This study aims to examine the impact of profitability, free cash flow and
investment opportunities on debt policy. The object of this research is using
conventional banking companies listed on the Indonesia Stock Exchange. The
data used are secondary data in the form of financial reports for the 2014-2019
period. The data collection technique used in this study was purposive sampling,
while the data analysis technique used in this study was statistical multiple linear
regression analysis. The analysis results show that profitability has a significant
effect on debt policy, free cash flow has a significant effect on debt policy, and
investment opportunities have a significant effect on debt policy.