The purpose of this research is to examine the effect of profitability, liquidity, company size and investment opportunity set to dividend payout ratio. The independent variabel in this study is the profitability, liquidity, company size and investment opportunity set, and dividend payout ratio as a dependent variabel. This research use secondary data by taking samples at manufacturing companies listed in Indonesia stock exchange in 2011-2014. This study using purposive sampling method. The number of samples acquired is 29 samples companies the last four years. Analysis of this study using multiple regression analysis with EVIEWS7 program. The result of the research show that profitability and investment opportunity set have a positive significant influence on dividend payout ratio. Company size and Liquidity have not significant influence on dividend payout ratio.