ABSTRACT
This paper analyzes the capital structure of ASEAN-5 countries’ construction and infrastructure transportations firms. The research derived results from a panel data model that allows interaction between the firm’s leverage and another firm’s characteristics. Our findings unveil that Profitability has a significant effect on leverage in Indonesia, Malaysia, Singapore, and the Philippines. Tangibility has no significant effect on leverage. Size has a significant effect on leverage in Malaysia, Thailand and the Philippines. Liquidity has no significant effect on leverage. Net profit margin has a significant effect on leverage in Malaysia and the Philippines. Total asset turnover has a significant effect on leverage in Indonesia. While for the ASEAN-5 scope in general, Leverage is significantly influenced by Profitability and Total Asset Turnover.
