This study aimed to analyze the Influence of Profitability, Liquidity, Free Cash Flow and Debt Policy on d Policy. Subjects in this study is manufacturing companies was listed in Indonesia Stock Exchange. This study using purposive sampling method. The analytical tool used was SPSS Statistics. Samples that I use in this research is manufacturing companies listed on the Stock Exchange in the period from 2011 to 2015. In this study, there are 37 manufacturing companies that fall into my criteria, it is companies that distribute ds in the period of the study. Based on the analysis that has been done shows that the Profitability of significant positive effect on d Policy, and Liquidity, Free Cash Flow and Debt Policies significant negative effect on d Policy.