This research examined the influence of investment opportunity set, institutional ownership and profitability on dividend policy with leverage as an intervening variable. The research objects were manufacturing companies listed in the Indonesian Stock Exchange period 2012-2016. The selected samples using purposive sampling consisted of 208 samples. The analysis tool used in this research was multiple linear regression with Eviews 7 as the analytical application. The results obtained in this study are: 1) investment opportunity set has a significantly positive effect on leverage, 2) institutional ownership has a significantly positive effect on leverage, 3) profitability has a significantly negative effect on leverage, 4) investment opportunity set has a significantly positive effect on dividend policy, 5) institutional ownership has a significantly positive effect on dividend policy, 6) leverage has a significantly negative effect on dividend policy, 7) profitability has no effect on dividend policy. Leverage can be intervening on the effects of investment opportunity set, institutional ownership and profitability on dividend policy