The study looked at how a company's mix of debt and equity affects its financial performance in the energy sector of Bursa Malaysia. They found that having more total debt didn't have a clear impact on financial performance. Short-term debt was slightly good for return on equity, while long-term debt was slightly good for return on assets. But both types of debt were bad for earnings per share. The study suggests that companies should be careful about increasing their debt levels, especially long-term debt, as it can hurt their earnings.