<![CDATA[When managers are responsible for maximizing shareholder value, in most cases, they can steer the company in a direction that benefits them over the owners. However, this will result in agency costs if the salary of management is not related to the company's value. This study aims to analyze the effect of Foreign Ownership and Oligarch Ownership on the Debt Leverage of Companies in Indonesia. The method used in this study is panel data analysis with a sample of companies listed on the Indonesia Stock Exchange. The results showed that Foreign Ownership's influence had no significant effect on Debt Leverage. On the other hand, the power of Electoral Oligarch Ownership had a positive and significant impact on Debt Leverage. Furthermore, firm Size, Profitability, Dividend Ratio, Growth, and Inflation Rate did not affect Debt Leverage, while (Firm Age, Fixed Assets, and Liquidity ) affected Debt Leverage.]]>
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