The Effect of Asset Structure, Firm Size, and Business Risk on Capital Structure in Property and Real Estate Companies Listed on the Indonesia Stock Exchange for the 2020–2024 Period

This study aims to determine the effect of asset structure, firm size, and business risk on the capital structure of property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. This is a quantitative study using secondary data in the form of financial statements obtained from the official IDX website (www.idx.co.id). The population consists of all property and real estate companies listed on the IDX; using a purposive sampling technique, 13 companies met the criteria, resulting in 65 observations over five years. The data analysis technique used is multiple linear regression analysis with the assistance of SPSS version 22. The results show that, partially, asset structure has a positive and significant effect on capital structure, firm size has a positive and significant effect on capital structure, while business risk has no significant effect on capital structure. Simultaneously, asset structure, firm size, and business risk have a positive and significant effect on capital structure, with an Adjusted R Square value of 0.416, meaning these three variables explain 41.6% of the variation in capital structure, while the remainder is explained by other variables outside this research model.