: 10.56472/25835238/IRJEMS-V5I8P107
Lely Indriaty, Gen Norman Thomas. "Factors Affecting Capital Structure and Implications for Yield to Maturity of Corporate Bonds" International Research Journal of Economics and Management Studies, Vol. 5, No. 8, pp. 76-91, 2026. Crossref. https://doi.org/10.56472/25835238/IRJEMS-V5I8P107
This study aims to estimate, analyze, discuss and conclude that Liquidity (Current Ratio), Company Size (Size), Foreign Exchange (FOREX), Interest Rate (IR) and Profitability (Return on Assets) affect Capital Structure (Debt to Equity Ratio) and its implications for Yield to Maturity (YTM) of corporate bonds. The population is corporate bonds in the banking sector, which dominate corporate bond issuance in Indonesia. The sample was selected based on purposive sampling of 14 Bond Series listed on the Indonesia Stock Exchange (IDX) for the period 2020-2024. Furthermore, the results of the study show that SIZE and ROA have positive and significant effects on DER, while CR, FOREX and ROA do not have a significant effect on DER. In the next model, FOREX has a positive and significant effect on YTM, while DER, CR, SIZE, IR and ROA do not have a significant effect on YTM. Finally, the results of this study contribute to providing valuable information for creditors and prospective creditors that, when acquiring corporate bonds, pay attention to the company's internal factors, namely SIZE and ROA, which determine the DER condition, while the company's ability to meet yield to maturity is determined by external factors, namely FOREX.
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Corporate Bonds, Yield to Maturity, Capital Structure, Profitability, Liquidity, Company Size, Exchange Rate, Interest Rate.