Main Article Content
The goal of the current research was to prove the effect of profitability, liquidity, leverage, company growth and company size to the dividend policy. Object of the research was manufacturing companies listed in Indonesia Stock Exchange, period 2016 -- 2018. Sampling method used purposive sampling. Method of data analysis used Structural Equation Modeling (SEM) with Warp PLS 4.0. Based on the analysis, profitability, company growth and company size significantly affected to dividend policy, while liquidity and leverage did not significantly affect to dividend policy. For future research, it should make synthesis research with other factors influencing dividend policy. For go public companies, knowing that dividend policy is one of the most considerations by investors in investing, they should make the best dividend policy to attract investors to invest.
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