This study aimed to analyze the effect of liquidity, profitability, leverage, and size of dividend policy on manufacturing companies listed on the stock exchange period 2013-2016. The sampling method used in this research in purposive sampling. The numbers of samples in this study were 152 companies. Data analysis in this study using multiple linear regression with EViews. The result of this study prove that likuidity positive and significant effect on dividend policy, leverage has no effect on dividend policy, size and profitability positive and significant effect on dividend policy