This study aims to analyze the influence of leverage, profitability, institutional ownership, investment opportunity set, liquidity to dividend policy study on Manufactur companies listed in BEI period 2012 – 2016. In this study, sampes of 177 were selected using purposive sampling method. Analysis tool in this study is SPSS 16 and Eviews 7. Based on the analysis that have been made the result are leverage and institusional ownership does not effect to dividend policy, while investment opportunity set (IOS) and liquidity has significant positive effect to dividend policy. Profitability has the negative and significant effect to dividend policy.