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The purpose of this paper is to examine the capital structure and its determinants within the Health Industry in Indonesia. Utilizing a panel data model, this study analyzes the financial data of Healthcare Companies listed on the Indonesia Stock Exchange, covering the period from 2017 to 2023, with data processing conducted using the Evieus Software version 13 application. The findings confirm the dominant role of firm-specific factors, indicating that Company Growth, Profitability, Asset Tangibility, and Revenue Volatility significantly affect Book Leverage (BL), while Company Size has a notable effect of 17%. This research provides a novel contribution by focusing on the capital structure analysis specialized in the Pharmaceutical Industry in Indonesia, an area that has not been extensively explored before
Baroto et al. (Thu,) studied this question.
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