The study looked at how the debt-to-equity ratio affects financial ratios like dividend payout, stock return, and earnings per share in Indonesian infrastructure companies. They found that a higher debt-to-equity ratio is linked to better financial performance, especially when firm size and return on equity are taken into account. However, the relationship between firm size and dividend payout, as well as debt-to-equity ratio and stock return, was not significant. Overall, the study suggests that the way companies structure their capital can impact their financial health and success.