This study aims to examine the effect of managerial ownership, institutional ownership, profitability and firm asset growth on dividend policy. The sample used in this study is property, real estate and building construction companies listed in Indonesia Stock Exchange for the periods of 2014-2018. The sampling technique used purposive sampling and obtained a sample of 80 samples that met the criteria. The data analysis technique used is multiple linear regression analysis. The results showed that managerial ownership has a positive effect on dividend policy, profitability has a negative effect on dividend policy. Meanwhile, institutional ownership and firm asset growth have no effect on dividend policy.