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This study examines the effect of ownership structures (insiders ownership, shareholders dispersion and institutional investors) on debt policy. The variable that has a significant influence is institutional investors, while the insiders ownership variable has no significant effect but the direction of the inverse relationship with the debt ratio is in accordance with the theory. Shareholders dispersion variable does not have a significant influence and the direction of the relationship is notdoi:10.32938/jie.v2i2.553 fatcat:noclh2alhzavpogc6fi7onzqbu