This study aimed to determine the effect of profitability, firm size, institutional ownership, managerial ownership, and board size on dividend policy. The population in this study are consumer goods industry companies listed on the IDX. The data used is secondary data obtained from annual reports and financial reports of consumer goods industry companies listed on the Indonesia Stock Exchange during 2017-2019. The analysis technique used in this study was multiple linear regression. The results showed that profitability and the board size have a significant positive effect on dividend policy, while firm size, institutional ownership, and managerial ownership do not affect dividend policy.