This study aims to examine the effect of company value (PBV), earnings per share
(EPS) and profitability (ROE) on dividend policy. This research was conducted at
manufacturing companies listed on the Indonesia Stock Exchange during the
2015-2017 period. The data used are secondary data from the 2015-2017 annual
financial statements. The sampling method used in this study was purposive
sampling. The population used in this study were 155 manufacturing companies
on the Stock Exchange with a sample of 33 companies. Data analysis techniques
used in this study are descriptive statistics, classic assumption tests, multiple
regression analysis, hypothesis testing. The analysis shows that the firm value
(PBV) has a negative and not significant effect on dividend policy. Earnings per
share (EPS) and profitability (ROE) have a positive and significant effect on
dividend policy.