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This study contributes to the literature by uncovering the factors that influence the determination of corporate debt levels in manufacturing industries in Indonesia. Thus, companies that have a low non-debt tax shield will increase their debt to get compensation for tax deductions from interest expenses, while companies with a high risk level prefer internal financing to decrease the debt level. The results showed that the non-debt tax shield had a significant negative effect on capital structure, while business risk had a positive effect. Hypothesis testing was carried out using a fixed effect panel regression model. The data in this study were collected from the financial reports of 137 manufacturing companies in Indonesia from 2014 to 2019. This study aims to determine the effect of non-debt tax shield and business risk on capital structure. Capital structure decision is an important act made by company’s financial manager as mismanagement causes financial distress.
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