manufacturing compaines are compaines that dominate up to 27% of all listed company in Indonesia Stock Exchange. This condition also in line with the increasing number of local and foreign investment in this sector. Investment fund obtained by the company will be used to increase operations which can enhance income which will redistribute in the form of dividens. In 2015, manufacturing compaines experience decline profit but increse dividend distribution. Therefore, it's important to understand factors which influence dividen policy. The objective of this research is to obtain empirical evedence about the effect of firm growth, debt policy, collateralizable asset, firm size, and profitability towards dividend policy. The sample in this research was selected by using purposive sampling method and the secondary data used in this research was analysed by registered as manufacturing sector in BEI for theyear 2014-2016, published financial reports using Rupiah currency, published financial reporst for January 1 until December 31 periods, have net income, declared cash dividends, have asset growht, and did not do stock split/ stock reverse. The result of this research are firm size, debt policy (DER), and profitability (ROA) have significant effect on dividend policy. While firm growth and collaterializable assets does not have significant effect on dividend policy. Implication result from this research is solvency & profitability are material conderation in determining dividend distribution. This result also show that companies in the developing stage will allocate the fund and optimize their assets for operations rather than distributing dividend.