Firms with high tangibility have low financial performance (ROA) Therefore, firms should have appropriate structure of tangible assets over total assets,Growth Opportunity (GROW) is significantly positively correlated with ROA in all 3 models TDA. LDA, SDA for both cases (total samples and SOEs). In economic sense, this evidence is appropriate, both theoretically and practically, as firms with high growth opportunities also have high financial performance. Firm size (size) is positively correlated with ROA (confidence level 99%) in both TDA significant and LDA models for both cases (total samples and SOEs). However, there has not been statistically significant results of a negative relation between firm size and ROA for SDA model. The study shows that the bigger the firm size of firms with long term-debt is the higher financial performance (ROA) they have: and it tends to be easier for firms with large size to access long-term debts.