Debt policy is a very important decision in the company because debt policy  is one part of the company's funding policy. This research aims to analyze the influence of Free Cash Flow, Dividend Policy, Institutional Ownership and Firm Size to Debt Policy (study on company Property, Real estate, & Building construction  listed on the Indonesia stock exchange 2011-2014). The population in this research are service companies from Property, Real estate & Building contruction sector listed on Indonesia stock exchange 2011-2014 and the samples are taken purposively. Using STATA programs, data is being processed for panel data regression analysis, assumptions test of classical regression panel data  and t-test for partial testing. The result shows that free cash flow and firm size have positive significant effect to debt policy, while institutional ownership and policy dividend have not significant effect to debt policy. 
Keywords : Debt Policy, Free Cash Flow, Institutional Ownership, Dividend Policy, and Firm Size.