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)

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 ttest 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.