PENGARUH STRUKTUR MODAL DAN BUDAYA ORGANISASI HIJAU TERHADAP KEBERLANJUTAN KEUANGAN
Abstract
The financial sustainability of listed companies reflects their capacity to maintain growth through profitable operations and appropriate financing policies. This study examines the relationship between capital structure, green organizational culture, and financial sustainability among firms in the Basic Materials and Consumer Non-Cyclicals sectors listed on the Indonesia Stock Exchange during 2022–2024. Financial sustainability is measured using the sustainable growth rate, while capital structure is represented by the debt-to-equity ratio. Green organizational culture is assessed through a disclosure index based on corporate annual and sustainability reports. A quantitative approach was applied to 276 firm-year observations selected through purposive sampling, with panel regression estimated using EViews 13. The results indicate a positive and significant association between capital structure and financial sustainability. In contrast, the coefficient of green organizational culture is positive but statistically insignificant. These findings suggest that financing decisions are more closely related to sustainable growth during the observation period than the extent of green-culture disclosure. The study highlights the importance of integrating prudent financing policies with organizational environmental practices while distinguishing financial growth outcomes from broader sustainability performance.
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DOI: https://doi.org/10.32509/jmb.v6i2.7563
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