The Impact of Capital Structure on Business Scale Acceleration In Digital Entrepreneurial Companies: A Comparative Study of Pre And Post-Ipo at The Indonesia Stock Exchange (Idx)

Authors

  • Harits Hijrah Wicaksana Universitas Esa Unggul
  • Muhamad Yayandi Universitas Sali Al-Aitaam

Keywords:

Capital Structure, Digital Startup, IPO, Revenue Growth, Scaling Acceleration

Abstract

This study aims to analyze the impact of capital structure on the scaling-up acceleration of digital entrepreneurial firms in Indonesia, specifically those that have conducted Initial Public Offerings (IPOs) on the Indonesia Stock Exchange (IDX). Using PT Bukalapak Tbk as a case study, secondary data from financial reports for the years 2019–2023 were analyzed to compare conditions before and after the IPO. The analytical method employed was a paired t-test on the Debt to Equity Ratio (DER) and revenue growth. The results revealed a significant change in capital structure post-IPO, which influenced the company's business scaling acceleration. This study provides implications for financing strategies of digital startups in their growth phase.

References

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Published

2025-10-27

Issue

2025: Proceedings of International Conference on Islamic Community Studies

Section

Articles

License

Copyright (c) 2025 Harits Hijrah Wicaksana, Muhamad Yayandi

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This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.