The objective of this research is to examine. The effect of Profitability, Investment Opportunity Set, Leverage and Liquidity on Dividend Policy by Manufacturing Companies that listed on Indonesian Stock Exchange (IDX) period 2012-2016. The Variabel Profitability a measured by Return On Assets (ROA), Investment Opportunity Set a measured by Capital Additional to Book of Assets Ratio (CAP/BVA), Leverage a measured by Dept to Equity Ratio (DER), Liquidity a measured by Cash Ratio (CR), and Dividend Policy a measured by Dividend Payout Ratio (DPR). Based on Purposive Sampling tecnique, it got 97 sample by Manufacturing Companies that listed on Indonesian Stock Exchange (IDX) period 2012-2016. The method it got analysis of this research was multiple regression. The result of this research showed Profitability and Liquidity have signification positive effect on Dividend Policy, Investment Opportunity Set and Leverage have signification negative effect on Dividend Policy. That simultaneous effect of all four independent variable have signification effect on Dividend Policy.