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As the investment activity in companies go, they surely will need a certain amount of fund to make sure they able to grab the investment opportunity they faced. There are many ways for company to acquire the fund they needed, using retained earnings as the way to exploit their internal finance is one way of it, and the other way is by issuing bond or stock. Within field of finance, there are two most contradicting theories which are pecking order theory and trade-off theory. Using the sample of public companies in Indonesian Stock Exchange, we examine the funding decision of all companies (exclude finance industry) in Indonesia. We find that, while large firms exhibit some aspect of pecking order behavior, the evidence is not robust to the inclusion of conventional leverage factors. Financing deficit is less important in explaining net debt issues over time for firms of all sizes.