The purpose of this study was to analyze effects of profitability, Fixed Asset Ratio (FAR), Exchange Rate Risk (ExRisk) and growth on the capital structure / leverage of state-owned enterprises (SOE). This research was conducted at 7 state-owned construction enterprises in Indonesia. The results of this study indicated a positive and significant influence between profitability on the leverage of SOE Karya companies. The existence of a negative and significant influence betw could een Fix Asset Ratio on the leverage of SOE Karya. There was a positive influence between the variables growth and leverage but the statistical value was not significant. Exchange rate risk has a positive but not significant effect on leverage. Keywords: profitability, Fix Asset Ratio, growth, Exchange rate risk . leverage
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