This study aims to demonstrate empirically whether profitability, operating cash flows and stock prices affect dividend policy. The population in this study is a manufacturing company listed on the Indonesia Stock Exchange in 2010 to 2011. The method used in the selection of the sample using purposive sampling. The number of samples obtained as many as 33 companies. Testing hypotheses using multiple regression analysis with test results, the profitability, operating cash flows and stock price do not affect the dividend policy
