ABSTRAK Tujuan penelitian ini yaitu untuk penyelidiki pengaruh positif antara profitabilitas, free cash flow, kepemilikan manajerial, kepemilikan asing dan konsentrasi kepemilikan terhadap dividen payout ratio. Penelitian ini juga meneliti pengaruh negatif antara investment oppourtunity set dan kepemilikan institusional terhadap dividend payout ratio. Jenis penelitian ini adalah penelitian kuantitif. Populasi pada penelitian ini yaitu seluruh perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2012-2016. Teknik pengambilan sampel yang digunakan adalah purposif sampling. Jumlah populasi dalam penelitian ini sebanyak 146 perusahaan dan diperoleh sampel sebanyak 29 perusahaan dengan observasi sebanyak 145. Metode analisis data yang digunakan adalah regresi linier berganda. Hasil penelitian menunjukan bahwa free cash flow dan konsentrasi kepemilikan berpengaruh positif terhadap dividend payout ratio. Kepemilikan manajerial dan kepemilikan institusional berpengaruh negatif terhadap dividend payout ratio. Penelitian ini juga menemukan bahwa profitabilitas, investment oppourtunity set, dan kepemilikan asing tidak berpengaruh terhadap dividend payout ratio.

ABSTRACT The purpose of this study is to investigate the positive influence between profitability, free cash flow, managerial ownership, foreign ownership and concentration of ownership on dividend payout ratio. This study also examines the negative influence between investment oppourtunity set and institutional ownership on dividend payout ratio. This type of research is quantitative research. The population in this study is all manufacturing companies listed on the Indonesia Stock Exchange for the period 2012-2016. The sampling technique used was purposive sampling. The total population in this study was 146 companies and obtained a sample of 29 companies with 145 observations. The method of data analysis used was multiple linear regression. The results showed that free cash flow and ownership concentration had a positive effect on the dividend payout ratio. Managerial ownership and institutional ownership negatively affect dividend payout ratio. This study also found that profitability, investment oppourtunity sets, and foreign ownership had no effect on dividend payout ratio. Key words : dividend payout ratio, profitability, free cash flow, investment oppourtunity set, ownership structure, managerial ownership, foreign ownership, institutional ownership and concentration of ownership

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