Objective - The objective of this study is to observe the effects of managerial ownership, institutional ownership, dividend policy, firm growth, business risk, liquidity, and profitability on debt policy.

Methodology/Technique - Using the purposive sampling method, secondary data were retrieved from 16 firms that fulfil the criteria of this study. Analysis was made through the multiple regression method.

Findings - The results of this research indicate that: (1) managerial ownership has a significantly negative effect on debt policy, (2) institutional ownership has no positive effect on debt policy, (3) dividend policy has no negative effect on debt policy, (4) firm growth has no positive effect on debt policy, (5) business risk has a significantly positive effect on debt policy, (6) liquidity policy has a significantly negative effect on debt policy, (7) profitability has no negative effect on debt policy, (8) managerial ownership, institutional ownership, dividend policy, firm growth, business risk, liquidity, and profitability, simultaneously, have a significant effect on debt policy.

Novelty - This study implies that all the independent variables are related to debt policy, simultaneously. This shows that the regression model has an appropriatefit in estimating the accrual value of the model.

Type of Paper: Empirical

Keywords: Business Risk, Debt Policy, Dividend Policy, Liquidity and Profitability, Managerial and Institutional Ownership.