<![CDATA[Capital structure is a crucial financial decision for companies because it relates to business sustainability and financial risk, particularly in the oil and gas sector, which is characterized by capital intensity and high volatility. This study aims to analyze the effect of Equity Market Timing (EMT), Growth Opportunity (GO), Asset Tangibility (AT), and Profitability (ROA) on capital structure, as proxied by the Debt to Equity Ratio (DER), in oil and gas companies listed on the Indonesia Stock Exchange for the 2021–2024 period. The study used secondary data with a purposive sampling method, resulting in a sample of 19 companies with a total of 76 observations. The analysis was conducted using panel data regression with the assistance of EViews software. The selection of the best model through the Chow Test and the Hausman Test indicated that the Fixed Effect Model (FEM) was the most appropriate model. The partial test results showed that EMT had a significant positive effect on capital structure, while AT and ROA had a significant negative effect. Meanwhile, GO had no significant effect on capital structure. Simultaneously, all independent variables had a significant effect on capital structure. This finding confirms that the funding policies of oil and gas companies are influenced by strategic equity, asset characteristics, and the company's level of profitability.]]>
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