<![CDATA[This study examines associations between asset structure, profitability, liquidity, and capital structure using 42 firm year observations from seven Indonesian food and beverage firms during 2019-2024. Financial ratios were reconstructed from underlying statement accounts; asset structure is measured as non-current assets divided by total assets. Pooled OLS with firm clustered standard errors shows negative associations for asset structure (B=-1.502, p=.010) and liquidity (B=-.278, p=.020), while profitability is not significant (B=.635, p=.675). The model explains 56.9% of sample variation in DER. Random intercept, fixed effects, post listing only, and influential observation checks show that liquidity has the most stable negative pattern, whereas asset structure significance is specification sensitive. The evidence supports cautious pecking order interpretation while highlighting firm heterogeneity and measurement boundaries.]]>
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