PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, KEBIJAKAN DIVIDEN, STRUKTUR ASET, FREE CASH FLOW DAN RISIKO BISNIS TERHADAP KEBIJAKAN HUTANG

The debt policy is the ability of a company to pay off debts to creditors. This debt policy is affected by several factors so the purpose of this study to determine the effect of managerial ownership, institutional ownership, dividend policy, asset structure, free cash flow, and business risk to debt policy. The study objects used is LQ-45 companies in Indonesia Stock Exchange in 2012-2015. This study used a purposive sampling technique in determining the sample study. The number of companies chosen as the sample in 129 company of 196 companies in LQ-45. Data analysis method used in this research is descriptive analysis, classical assumption test, and multiple linear regression analysis to test hypothesis using SPSS 23 for Windows. The analysis showed that asset structure and free cash flow significantly effect to debt policy while managerial ownership, institutional ownership, dividend policy, asset structure, free cash flow, and business risk has no significant effect on capital structure. Keywords : debt policy, managerial ownership, institutional ownership, dividend policy, asset structure, free cash flow, and business risk