This research examined the influence of profitability, free cash flow, institutional ownership, investment opportunity set, on leverage policy. The research objects were textile companies listed in the Indonesian Stock Exchange periode 2008-2016. The selected samples using purposive sampling consisted of 111 samples. The analysis tool used in thin research was multile linear regression wit Eviews 9.0 as the analytical application. The result from this research showed that profitability and free cash flow had a significantly negative effect on leverage policy, and institutional ownership and investment opportunity set had a significantly positive effet on leverage policy.