Abstract. The purpose of this study is to determine the effect of corporate governance towards dividend policy on religious celebrations in Indonesia. Previous research states that corporate governance has a positive effect on dividend policy. One paper explains that the low corporate governance in Indonesia causes companies to pay higher dividends to shareholders to keep investing in the company. Indonesia is known as a country that has strong religious followers. Islam, Christian, and Catholic are 3 religions that have most followers spread across Indonesia. Therefore, the authors want to know whether the biggest religious celebration of the 3 religions, namely Eid al-Fitr and Christmas affect corporate governance to pay dividends for companies. The sample used in this study was a company registered with Kompas 100 and conducted corporate governance in 2013-2017. The results of this study indicate that the board size and independent managerial have positive significant effect towards dividend policy on Eid and Christmas. In addition, this study also found that leverage and firm age also have an effect on dividend payments during religious celebrations in Indonesia.Keywords : Corporate Governance, Payout Policy, Religious Celebrations, Eid Al-Fitr, Christmas
