners than Catholics and three were (Catholic or Protestant) do (2) financial literacy
can be because of their analyzed using not support financial training
explained by inherent motivation the logit literacy. In other words, the programmes for
cultural and this enhanced regression study did not find support SME-Owners
differences; financial knowledge approach. for the argument that should be tailored
(2) ascertaining level of owners of First of all, all Protestants are more likely to meet their needs;
the relationship SMEs could assist the variables to pursue financial and (3) cultural
among culture, them in making were ubjected knowledge acquisition than beliefs of SME-
financial financial decisions to Catholics but rather revealed Owners should be
literacy, and that have the potential multicollineari that both cultural ideologies of prime
firm growth; of increasing SME ty test using harm financial knowledge consideration in
and performance. the correlation acquisition of the SME- designing financial
(3) assessing analysis. Owner. Meanwhile, the literacy
whether culture relationship between culture programmes.
moderates the (Catholics and Protestants)
relationship and SME performance was
between positive and insignificant
financial when culture is not
literacy and moderated for. But the
firm growth. moderation
of Protestant values in the
financial-literacy-SME
performance relationship
does not only strengthen the
relationship but also leads to
the observation of a
significantly positive
 relationship between
Protestant cultural ideologies
and SME performance.
Similar results were not
observed for that of Catholic
cultural
ideologies. In other words,
Culture especially,
Protestant ideologies
moderate the relationship
between financial literacy
and firm growth.
5 Abdulazeez Quantitative Determinants of The purpose of H1. Profitability has a The authors The empirical analysis Further research
Y.H. Saif- capital structure: this paper is to relationship with use static suggests that the coefficients may consider
Alyousfi evidence from examine the capital structure. panel of debt-measure persistence additional country-
(2020) determinants of According to trade- estimation are positively significant. specific variables
Malaysian firms
capital off theory, it has a techniques as We find that profitability, that determine a
structure using positive relationship well as two- growth opportunity, tax- firm’s capital
a dataset of with debts, and to step difference shield, liquidity and cash structure. The
firms in pecking order theory and system flow volatility analysis could be
Malaysia. a negative dynamic enriched by
have a negative and
relationship with GMM considering a
significant impact on debt
debts estimator. broader time period
measures. However, the
in order to elucidate
H2. There is a effect of collateral, non-debt
whether companies’
significant tax, and earnings volatility
capital structure
relationship between on measures of debt is
changes during
growth opportunity positive and significant. In
different economic
and capital structure. addition, firm size, firm age,
cycles. It may be
inflation rate and interest
H3. There is a useful to include
rate are important
positive relationship specific information
determinants of leverage. In
between asset on corporate
general, our results support
tangibility and capital governance in such
the propositions advocated
 structure. by both pecking order and studies.
trade-off theories. Finally, a
H4. There is a
non-monotonic U-shaped
positive relationship
relationship exists between
between corporate tax
firm growth and firm age.
and capital structure.
H5. The tax shield
has a negative
relationship with
capital structure.
H6. Non-debt tax
shields have a
negative relationship
with capital structure.
H7. Liquidity has an
impact on capital
structure.
H8. Earning volatility
has a negative impact
on capital structure.
H9. Cash flow
volatility has an
impact on the
relationship with
debt.

6 Ingrid- Quantitative CAPITAL In the recent H1: Religion is In order to test In line with the previous There are some
Mihaela STRUCTURE years, an related to capital these literature, this study limitations of this
DRAGOT AND RELIGION. increasing structure. hypotheses, a emphasises that capital study: accounting
Ă – Victor SOME number of H2: Christian combined structure differs from data of different
DRAGOT INTERNATIONA papers denominations are model was country to country. The countries are
Ă – L EVIDENCE deepened related to capital estimated, factors that determine such prepared under
Andreea cross- structure. taking into differences are firm-specific, different accounting
CURMEI- disciplinary account both but also related to certain rules and/or the lack
SEMENES studies, firm-specific social and cultural patterns. of some variables in
CU – examining how and country- Related to the social and the database (such
different specific cultural factors, this study as the age of the
Daniel
cultural values determinants. reveals that religion is company).
Traian
infl uence fi related to capital structure, in Although religious
PELE
(2018) nancial the context of taking into convictions of the
variables. The account a large variety of managers have a
main objective religions and denominations. role in financial
of our paper is decisions, the entire
Both hypotheses tested in
to test if the environment of the
this study are confirmed to
dominant company should be
some extent. Religion seems
world religions considered. It is
to be related with leverage.
(Buddhist, partly determined
Comparative to
Christian, by the religious
Protestantism (the reference
Hindu, Islamic, adherence of other
group), Islamic religion is
and Judaic), stakeholders, such
associated with a lower
and, moreover, as clients, creditors,
leverage. However, Hindu-
some Christian suppliers,
ism is associated to a higher
denominations employees,
one. Regarding the Christian
(Catholicism, community, due to
denominations, both
Protestantism the fact that it
Catholic and Eastern
and Eastern influences the
Orthodox confessions are
Orthodox financing sources
associated with a higher
Christianity) available for the
leverage than the Protestant
are related to
one. company in the
some patterns
local environment,
in capital An interesting observation is as well as its image.
structure. that for some religions,
specific patterns of the debt
maturity can also be found.
 Hence, in states in which the
Eastern Orthodox, the
Buddhist, but also the
Atheist, Agnostic and non
religious persons are pre-
dominant, a preference for
short term debt can be
found, while for Hindus and
Judaists, higher total debt
ratios are also associated
with higher long term debt
participation to the capital.

7 Benjamin Quantitative Acapital structure To know the H1: direct corporate We conduct We study the transmission This paper have not
Grosse channel of announcement bond purchases by an ITT channels from central addressed questions
ueschkam, monetary policy of ECB central banks analysis in banks’ quantitative easing with respect to the
Sascha purchases decrease corporate which programs via the banking effectiveness of
Steffen, reduces bond bond yields. the purchase sector when central banks different central
Daniel yields of H2: the CSPP of bonds is start purchasing corporate bank programs or
Streitz firms whose announcement has a instrumented bonds. the sequence of
bonds are first-order effect on with the Motivated by existing central bank
(2019)
eligible for the debt capital eligibility theories, we hypothesize that interventions. While
these structure of eligible before the the we highlight
purchases. firms, who shift from announcement announcement of ECB channels of how
bank of the purchases reduces bond purchases of
loans into corporate program. yields of corporate
bonds. firms whose bonds are bonds can affect the
H3: the eligible for these purchases. real economy, other
announcement of These firms substitute bank asset classes
ECB purchases term loans with bond debt, could potentially be
reduces bond yields which relaxes banks’ lending purchased with
of constraints. Banks can use similar effects. We
firms whose bonds their balance sheet capacity leave these
are eligible for these to provide credit to firms, questions for future
purchases. which might previously research.
 have been constrained. We
call this a capital structure
channel of monetary policy.
We test this channel in the
context of the ECB’s CSPP
and find consistent evidence.
8 Markus Quantitative Measurement This study Hypothesis of the Meta- Analysis allows the Overall, our
Hang, matters—A meta- aggregates the research the effect regression following five main findings leave some
Jerome study of the mixed sizes measuring the analysis conclusions. First, our ambiguities and
Geyer- determinants of empirical relation between results confirm that (in open issues for
Klingeberg, corporate capital evidence of capital structure and descending order) tangible future research. The
Andreas W. structure the seven profitability assets (positive sign), results for the
Rathgeber, most
market-to-book ratio determinants of
commonly
Stefan (negative sign), and capital structure do
investigated
Stöckl profitability (negative sign) not seem to follow
determinants
(2017) of corporate significantly explain one single theory.
capital corporate capital structure. Although each
structure. This implies three ofthem sounds
inferences: plausible on its
own, it seems that
(1) Tangible assets
the time has come
significantly decrease the
to investigate new
costs of financial distress
ideas in empirical
due to the easier valuation
research and
by outsiders, which provides
recognize the
advantages to external
constraints and tacit
financing.
objectives caused
(2) Firms that are provided by following
with a large amount of accepted theories.
profitable investment Furthermore,
opportunities should focus researchers should
on equity financing to be aware of former
exploit all opportunities. publications, but
 (3) More profitable firms stick to the facts
should prefer internal and results
financing for their projects produced by their
in favor of a lower leverage own studies. Hence,
ratio. Second, we show that we highly
deviations from these mean encourage
effects are significantly researchers to
driven by publication provide fully
selection bias independent
analyses to allow
further
developments in the
field of the
determinants of
capital structure. As
noted by Stanley
(2001,p. 147), we
emphasize that
“economic science
cannot progress
without
independent
empirical testing

9 Van Chien Quantitative Human capital, The paper aims The hypothesis of this Multiple The empirical results present Study limitations
Nguyen capital structure to examine the research is knowing Regression that a firm using more debt were not stated
(2019) choice and firm impact of the impact of capital Analysis is in capital structure can
human capital, structure choice, mainly based positively impact on firm
profitability in
capital human capital on firm on the model performance but this effect
developing performance in a of Adachi- is like an inverted U-shaped
countries: An structure
developing country Sato and curve. Furthermore, a higher
choice and firm
empirical study in like Vietnam and Vithessonthi level of firm size as well as a
profitability of
Vietnam using the dataset of (2019); higher level of human
48,673 2016 Vietnamese Ibhagui and capital can increase the
 Vietnamese Firm. Olokoyo performance of the firm. The
construction (2018); Ruíz finding also indicated that a
firms in 2016 et al. firm locating in the
(2017); Khan metropolitan of Ho Chi
and Quaddus Minh had a significant
(2017); positive impact on firm
Samagaio and performance. In other words,
Rodrigues a firm locating in the region
(2016) and of Hanoi may have
Salim and significantly negative impact
Yadav (2012) on firm performance.
and a cross- Finally, operating status and
sectional data. industrial park do not have
any impact on the
performance of the firm.
10 Harry De Qualitative The Capital The literature The analysis yields a Literature In this paper, researcher Study limitations
Angelo Structure Puzzle: critique in this compact set review critique the capital structure were not listed,
(2022) What Are We paper ofprinciples for literature with a focus on however general
i) identifies thinking about capital understanding why, despite message for
Missing?
the conceptual structure in an 63 years of intense research research is stop
sources of the empirically supported effort, we have fallen far emphasizing
main empirical way. short ofidentifying a model models that focus
failures of the that credibly explains real- solely on
leading models world capital structure optimizing the
of capital behavior. The critique yields debt–equity mix,
structure and a simple baseline framework and call a halt to the
ii) shows how that repairs the empirical closely related
those failures failures ofthe leading models empirical work that
can be repaired of capital structure and estimates the speed
by taking into provides a foundation for a of adjustment to a
account credible comprehensive target leverage
imperfect theory. Researcher also ratio. Those issues
managerial challenge some important are side shows for
knowledge and ancillary elements of understanding
several other received wisdom about capital structure.
factors. capital structure, including Drop the pecking-
the incentive to lever up in order model per se,
Miller’s(1977)horse-and- and treat pecking-
rabbit-stew argument about order behavior as a
corporate taxes and rough empirical
Jensen’s(1986) view of the tendency. Instead,
disciplinary role of debt. focus onhow firms
The baseline framework go about arranging
abandons the literature’s reliable funding
pervasive paradigm of access and on the
fullknowledge optimization role of funding in
and instead recognizes the the path-dependent
importance of imperfect dynamic link
knowledge when managers between levering up
make financing decisions. and deleveraging.
Imperfect knowledge Abandon
implies there is no single the assumption of
clearly best capital structure full-knowledge
for a firm. optimization.
Managers accordingly focus Instead, recognize
on arranging reliable access that fundamentals
to funding by choosing do not strictly
among a set of financial determine financing
policies that all appear to be decisions because
roughly equivalent in terms managers cannot
of providing such access, identify
while avoiding policies that optimal financial
experience has shown to be policies with any
clearly inferior, for example, real precision. Drop
those that risk financial models in which
distress and the equilibrium requires
impairedaccess to funding fully integrated
that comes with distress. capital-market
Instead of (instantaneously pricing of securities
and effortlessly) solving a and, relatedly,
complex formal optimization recognize a major
problem to select a uniquely role for costly
optimal capital structure, financial
managers experiment with intermediation in
different financial policies the funding of
and cull those that are nonfinancial firms.
clearly revealed to
beinferior. Because reliable
funding access is valuable to
operating firms,
costlyfinancial
intermediation is valuable,
as is financial innovation
generally, with banks and
shadow banks helping to
produce such access, such as
with corporate creditlines
and deposit debt.