This study aims to examine the effect of managerial ownership, institutional ownership, profitability and investment opportunity set on dividend policy. This research is quantitative in nature. The population in this study were real estate, property and building construction companies listed on the Indonesia Stock Exchange (IDX) for the period 2015 - 2019. The sample selection used purposive sampling technique and 32 companies were sampled with a total of 118 observed data. The data analysis method used is multiple linear regression analysis using the application of Statistical Package for Social Sciencess (SPSS) version 23. The results of this study indicate that the investment opportunity set has a significant positive effect on dividend policy. Meanwhile, institusional ownership and profitability have no positive effect on dividend policy.