The study looked at what factors affect how real estate, property, and construction companies in Indonesia choose how much debt to use. They analyzed data from 25 listed firms and found that factors like profitability, size, and liquidity make companies less likely to use debt. On the other hand, having non-debt tax shields makes them more likely to use debt. The study also found that these companies have a target amount of debt they aim for, and they adjust their debt levels by about 80% each year to reach that target. It takes them around three years to get to their desired debt levels.