The article explores what factors influence how companies in Malaysia and Indonesia choose to finance their operations. By studying 237 manufacturing firms from 2005-2012, the researchers found that firm size, profitability, and tangible assets play a big role in determining how much debt a company takes on. In Malaysia, liquidity and share price performance also affect leverage, while in Indonesia, firm size and liquidity have an impact. Additionally, economic factors like inflation and interest rates influence overall debt levels. The findings support different theories about how companies make financial decisions, and show that these factors were important both before and after the 2008 financial crisis.