The purpose of this study was to determine the effect of profitability, debt policy, liquidity and institutional ownership on dividend policy. Samples in this study were Food and Beverage companies listed in the Indonesia Stock Exchange for the 2015-2019 periods. The sample selection in this study was carried out by purposive sampling and obtained 59 observation samples. The data analysis technique used in this research were multiple linear regression analysis and hypothesis testing. The results of the analysis showed that as partial, profitability has a positive effect on dividend policy, debt policy has a positive effect on dividend policy, liquidity has no effect on dividend policy, and institutional ownership has no effect on dividend policy.