: Debt Equity (DER) is a policy taken by the management to obtain financial resources earmarked for operational activities of the company. This research analyzes the influence of managerial ownership, institutional ownership, firm size, firm growth, free cash flow and profitability on the debt policy of the firm. A total of 39 companies were chosen as sample. Multiple-regression is used to analyze data in this study. The results showed that managerial ownership, institutional ownership, the company's growth and profitability significantly and negatively related to debt policy. The size of the company has a positive effect on debt policy and free cash flow doesn't have effect to the debt policy.