Desmiza, Sulaeman Rahman Nidar, Dian Masyita, Mokhamad Anwar
Dividends are part of the profits distributed to investors. Many factors influence dividend policy, including corporate governance. The purpose of this study was to determine the effect of corporate governance proxied by Institutional Ownership, Board of Independent and Board Size and the proxied dividend policy with Dividend Payout Ratio. The data used in this research are secondary data, namely data that have been collected by other parties, including the Indonesian Capital Market Directory and the Annual Report issued and published by the Indonesia Stock Exchange. The method used is descriptive and verification method with multiple panel data regression test tools. While the sample used in this study is a manufacturing company listing on the Indonesia Stock Exchange 2009-2016 period as many as 189 units of observation. The results showed that Institutional Ownership and Board of Independent had a positive and significant effect on the Dividend Payout Ratio, while the Board of Size had a negative but insignificant effect on the Dividend Payout Ratio.