This study aims to analyze and examine the effect of profitability, liquidity, investment opportunity set and company size on dividend policy. The dependent variable of dividend policy is measured using Dividend Payout Ratio (DPR). The independent variables in this study are profitability measured using Return On Assets (ROA), liquidity measured using Current Ratio (CR), the investment opportunity set measured using Market to Book Value of Equity (MVE / BVE) and company size measured using Size . Objects in this study are manufacturing companies listed on the IDX for the period 2012-2016. In the study sample testing as many as 154 companies with purposive sampling method. Analyzer used is multiple linear regression. Based on the analysis that has been done, the following results are obtained: profitability has a negative and significant effect on dividend policy, liquidity has a positive and significant effect on dividend policy, investment opportunity sets have no effect on dividend policy and firm size has a positive and significant effect on dividend policy.