The purpose of this research is to empirically examine the effect of the investment, managerial ownership, operating leverage, and institusional ownership on dividend policy on manufacturing companies listed on the stok exchange Indonesia periode 2010-2014. The sample used in this research is a company listed on the Indonesian stock exchange since the 2010-2014 period and selected using purposive sampling. The data used in this research comes from the secondary collected by the method of documentation. Analysis of the test data. In this research using the test the classical assumption of normality test, autocorrelation test, test multikolinearitas and heteroskedastisitas. Testers hypothesis with multiple regression analysis with the help of SPSS 15.0 program. The results of the testing showed that the investment significant negative effect on dividend policy, operating leverage and no significant negative effect on dividend policy, and institusional ownership has positive and significant effect on dividend policy.