<![CDATA[This study analyzes various factors determining dividend policy. Using a quantitative approach, a purposive sample was taken from 194 companies in the financial sector in ASEAN-5 (Thailand, Indonesia, the Philippines, Malaysia, and Singapore) during the COVID-19 pandemic (2020-2022). The data analyzed in this study is secondary data covering financial reports and information published on each company's official website. The data analysis technique applied was Generalized Least Square regression using EViews 12 software. The factors examined as independent variables included business risk, profitability, Debt to Equity Ratio (DER), board size, and female directors, while Gross Domestic Product (GDP) and inflation served as control variables. The findings reveal that business risk, DER, and GDP have a negative effect on dividend policy. Conversely, profitability, board size, and inflation have a positive effect. However, female directors do not have a significant effect. These findings need to be considered by company management as financial managers to improve company performance while ensuring that shareholders receive optimal dividends.]]>
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