Bibliometric Analysis on the Development of Capital Structure Research in Manufacturing Firms
DOI:
https://doi.org/10.30595/kompartemen.v23i2.26951Keywords:
Capital Structure, Bibliometric Analysis, Manufacturing Sector, Trade off Theory, Pecking Order TheoryAbstract
The manufacturing industry is characterized by its capital-intensive nature and complex production cycles, making capital structure decisions critical for ensuring financial efficiency and business sustainability. This study aims to map the development of literature on capital structure in the manufacturing sector using a bibliometric approach. The analysis was conducted on 226 articles from the Scopus database covering the period from 2000 to 2024, with the aid of the Biblioshiny application on the RStudio platform. The study explores publication trends, institutional affiliations, international collaborations, and thematic structures based on keyword co-occurrence networks. The results indicate a significant increase in publications since 2015, driven by rising global economic uncertainty, technological adoption, and the need for adaptive funding strategies. India and Indonesia emerged as leading contributors, although most publications were domestic in nature and lacked international collaboration. The keyword co-occurrence network revealed two major clusters: internal firm factors such as size and profitability, and external factors including leverage, debt, and macroeconomic risk. The keyword "finance" functions as a bridge between the two clusters, indicating the integration of operational and financial strategies. These findings support the continued relevance of the trade-off theory and the pecking order theory as primary conceptual frameworks.
References
Ahmed Sheikh, N., & Wang, Z. (2011). Determinants of capital structure. Managerial Finance, 37(2), 117–133. https://doi.org/10.1108/03074351111103668
Ali, M. S., Nordin, A. K. M., Mat, M. K., Zoolkefli, Z., & Abidin, N. F. Z. (2018). Capital Structure Determinants: The Malaysian Manufacturing Industry ’s Evidence. https://api.semanticscholar.org/CorpusID:157060417
Ball, R. (2006). International Financial Reporting Standards (IFRS): pros and cons for investors. Accounting and Business Research, 36(sup1), 5–27. https://doi.org/10.1080/00014788.2006.9730040
Boateng, P. Y., Ahamed, B. I., Soku, M. G., Addo, S. O., & Tetteh, L. A. (2022). Influencing factors that determine capital structure decisions: A review from the past to present. Cogent Business & Management, 9. https://api.semanticscholar.org/CorpusID:254269255
Channar, Z. A., Maheshwari, M. B., & Abbasi, P. (2015). Determinants of capital structure of service and manufacturing sectors of Pakistani companies listed in Karachi Stock Exchange. Business Review, 10(1), 72–85. https://doi.org/10.54784/1990-6587.1315
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1), 81–112. https://doi.org/https://doi.org/10.1016/S0304-405X(00)00067-2
Cutter, C. (2025). America Inc. Slashes Spending as Tariff Uncertainty Swirls. https://www.wsj.com/business/tariffs-companies-spending-2025-0c84b037?utm_source
Fatima, K., & Yasmin, S. (2022). The Determinants of Capital Structure of Companies in an Emerging Economy: A Critical Review. International Journal of Business & Management Studies. https://api.semanticscholar.org/CorpusID:253610771
Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217–248. https://doi.org/https://doi.org/10.1016/S0304-405X(02)00252-0
Hunjra, A. I., Verhoeven, P., & Zureigat, Q. (2020). Capital Structure as a Mediating Factor in the Relationship between Uncertainty, CSR, Stakeholder Interest and Financial Performance. Journal of Risk and Financial Management, 13(6). https://doi.org/10.3390/jrfm13060117
International Monetary Fund. (2023). World Economic Outlook, April 2023. World Economic Outlook, April 2023. https://doi.org/10.5089/9798400224119.081
Kumar, S., Colombage, S. R. N., & Rao, P. (2017). Research on capital structure determinants: a review and future directions. International Journal of Managerial Finance, 13, 106–132. https://api.semanticscholar.org/CorpusID:157636491
Mahmoud, M., Surwanti, A., & Pribadi, F. (2023). Bibliometric analysis of trends and patterns in capital structure research: A decade-long review (2012-2022). Multidisciplinary Reviews, 7, 2024025. https://doi.org/10.31893/multirev.2024025
Mardani, R. M., Moeljadi, Sumiati, & Indrawati, N. K. (2023). The Determinants of Capital Structure: Evidence from Indonesia. International Journal of Professional Business Review. https://api.semanticscholar.org/CorpusID:259740594
Mensah, M. O. (2021). The Impact of Capital Structure on Profitability of Manufacturing Firms on the Ghana Stock Exchange: A Conceptual Analysis. The International Journal of Business & Management. https://api.semanticscholar.org/CorpusID:245844216
Myers, S. C. (2001). Capital Structure. Journal of Economic Perspectives, 15(2), 81–102. https://doi.org/10.1257/jep.15.2.81
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/https://doi.org/10.1016/0304-405X(84)90023-0
Nasiri, A., Mohammadkazemi, R., & Saudagaran, S. (2025). Mapping research themes in start-ups’ capital structure: a bibliometric analysis. Journal of Entrepreneurship and Public Policy. https://doi.org/10.1108/JEPP-09-2024-0163
Panchal, S., & Chand, S. (2023). Impact of Capital Structure on Firm Performance: Empirical Evidence from Indian Manufacturing Sector. Global Business Review, 0(0), 09721509231213235. https://doi.org/10.1177/09721509231213235
Pandey, A., & Singh, M. (2015). Capital structure determinants: A literature review. Capital Structure Determinants: A Literature Review, 4, 163–176.
RAJAN, R. G., & ZINGALES, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
Salinger, R. M. (2022). First-Order Determinants of Capital Structure among Listed Manufacturing Companies in the United States of America. Journal of Finance and Accounting. https://api.semanticscholar.org/CorpusID:252482207
Shyam-Sunder, L., & C. Myers, S. (1999). Testing static trade-off against pecking order models of capital structure. This paper has benefited from comments by seminar participants at Boston College, Boston Unsiversity, Dartmouth College, Massachusetts Institute of Technology, University of Massach. Journal of Financial Economics, 51(2), 219–244. https://doi.org/https://doi.org/10.1016/S0304-405X(98)00051-8
Tolani, K. B., & Pandya, D. H. B. (2024). Mapping the Evolution of Capital Structure Theories-A Bibliometric Analysis Using Scopus Database. EPRA International Journal of Multidisciplinary Research (IJMR)-Peer Reviewed Journal, 10(2). https://doi.org/https://doi.org/10.36713/epra15753
UNCTAD. (2024). Trade and Development Report 2023 - Growth, Debt and Climate: Realigning the Global Financial Architecture. https://unctad.org/system/files/official-document/tdr2023_en.pdf
World Bank. (2024). Manufacturing, value added (% of GDP). https://wdi.worldbank.org/table/4.2?utm_source
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Ana Fadila, Surya Raharja
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright
You are free to:
Share — copy and redistribute the material in any medium or format for any purpose, even commercially.
Adapt — remix, transform, and build upon the material for any purpose, even commercially.
The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
Attribution — You must give appropriate credit appropriate credit, provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
License
1. License to Publish
The article will be governed by the Attribution 4.0 International (CC BY 4.0). The author hereby grants Kompartemen an exclusive publishing and distribution license in the manuscript include tables, illustrations or other material submitted for publication as part of the manuscript (the “Article”) in print, electronic and all other media (whether now known or later developed), in any form, in all languages, throughout the world, for the full term of copyright, and the right to license others to do the same, effective when the article is accepted for publication. This license includes the right to enforce the rights granted hereunder against third parties.
2. Author’s Warranties
The author warrants that the article is original, written by stated author/s, has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
3. User Rights
Under the Creative Commons Attribution 4.0 International (CC BY 4.0) license, the author(s) and users are free to share (copy and redistribute the material in any medium or format for any purpose, even commercially.) and adapt (remix, transform, and build upon the material for any purpose, even commercially.). Users must give appropriate credit, provide a link to the license, and indicate if changes were made.
4. Rights of Authors
Authors retain the following rights:
Copyright, and other proprietary rights relating to the article, such as patent rights,
The right to use the substance of the article in future own works, including lectures and books,
The right to reproduce the article for own purposes, provided the copies are not offered for sale, and
The right to self-archive the article.
5. Co-Authorship
If the article was prepared jointly with other authors, the signatory of this form warrants that he/she has been authorized by all co-authors to sign this agreement on their behalf, and agrees to inform his/her co-authors of the terms of this agreement.
6. Royalties
This agreement entitles the author to no royalties or other fees. To such extent as legally permissible, the author waives his or her right to collect royalties relative to the article in respect of any use of the article by Kompartemen or its sublicensee.
7. Miscellaneous
Kompartemen will publish the article (or have it published) in the Journal if the article’s editorial process is successfully completed and Kompartemen or its sublicensee has become obligated to have the article published. Kompartemen Experiences may conform the article to a style of punctuation, spelling, capitalization, and usage that it deems appropriate.
