<![CDATA[This study aims to analyze the effect of profitability, firm size, insider ownership, and investment opportunity on dividend policy in manufacturing companies in the consumer goods industry sector listed on the Indonesia Stock Exchange during 2020–2024. This research used a quantitative approach with descriptive research type. The population consisted of 45 manufacturing companies in the consumer goods sector, while the sample was determined using purposive sampling technique and obtained 21 companies with 105 observation data. The data used were secondary data obtained from annual financial reports accessed through the Indonesia Stock Exchange website. Data analysis techniques used multiple linear regression analysis with classical assumption tests, including normality test, multicollinearity test, heteroscedasticity test, and autocorrelation test. The results showed that profitability and firm size had a positive and significant effect on dividend policy, investment opportunity had a negative and significant effect on dividend policy, while insider ownership had no significant effect on dividend policy. Simultaneously, profitability, firm size, insider ownership, and investment opportunity significantly affected dividend policy. The coefficient of determination test indicated that the independent variables were able to explain dividend policy by 55%, while the remaining 45% was explained by other variables outside the research model.]]>
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