This research examined the influence of profitability, institutional ownership, firm growth, activity ratio, and firm size to dividend policy. The research objects were manufacturing companies listed in the Indonesian Stock Exchange period 2012-2016. The selected samples using purposive sampling consisted of 194 samples. The analysis tool used in this research was multiple linear regression with Eviews 7 as the analytical application. The results obtained in this study are: 1) profitability has no effect on dividend policy, 2) institutional ownership no effect on dividend policy, 3) Firm Growth has a significantly negative effect on dividend policy, 4) Activity ratio has a significantly positive effect on dividend policy, 5)firm size has a significantly positive effect on dividend policy.