The purpose of this study was to investigate the profitability, leverage, investment opportunity set (IOS), and firm size to dividend policy. This study focused on Manufactur companies listed in Bursa Efek Indonesia for period 2012-2016. This study used purposive sampling method in order to collect the sample. Based on certain criteria, there were 170 Manufactur companies that matched with the sample. The statistical method used in this study was multiple regression. The result of this study the simultaneous testing showed that leverage, investment opportunity set (IOS) has un-significant effect to dividend policy. Meanwhile, profitability and firm size has the positive and significant effect to dividend policy.