The main goal of this paper is to analyze influence of financial performance and ownership stucture of dividend policy. In this case financial performance will be analized is profitability, liquidation and growth while the ownership structure will analize is institutional ownership. A sample of 62 manufactured companies listed in Indonesia Stock Exchange has been chosen for this study based purposive sampling by using multiple regression analysis. The result of the analize showed that profitability are positively and significant affected by the dividend policy, liquidation are does not have affected by the dividend policy, growth are does not have affected by the dividend policy, and institutional ownership as measured by institutional ownership are positively and significant affected by the dividend policy on manufactured companies listed in Indonesia Stock Exchange.