The purpose of this study is to examine the effect of institutional ownership, dividend policy, profitability and firm size on debt policy at manufacturing companies listed on the Indonesia Stock Exchange in the period 2012-2016. The institutional variables are measured using the formula of the institutional number of the year divided by the number of shares outstanding at the end of the year, the dividend policy is measured using the Dividend Payout Ratio (DPR), profitability is measured using Return On Assets (ROA) as well as firm size measured using natural logarithmic formula. Debt policy is measured using Debt Equity Ratio (DER) as the dependent variable. Sampling technique using purposive sampling technique. Based on this technique obtained a sample of 146 data from 33 manufacturing companies listed on the Indonesia Stock Exchange during the period 2012-2016. The method of analysis in this study using Multiple Linear Regression Analysis. The results of this study indicate that institutional ownership has a significant negative effect on debt policy. Dividend policy has a significant negative effect on debt policy. Profitability has a significant negative effect on debt policy. Company size does not have a significant positive effect on debt policy.