The company’s long-term goal was to maximize corporate value. Maximization of corporate value could be realized by using the aspect of corporate financial decisions and the amount of stock ownership by management in the company. This study aimed to determine the effect of direct and indirect ownership structure and capital structure toward dividend policy and firm value. Ownership structure was measured by total percentage of stock ownership by management, capital structure was measured with debt to equity ratio (DER), dividend policy was measured by dividend payout ratio (DPR) and the value of the firm measured by price to book value (PBV). Population research was all the firms in the manufacturing industries listed in Indonesia Stock Ex- change (IDX) from 2006 until the year of 2009 namely 149 companies. Sampling conducted in the research was purposive sampling method. Based on the criteria obtained by purposive sampling, 15 companies were eligible to be utilized as the research sample. The results of this research were the impact of ownership structure was not significant on dividend policy, the ownership structure had a significant positive impact on corporate value, capital structure did not significantly effect on dividend policy, capital structure did not significantly affect the value companies, dividend policy had a significant positive impact on corporate value
