This study aimed to examine the effect of institutional ownership, debt, profitability, firm size and cash position to dividend policy. The object of this research are manufacturing companies listed in Indonesian Stock Exchange period 2010 to 2014. This study using purposive sampling and obtained 74 sample in 25 companies. The result of this study indicate that; institutional ownership has positive and significant influence to dividend policy, debt has negative and significant influence to dividend policy, profitability has insignificant influence to dividend policy, firm size has negative and significant influence to dividend policy and cash position has positive and significant influence to dividend policy.