摘要：This research aim to test the impact of capital structure to company debt policy. The capital structure consisted by insider ownership,institutional investor,and shareholder dispersion. This research use sample of all manufacturing business which enlisted in Jakarta Stock Exchange during year of l999 - 2002. result of partial test indicated that shareholder dispersion variable have a significant effect to company debt policy. Examination by simultaneously indicate that all component of capital structure have a significant effect on negativity to company debt policy. Equally,all variables mirroring expense of agent serve to purpose of instrument of determinant of debt policy to minimize agency cost.
关键词：insider ownership;shareholder dispersion;institutional investors;debt ratio
