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This study aimed to determine the effect of stock ownership by

management, stock ownership by institutions and debt policy to company value,
and determine the effect of stock ownership by management and ownership by
institutional to company value through debt policy. The population in this study
is all public companies listed non-financial institutions in Indonesia Stock
Exchange (BEI) in the period 2008-2011. While taking sample technique
using purposive sampling is sample taking with certain criteria. The number of
samples that meet the criteria of a sample of 40 companies. To test the
hypothesis using linear regression analysis.
Test results found that managerial ownership proved to have a
significant positive effect on company value. Whereas institutional ownership
does not significant effect of on company value and debt policy affect company
value. This research also found that managerial ownership have indirect effect
on company value through debt policy, whereas institutional ownership does
not affect directly or indirectly.
Keywords: managerial ownership, institutional ownership, debt policy, the
value of the company