The purpose of this study is to find empirical evidence of the effect of profitability, liquidity, leverage, and the ratio of activity to dividend policy. The population in this study are companies in various industry sectors listed on the Indonesia Stock Exchange in the period 2015-2018. The sampling method uses purposive sampling. The data comes from the company's financial statements obtained through the official website of the Indonesia Stock Exchange. The analytical method used is multiple linear regression. The results showed that the profitability variable and the activity ratio variable had no effect on dividend policy. Liquidity and leverage variables have a negative effect on dividend policy.