Published: 2026-02-01

Gambaran Penerapan Pecking Order Theory Pada PT. Indofood CBP Sukses Makmur, Tbk

DOI: 10.35870/jemsi.v12i1.5680

Putri Aprilliya, Puja Firmasari, Catur Rahayu Novratiwi
  • Putri Aprilliya: Universitas Baiturrahim Jambi
  • Puja Firmasari: Universitas Baiturrahim Jambi
  • Catur Rahayu Novratiwi: Universitas Baiturrahim Jambi
Front Cover JEMSI Volume 12 Nomor 1 Februari 2026
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Abstract

This study aims to provide an overview of the implementation of capital structure policies based on the Pecking Order Theory (POT) at PT. Indofood CBP Sukses Makmur, Tbk., one of the manufacturing companies listed on the Indonesia Stock Exchange. The research employs a descriptive quantitative approach to assess the company’s financing patterns over time. The sample was selected using a purposive (non-probability) sampling method, deliberately chosen based on data feasibility, including relevance, availability, and completeness of indicators required to examine the hierarchy of the POT. The company’s financing decisions were analyzed using annual financial statements from 2016 to 2024, considering several variables such as Growth, Profitability, Debt to Asset Ratio (DAR), and Retained Earnings. According to the Pecking Order Theory, firms prefer to finance investments first with internal funds (retained earnings), followed by debt, and lastly through equity issuance. The descriptive analysis results show that the financing pattern implemented by PT. Indofood CBP Sukses Makmur, Tbk. consistently aligns with the hierarchy proposed by the Pecking Order Theory. The company tends to rely primarily on internal funds before resorting to debt and new equity issuance. These findings provide strong empirical evidence supporting the validity of the Pecking Order Theory in explaining corporate financing decisions and their implications for capital structure.

Keywords

Capital Structure; Pecking Order Theory; Growth; Profitability; Retained Earnings

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How to Cite

Aprilliya, P., Firmasari, P., & Novratiwi, C. R. (2026). Gambaran Penerapan Pecking Order Theory Pada PT. Indofood CBP Sukses Makmur, Tbk. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 12(1), 296-303. https://doi.org/10.35870/jemsi.v12i1.5680
Article Information

This article has been peer-reviewed and published in the JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.

  • Issue: Vol. 12 No. 1 (2026)

  • Section: Articles

  • Published: 2026-02-01

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Author Biographies
Putri Aprilliya, Universitas Baiturrahim Jambi
Google Scholar ResearchGate ORCID

Fakultas Humaniora, Universitas Baiturrahim Jambi.

Puja Firmasari, Universitas Baiturrahim Jambi
Google Scholar ResearchGate ORCID

Fakultas Humaniora, Universitas Baiturrahim Jambi.

Catur Rahayu Novratiwi, Universitas Baiturrahim Jambi
Google Scholar ResearchGate ORCID

Fakultas Humaniora, Universitas Baiturrahim Jambi.

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