<![CDATA[This research aimed to examine the effect of managerial ownership, institutional ownership, and profitability on debt policy. Samples are used by non-bank companies listed on the Indonesia Stock Exchange from 2013-20017. Managerial ownership is measured using the percentage of shares held by managers. Institutional ownership is measured by the percentage of shares held by the institution. Company profitability is measured using Profit Margin, while debt policy is measured using the debt to equity ratio (DER). Testing used multiple regression. The results of this study indicate that managerial and institutional ownership negatively affects debt policy. Profitability has a positive effect on debt policy Keyword: managerial ownership, institutional ownership, profit margin, debt to equity ratio (DER) ABSTRAK Penelitian ini bertujuan menguji pengaruh kepemilikan manajerial, instistusional, dan profitabilitas terhadap kebijakan utang. Sampel digunakan perusahaan non bank yang terdaftar di Bursa Efek Indonesia dari tahun 2013-20017. Kepemilikan manajerial diukur menggunakan prosentase saham yang dimiliki oleh manajer. Kepemilikan institusional diukur dengan prosentase saham yang dimiliki oleh institusi. Profitabilitas perusahaan diukur dengan menggunakan Profit Margin, sedang kebijakan hutang diukur dengan menggunakan rasio hutang terhadap ekuitas (DER). Pengujian digunakan regresi berganda. Hasil penelitian ini menunjukkan bahwa kepemilikan manajerial dan institusional berpengaruh negatif terhadap kebijakan hutang. Profitabilitas berpengaruh positif terhadap kebijakan hutang. Kata kunci: Kepemilikan Manajerial, Kepemilikan Institusional, Profit Margin, Debt to Equity]]>
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