The purpose of this research is to obtain empirical evidence about the effect of company size, sales growth, and free cash flow on debt policy with profitability as a moderating variable in non cyclicals sector companies listed in the Indonesia Stock Exchange during the period 2019-2021. This research used 90 samples were used with 30 companies using purposive sampling method and data processing techniques using multiple regression analysis and moderation regression analysis assisted by using E-views 10. The results of this research indicate that company size, sales growth, and profitability have a significant effect on debt policy, free cash flow does not have a significant effect on debt policy, profitability can moderate company size on debt policy, and profitability cannot moderate sales growth and free cash flow on debt policy.
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