Abstract :
The populations in this study are all companies listed on the Indonesia Stock Exchange (BEI) for the period 2008-2011. Samples were determined by using purposive sampling. The research sample was obtained as many as 46 companies. Hypothesis testing using multiple regression analysis with SPSS ver. 17,0. The test results indicate that the first hypothesis (H1) states that operating cash flows affect dividend policy, accepted. The second hypothesis (H2) stated that net income effect on dividend policy, rejected. And the third hypothesis (H3), which states that the effect of firm size on dividend policy, rejected.