Journal of Accounting Auditing and Business - Vol.3, No.1, 2020 10.24198/jaab.v3i1.24760 14 http://jurnal.unpad.ac.id/jaab – ISSN: 2614-3844 Capital Structure and Firm's Growth in Relations to Firm Value at Oil and Gas Companies Listed in Indonesia Stock Exchange M. Daffa Hammam Syaifulhaq Faculty of Economics and Business Universitas Padjadjaran Aldrin Herwany Faculty of Economics and Business Universitas Padjadjaran Layyinaturrobaniyah Faculty of Economics and Business Universitas Padjadjaran Abstract: The value of the firm is an investor's perception of the firm's success that is often associated with the performance of its shares. The height of the firm’s value indicating that the market believes in not only the firm's present condition but also in the firm's prospect. Several factors are thought to affect the value of the firm, like funding decisions, dividend policy, stock decision, firm growth and firm size. This study aims to see whether there is any effect of capital structure and the level of firm growth on firm value. The sample used in this study was six oil and gas companies listed on the Indonesia stock exchange in the 2013-2017 period. Regression analysis is built on an unbalanced panel data set. The results of this study indicate that the capital structure proxied by the variable debt to equity ratio has a negative coefficient direction but is not significant to the firm's value, while the growth rate has a positive effect coefficient direction on the firm's value but also not significant. Keywords: Debt to Equity Ratio; Asset Growth; Return on Equity; Price to Book Value. Introduction A firm must be able to improve its performance, which is designated by the level of increased productivity of the firm supported by management's commitment to the welfare of all interested parties to keep surviving in an increasingly competitive business environment. Improvement of firm productivity and performance is closely related to management's ability to determine its funding policy. The essence of the funding policy is to choose to use whether debt or equity to fund investment and firm operations. Management's ability and flexibility in choosing alternative among funding decisions is very limited in situations while the exchange rate has increased. The value of a firm is determined by the level of profitability and growth of the firm, both of which are very dependent on the company's strategy. The company's strategy is implemented through policies related to operational activities, funding, and investment. Based on the capital structure theory, it is stated that funding policy is how companies determine the capital structure that can optimize the value of the company and minimize the cost of capital. Firm value can be interpreted as the shareholders' expectation of the value of their investment (market value of equity) and or expectations of the total value of a company (market value of equity plus the market value of debt) so that the value of the company will reflect management's capability in determining its target capital structure, capability management in using its assets effectively and efficiently, and operational management capabilities in streamlining the production and distribution processes. Indonesia has a