This research aims to test the influemce of likuidity, leverage, firm size and investment opportunity set (ios) to dividend policy on manufacturing companies listed on the Stock Exchange period of 2011-2015. The sampling method used in this research is purposive sampling. On this research obtained a sample of 182 with a period of observation for 5 years. Data analysis techniques used to multiple linear regression with Eviews. The results obtained that the likuidity has positive not significantly effect on the dividend policy, leverage has positive not significantly effect on the dividend policy, firm size has negative not significantly effect on the dividend policy, and investment opportunity set (ios) has a significantly positive effect on the dividend policy. So that it can be concluded that only the investment opportunity set (ios) has influence on the dividen policy.