The purpose of this research is to examine the effect of free cash flow, profitability, leverage, business risk, and investment opportunity set toward dividend policy in manufacture company which listed in Indonesia’s stock exchange periode 2012- 2016. This research uses secondary data with purposive sampling as method of determination sample. The result of this research is 229 company samples. With the analysis technique used is multiple linear analysis. The results of free cash flow research, business risk and investment opportunity set have a significant effect on dividend policy while profitability and leverage have no significant effect on dividend policy.