This study aims to determine how much influence of debt policy, institutional ownership, profitability on firm value with dividend policy as intervening variable at manufacturing company listed in Indonesia Stock Exchange during Period 2012-2015. The sampling method used in this study purposive sampling. The number of samples in this study as many as 161 manufacturing company. The data in this study using Multiple Regression Analysis with Eviews 7. The results of this study prove debt policy doesn’t have significant effect on firm value, institutional ownership doesn’t have significant effect on firm value, dividend policy has positive and significant effect on firm value, debt policy has negative and significant effect on dividend policy, institutional ownership doesn’t have significant effect on dividend policy, profitability has positive and significant effect on dividend policy, and profitability has positive and significant effect on dividend policy, debt policy has significant effect to firm value on dividend policy, institutional ownership doesn’t have significant effect to firm value on dividend policy, profitability has significant effect to firm value on dividend policy.