For more than a decade, Southeast Asia has been a growth market for consumer-packaged-goods (CPG) manufacturers. Countries that are members of the ASEAN-5 group are countries with the best economic growth in Southeast Asia, thus they are expected to represent Southeast Asia accurately. The purpose of this study is to analyze the effect of Currrent Ratio, Return On Investment, Asset Growth, and Good Corporate Governance on Dividend Payout Ratio. The population in this study are 227 consumer goods companies in ASEAN-5. Using purposive sampling technique, 18 companies were selected. The data in this study is secondary data obtained through documentation technique. The analytical technique used is Multiple Regression Analysis tested with SPSS. The results showed that Current Ratio has no effect on Dividend Payout Ratio. Return On Investment and Good Corporate Governance have a significant positive effect on Dividend Payout Ratio. However, Asset Growth has a significant negative effect on the Dividend Payout Ratio. Meanwhile the results of the research simultaneously showed a significant positive effect of Currrent Ratio, Return On Investment, Asset Growth, and Good Corporate Governance on the Dividend Payout Ratio.