Financing decision is a decision that is made by the company in order to finance either their operational or non-operational activities. Financing decision could be derived in two primary categories which is internal or external financing activity. Debt policy is one of the most important financing decisions for the company. All companies in every industry including the agriculture industry needs debt to finance its activity. Thus, it is important to figure out the determinants of debt policy. The main purpose of this study is to examine the impact of the profitability, free cash flow, asset structure and ownership concentration on debt policy of Indonesian agriculture public listed firms. Data collected from 7 companies from 2013 to 2017 were analyzed using multiple regression. Current study found that profitability and asset structure have negative effect on the debt policy. Furthermore, the study also found that free cash flow policy and ownership concentration have no affects the debt policy. The results of this research indicate that partially, profitability has an significant negative impact on debt policy, free cash flow has an insignificant negative impact on the debt policy, asset structure has an insignificant positive impact on the debt policy. Simultaneously, profitability, free cash flow, asset structure and ownership concentration have a significant impact on the application of accounting conservatism.