Main Article Content
This research analyzed (1) the influence of profitability on dividend policy, (2) the influence of investment opportunity set on dividend policy, (3) the influence of free cash flow on dividend policy, (4) the influence of leverage on dividend policy. The population of this research included manufacturing companies listed in the Indonesia Stock Exchange in 2016-2018.Samples were 41 companies selected using purposive sampling technique. Multiple linear regression analysis was performed using the Statistical Package for the Social Sciences (SPSS) ver. 25.0 to analyze secondary data obtained from the financial statements and annual report of manufacturing companies listed in the Indonesia Stock Exchange during 2016-2018. The results showed that profitability and free cash flow affected the dividend policy, while investment opportunity set and leverage did not affect the dividend policy.