This study aimed to analyze the influence of managerial ownership, leverage, investment opportunity set, and profitability of the dividend policy on manufacturing companies listed on the Stock Exchange period 2011-2015. The sampling method used in this research is purposive sampling. The number of samples in this study were 54 companies. Data analysis in this study using multiple linear regression with SPSS. The results of this study prove that managerial ownership has no significant effect on dividend policy, leverage positive and significant effect on dividend policy, the investment opportuniy set no significant effect on dividend policy, and the profitability of positive and significant effect on dividend policy.