“…Research by (Ekawati & Siswoyo, 2015), found that debt policy has a positive effect on dividend policy. However, the research of (Mangundap, Ilat, & Pusung, 2018), (Trisnadewi, Rupa, Saputra, & Mutiasari, 2019) found that debt policy negatively affects dividend policy. Meanwhile, the research of (Erni Alfisah, 2018), (Rafique & Zafar, 2012), (Setiawati & Yesisca, 2016) actually found that debt policy has no effect on dividend policy.…”