<![CDATA[This study aims to examine the effects of asset structure, profitability, and liquidity on the capital structure of pharmaceutical companies listed on the Indonesia Stock Exchange during the 2021–2025 period. The research is motivated by fluctuations in the Debt-to-Equity Ratio (DER), indicating instability in corporate financing decisions amid operational challenges arising from dependence on imported raw materials. This study employed a quantitative approach using secondary data obtained from the annual financial statements of pharmaceutical companies. The sample was selected through purposive sampling, resulting in seven companies with a total of 35 observations. Data were analyzed using multiple linear regression with SPSS version 26, incorporating classical assumption tests, partial (t-test), simultaneous (F-test), and coefficient of determination analyses. The findings reveal that asset structure and liquidity have a negative and significant effect on capital structure, whereas profitability has no significant effect on capital structure. Simultaneously, asset structure, profitability, and liquidity significantly influence capital structure, with an Adjusted R² of 0.829, indicating that 82.9% of the variation in capital structure is explained by these three variables. These findings suggest that financing decisions in pharmaceutical companies are more strongly influenced by asset management and short-term liquidity than by profitability. This study provides practical implications for corporate management in formulating optimal financing policies and offers valuable insights for investors in assessing the financing risk and financial condition of pharmaceutical companies.]]>
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