<![CDATA[This study was motivated by the uncertainty surrounding the factors influencing dividend policy in large Indonesian firms, particularly companies included in the LQ45 index. The study aimed to analyze the effect of institutional ownership, independent commissioners, audit committee size, and return on assets (ROA) on the dividend payout ratio (DPR) of LQ45 companies during the 2023–2025 period. A quantitative approach with an explanatory research design was employed, and the sample was selected using purposive sampling, resulting in 25 companies and 75 observations. Secondary data were collected from annual reports and financial statements published by the Indonesia Stock Exchange, then analyzed using multiple linear regression. The results show that institutional ownership, independent commissioners, audit committee size, and return on assets (ROA) do not have a significant effect on the dividend payout ratio (DPR), either partially or simultaneously. These findings indicate that dividend policy in LQ45 companies during the study period was more likely influenced by other factors outside the variables examined, suggesting that future research should include additional variables such as financing structure, investment policy, and market conditions, as well as consider qualitative approaches for a more comprehensive understanding of dividend policy determinants.]]>
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