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This study evaluates the impact of firm and industry level determinants plus ownership concentration on the capital structure decisions in Indonesia. This study finds that growing firms seem to employ high level of debt, taking advantage of the tax shield as explained by the trade-off theory. However, if the firms are operating in a highly dynamic environment they tend to take on less debt as to avoid bankruptcy risk. Known to be in a highly concentrated ownership structure, firms in Indonesia opt to debt financing perhaps to act as a controlling mechanism to mitigate agency conflicts that may exist between the large controlling shareholders and the minority. Aged and highly profitable firms with high tangible and intangible assets and liquidity level operating in a high munificence environment follow the pecking order theory. The insights on the impact of industry characteristics are novel especially on emerging market thus fill the gap in the literature. [ABSTRACT FROM AUTHOR]

This study examines the impact of ownership structure on the debt financing of 556 Shari'ah compliant firms in Malaysia from 2000-2015. This study reveals that the nature of family-owned firms does have great influence in the debt financing decisions and being closely guided by the Shari'ah principles with the restriction imposed on the debt consumption level allowed seem to have significant effect on the debt financing of Shari'ah-compliant firms understudy as well. Fear of the dilution of controlling power over the firms for these family owned and the characteristics of Shari'ah-compliant being governed by certain Shari'ah regulation have significant influence on debt consumption in the capital structure. Certain significant determinants seem to enhance the unique nature of these firms regarding the debt financing decision. This study contributes to the literature by providing insights of the factors affecting the debt financing of family owned, Shari'ah-compliant firms in Malaysia. [ABSTRACT FROM AUTHOR]