This study aimed to examine the effect of profitability, leverage, liquidity, institutional ownership and growth opportunities to dividen policy. The object of this research are manufacturing companies listed in Indonesian Stock Exchange period 2010 to 2014. The sample in this study amounted 249 enterprise selected by using purposive sampling method. The analysis tool used in this study is multiple linear regression The result of this study indicate that: profitability has positif and significant influence to dividend policy, leverage has positif and significant influence to dividend policy, likuidity insignificant influence to dividend policy, linstitutional ownership has positif and significant influence to dividend policy, Growth opportunities has negatif and significant influence to dividend policy.