JURNAL MANAJEMEN MOTIVASI
Vol 22 No 1 (2026): Jurnal Manajemen Motivasi

Analysis of Leverage Finance Company Oil & Gas Registered on the Indonesian Stock Exchange

Veronica , Nia (Unknown)
Nofal, Muhammad (Unknown)
Rianty Bidin, Cici (Unknown)
Fera (Unknown)

Article Info

Publish Date
30 Jun 2026

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.

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Journal Info
JURNAL MANAJEMEN MOTIVASI
Website

Abbrev

jm_motivasi

Publisher

Universitas Muhammadiyah Pontianak

Subject

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

Description

Jurnal Manajemen Motivasi (JMM) adalah Jurnal Ilmiah Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Pontianak yang diterbitkan secara berkala 2 (dua) kali dalam satu tahun (Juni dan Oktober) sebagai sarana untuk menyebarluaskan hasil penelitian dan ilmu pengetahuan di bidang ilmu manajemen ...