Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Dividen, Struktur Aktiva, Free Cash Flow, Pertumbuhan Penjualan Dan Ukuran Perusahaan Terhadap Kebijakan Utang (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia pada Periode 2012-2015)

Debt policy is policy taken by management in order to obtain sources of funding for the company to finance the company’s operational activities. This research aims to analyze and obtain empirical evidence about the effects of managerial ownership, institutional ownership, dividend policy, tangibility of fixed assets, free cash flow, growth sales, and firm size to debt policy. Independent variables were used managerial ownership, institutional ownership, dividend policy, tangibility of fixed assets, free cash flow, growth sales, and firm size. Dependent variable was used debt policy. The research population was manufacturing companies listed in Indonesia Stock Exchange (IDX) in period of 2012-2015. Sample was collected by purposive sampling method. Total 48 manufacturing companies were taken as study’s sample. Analysis method of this research used multiple regression. The results of this research showed that managerial ownership, institutional ownership, dividend policy, free cash flow, growth sales, and firm size did not significantly effect to debt policy. As for tangibility of fixed assets has positive significantly effect to debt policy. The determination coefficient result showed 38%. That’s about 38% indicated the ability of the independent variables explained the dependent variable while 62% explained by the other variables