A. Razak, Fathihani Fathihani, Haryo Suparmun, Desty Wana, Selamet Riyadi, Arum Indrasari, Endri Endri,
This study aims to estimate and analyze the impact of the company's internal factors on dividend policy in manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2015-2019. The internal factors that determine dividend policy that tested in this research is Current Ratio (CR), Debt-to-Equity Ratio (DER), Asset Growth (Growth), Collateralizable Assets (COL), and Return on Equity (ROE), while dividend policy is proxied by Dividend Payout Ratio (DPR). The population in this study is 188 manufacturing companies listed on the IDX for the 2015-2019 period. The sampling technique used was purposive sampling, by getting a research sample of 24 companies. The data analysis method uses a panel data regression model based on pairwise testing. The results of this study indicate that CR, DER, and Growth do not affect the DPR. Meanwhile, COL and ROE have a positive effect on dividend policy. The result of this research implies that manufacturing companies in Indonesia tend to pay large dividends to shareholders as long as they achieve high profitability and the availability of large collateralizable assets. The theoretical implication from research findings supports agency theory, that managers can freely increase dividend payments to shareholders. The research contribution both theoretically and empirically is that in the case of manufacturing companies in Indonesia, with high profitability and the availability of assets that can be collateralized in large quantities, the company tends to pay large dividends to shareholders.