The purpose of this study was to examine the effect of liquidity, leverage, managerial ownership, and institutional ownership on dividend policy. The population used in this study are food and beverage companies listed on the Indonesia Stock Exchange in 2011-2020. The sampling technique used is purposive sampling. The sample data obtained were 7 companies that met the criteria. The data analysis method used is multiple linear regression analysis with the help of the SPSS program. The results in this study indicate that liquidity has a positive effect on dividend policy, then leverage does not have a negative effect on dividend policy, while managerial ownership and institutional ownership do not have a positive effect on dividend policy.