The purpose of this study is to examine the effect of profitability, ownership structure, and investment opportunity set on dividend policy. Ownership structure used in this study is insider ownership and instututional ownership. The population in this study are all manufacture companies listed on the Indonesia Stock Exchange in 2012-2014. the data that used in this research was secondary data and selected by using purposive sampling method. Analysis model using multiple linier regression analysis. The sample used in this study were 10 companies. The analysis showed that profitability, insider ownership, and institutional ownership do not effect to dividend policy. Investment opportunity set is positive effect on dividend policy. 
Keywords: profitabilitty, insider ownership, institutional ownership, investment opportunity set