This study aims to examine and analyze the Influence of Institutional Ownership, Leverage, profitabilty, Firm Size, and liquidity against Dividen Policy. Object in this research is manufacturing campany listed on the Indonesian Stock Exchange period 2012-2016. While in the research, obtained the number of samples of 165 data selected by purposive sampling method. The analytical tool used is SPSS version 16 with multiple linear regression method. The independent variables used in this study are institutional ownership as measured by INST, Leverage maesured by DER, Profitability measured by ROA, company size measured by SIZE, and Liquidity measured by CR. The dependent variable used is the dividen policy measured by DPR. Based on the analysis that has been done, the results obtained that the institusional ownership has a significant positive effect on dividen policy, leverage has a significant negative effect on dividen policy, profitability has a significant effect on dividen policy, firm size has a significant affect the dividen policy, and liquidity has no effect on dividen policy.