This study aims to examine and analyze the Influence of Institutional Ownership, Firm Size, Asset Structure, Profitability, and Business Risk against Debt Policy. Object in this research is manufacturing campany listed on the Indonesian Stock Exchange period 2012-2016. While in the research, obtained the number of samples of 255 data selected by purposive sampling method. The analytical tool used is SPSS version 15 with multiple linear regression method. The independent variables used in this study are institutional ownership as measured by INSWN, company size measured by SIZE, asset structure measured by FTA, profitability measured by ROA, and business risk measured by BRISK. The dependent variable used is the debt policy measured by DER. Based on the analysis that has been done, the results obtained that the institusional ownership negatively significant effect on debt policy, firm size does not affect the debt policy, asset structure has a significant positive effect on the debt policy, profitability has a significant negative effect on debt policy, and business risk has no effect on debt policy.