The determinants of capital structure: Evidence from public listed healthcare companies in Indonesia and Sing

This study analyzes the determinants of capital structure in healthcare companies listed on the Indonesia Stock Exchange and Singapore Exchange during the period 2020-2024.The variables tested include profitability (ROA), company size (total assets), tangibility of assets, and the ratio of depreciation to total assets.Using panel data regression with fixed and random effects models, the findings indicate that the determinants of capital structure differ between Indonesia and Singapore, with depreciation being the only factor that exhibits a consistently positive and statistically significant effect in both countries.These findings suggest that capital structure decisions in the health sector are influenced by company characteristics and differences in institutional conditions and financial market depth in each country, and confirm that no single capital structure theory can explain leverage behavior universally