This research aims to analyze the influence of Free Cash Flow, Leverage, Size, Life Cycle, Investment Opportunity Set, and Colateralizable Assets Towards Dividend Policy (Empirical Study on Manufacturing Companies Listed in Indonesia Stock Exchange and Thailand Stock Exchange Period 2014 and 2015). The sample of this research was the financial report of manufacturing companies listed on the Indonesian Stock Exchange and Thailand Stock Exchange. Study on sampling method using purposive sampling and companies that meet the criteria are totaled 74 manufacturing companies and 76 companies in Thailand. Research on sample data, there is an outlier which amounted 25 manufacturing companies in Indonesia and 16 companies in Thailand, the rest of the data processed amounted to 49 samples for manufacturing companies in Indonesia and 60 samples for manufacturing companies in Thailand. Analysis tool used is the Statistical Product and Service Solution (SPSS) version of 22.0. Based on the analysis of the obtained results has done that : (1) free cash flow does not affect dividend policy in Indonesia and Thailand ; (2) the leverage effect is positive towards the dividend policy in Indonesia and the potential negative effect of leverage against the dividend policy in Thailand ; (3) size effect negatively to dividend policy in Indonesia and size have no effect against the dividend policy in Thailand ; (4) the life cycle of the company do not affect dividend policy in Indonesia and the life cycle of the company negatively affects dividend policy in Thailand ; (5) the investment opportunity effect negatively against the dividend policy in Indonesia and investment opportunity has no effect on dividend policy in Thailand ; (6) collateralizable assets has no effect against the dividend policy in Indonesia and collateraliable assets effect negatively to dividend policy in Thailand ; and (7) the existence of differences in the influence of Free Cash Flow, Leverage, Size, Life Cycle, Investment Opportunity Set and Collateralizable Assets against the dividend policy in Indonesia and Thailand.