This research relates to globalization, in which many developed regions are gradually opening up their financial markets to attract international investors. Foreign investment has an important role in the economy, especially in developing countries. One aspect of management that needs attention is that financial issues are important for business continuity. The finances of a business are related to the source of capital and its use. The more effective the use and management of capital, the more profitable it will be for the business. So that the company's funds can be fully filled. Sources of financing can be selected or identified, whether they come from equity or from outside the company. The population in this study are manufacturing companies listed on the Indonesia Stock Exchange, with a sample of 73 companies over a research period of 3 years (2019–2021) using a purposive sampling technique. To test the hypothesis, multiple regression analysis was used with a significance level of 0.05. The results showed that disclosure of foreign ownership (BS) had a positive and significant effect on debt leverage. In addition, this study also found that variable asset management (AM) has a negative but not significant effect on debt leverage. The results of this study provide information that indicates that foreign ownership further increases the level of asset adjustment in overleveraged companies. In addition, total investment turnover (TATO) and engagement (DER) affect debt leverage.