<![CDATA[This study examines the associations of asset growth, sales growth, and firm size with capital structure, proxied by the debt-to-equity ratio (DER), at PT Hutama Karya (Persero) during 2014–2025. Using twelve annual observations from secondary financial-report data, the study applies descriptive analysis, multiple linear regression, and classical diagnostic tests in SPSS 25. Asset growth exhibits a negative but statistically insignificant coefficient (B = −2.367; t = −1.679; p = .132). Sales growth is positively associated with DER (B = 3.675; t = 2.540; p = .035), while firm size has a negative association (B = −1.064; t = −2.721; p = .026). The overall model is statistically significant (F = 4.515; p = .039), with R² = .629 and adjusted R² = .489. The results offer company-specific longitudinal evidence on financing patterns in an Indonesian state-owned infrastructure enterprise. Given the small sample and unresolved serial-correlation diagnostic, the findings should be interpreted as associations rather than causal effects]]>
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