Exploring the Impact of Ownership Structure, Corporate Governance, Capital Structure, and Profitability on Dividend Payout Ratio

The dividend payout ratio is a critical aspect of corporate financial policy, reflecting a company's decision to distribute profits to shareholders, which indicates financial health and stability. This study aims to address this gap by analyzing the impact of these factors on the dividend payout ratio of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Using a quantitative approach, data was collected from 25 companies meeting specific criteria, and multiple linear regression analysis was employed to test hypotheses based on signaling theory and agency theory. The main findings indicate that capital structure has a significant negative impact on dividend payout, consistent with the theory, while management ownership, board ownership, and profitability do not show statistically significant effects. These results indicate that companies prioritize debt obligations over dividend payouts, highlighting the constraints imposed by leverage. The study concludes that policymakers and investors should consider capital structure as the primary determinant of dividend policy, while acknowledging the limited role of governance and profitability in this context. Keywords: Ownership, Corporate Governance, Capital Structure, Profitability, Dividend.