This research aimed to examine the effects of free cash flow, managerial ownership and asset structur toward the debt policy either simultane ously or partially. The research sampling method was purposive sampling with the total of company number was 15 in criteria of manufacture industry listed in Indonesia stock exchange of year 2010-2012. Analysis method used in this research was doubled linear.
The research result showed thet free cash flow, managerial ownership and asset structur simultan ously affected positively toward the debt policy, accepted. Free cash flow effected positively toward debt policy, rejected. Managerial ownership affected negatively toward debt policy, rejected. Asset structur affected positively toward debt policy, rejected.