This study aims to analyze the effect of leverage, liquidity, profitability and firm size on dividend policy. The object of research is a manufacturing company registered on the Indonesia Stock Exchange for the period 2013-2017. The sample of this company was 67 companies selected based on purposive sampling method using multiple linear regression analysis tools. The results of the analysis conducted show that leverage has a significant positive effect on dividend policy, liquidity does not affect dividend policy, profitability has a significant positive effect on dividend policy, and firm size has a significant positive effect on dividend policy.