Universal Journal of Accounting and Finance 10(2): 411-424, 2022 http://www.hrpub.org DOI: 10.13189/ujaf.2022.100205 Manufacturing Company Debt and Its Moderation Effect on Capital Structure: The Case of Public Company in Indonesia Isti Pujihastuti 1,* , Ujang Maman 2 , Iwan Aminudin 2 , Kuncoro Hadi 3 , Hanny Nurlatifah 3 , Rusdiono Mukri 4 , Sudirah 5 1 Department of Management, Faculty of Economy and Business, Universitas Islam “45” Bekasi, Indonesia 2 Agribusiness Post Graduate Program, Faculty of Science and Technology, Universitas Islam Negeri Syarif Hidayatullah Jakarta, Indonesia 3 Department of Management, Faculty of Economy and Business, University of Al-azhar Indonesia, Indonesia 4 Sahid Islamic Entrepreneurial University, Indonesia 5 Faculty of Law, Social and Political Science, Universitas Terbuka Indonesia, Indonesia Received October 19, 2021; Revised January 11, 2022; Accepted February 8, 2022 Cite This Paper in the following Citation Styles (a): [1] Isti Pujihastuti, Ujang Maman, Iwan Aminudin, Kuncoro Hadi, Hanny Nurlatifah, Rusdiono Mukri, Sudirah , "Manufacturing Company Debt and Its Moderation Effect on Capital Structure: The Case of Public Company in Indonesia," Universal Journal of Accounting and Finance, Vol. 10, No. 2, pp. 411 - 424, 2022. DOI: 10.13189/ujaf.2022.100205. (b): Isti Pujihastuti, Ujang Maman, Iwan Aminudin, Kuncoro Hadi, Hanny Nurlatifah, Rusdiono Mukri, Sudirah (2022). Manufacturing Company Debt and Its Moderation Effect on Capital Structure: The Case of Public Company in Indonesia. Universal Journal of Accounting and Finance, 10(2), 411 - 424. DOI: 10.13189/ujaf.2022.100205. Copyright©2022 by authors, all rights reserved. Authors agree that this article remains permanently open access under the terms of the Creative Commons Attribution License 4.0 International License Abstract Debt is one of the important sources of fund for Indonesian companies. The previous research of manufacturing companies listed on Indonesia Stock Exchange (IDX) in 2015-2017 indicated debt to equity ratio is 111%. The debt could probably cause disadvantages. There are requirements from external parties when companies request sources of funds, especially when conducting Initial Public Offerings (IPOs). There should also be debt covenants between company and debtor. However, the proper debt management will have a positive effect on capital structure. Therefore, this research aims to explore the effect of long-term debt (LTD), fixed assets (FA), earnings per share (EPS) and net income (NI) on capital structure (CS), assuming that LTD will moderate the effect of FA, EPS, and NI on equity. The research sample is 32 of manufacturing companies that conducted IPOs on IDX in period of 2018-2020, which were purposively taken based on the criteria of publishing annual financial report and having complete data needed in this research. Fortunately, the research found 11 companies for 2018; 9 companies for 2019; and 12 companies for 2020. The multiple linear regressions with cross data section show NI, FA, and EPS affect CS significantly; while LTD does not influence CS. However, the LTD significantly quasi-moderates the effect of FA on CS. While the LTD significantly moderates purely the effect of NI on CS. Therefore, the companies should manage the NI for investment in FA and increase the effectiveness of LTD’s management in optimizing capital structure. Keywords Initial Public Offering, Company Debt, Fixed Assets, Earnings Per Share, Net Income, Equity 1. Introduction Sources of company funds can ensure the implementation of effective organizational processes. On the other hand, the lack of funds has a serious impact on the company, the production process falters, the company's sales are hampered, then the company's goals as a profit-oriented institution cannot be achieved, and the company's profits decline. It is clear that on a micro scale