This study aims to prove the effect of institutional ownership, managerial ownership, company growth and free cash flow on debt policy. In this study, the samples were consumers goods sectors companies listed in the Indonesia Stock Exchange during 2015-2019 periods determined using a purposive sampling method. The data analysis technique used is multiple liniear regression analysis with SPSS 23. The study indicated that both institutional ownership, managerial ownership and free cash flow have a positive effect on debt policy, in contrast, company growth has no effect on debt policy.