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Veronica , Nia
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Analysis of Leverage Finance Company Oil & Gas Registered on the Indonesian Stock Exchange Veronica , Nia; Nofal, Muhammad; Rianty Bidin, Cici; Fera
JURNAL MANAJEMEN MOTIVASI Vol 22 No 1 (2026): Jurnal Manajemen Motivasi
Publisher : Universitas Muhammadiyah Pontianak

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29406/jmm.v22i1.9103

Abstract

This study examines the determinants of financial leverage in oil and gas companies listed on the Indonesia Stock Exchange. The objective is to analyze the effects of profitability, company growth, asset structure, and firm size on leverage measured by the Debt-to-Asset Ratio (DAR). Using panel data from 14 companies during 2022–2025 (56 observations), the study applies a Random Effects Model. The results show that only asset structure (tangibility) has a positive and significant effect on leverage, while profitability, growth, and firm size are insignificant. These findings imply that tangible assets are the primary consideration in debt financing decisions within Indonesia’s oil and gas industry.
Co-Authors Fera Nofal, Muhammad Rianty Bidin, Cici