This study aims to examine the effects of profitability, liquidity, growth, leverage, and size of the firm against dividend policy. The object of this research is a manufacturing company listed on the Indonesia Stock Exchange in 2012 until 2016. Sampling technique in this research is purposive sampling and got sample counted 160. Analyzer used in this research is doubled linear regression through SPSS 21.00. The results of this study indicate that: 1) profitability has a significant positive effect on dividend policy, 2) liquidity has no significant negative effect on dividend policy, 3) growth has no significant negative effect on dividend policy, 4) leverage has significant positive effect on dividend policy, and 5 ) firm size has a significant positive effect on dividend policy.