Dividend policy refers to a company's choice to distribute a portion of its profits to shareholders as a return on invested equity. The distribution of dividends to investors by company management has a significant effect on the company's value. This study seeks to determine the effect of the independent variables, namely leverage (DER), liquidity (CR), investment opportunity set (MBVE), free cash flow (FCF), and asset growth (AG) on the dependent variable, namely dividend policy (DPR) on mining sector companies listed on the Indonesia Stock Exchange in 2017-2020. The population in this study includes mining sector companies listed on the Indonesia Stock Exchange (IDX) from 2017 to 2020 using a purposive sampling technique. The samples obtained were ten samples with a study period of four years and obtained the results of 40 research data. The method used was panel data regression analysis. The results reveal that leverage (DER) had a significant negative effect on dividend policy. Whereas liquidity (CR), free cash flow (FCF), and asset growth (AG) did not have a significant negative effect on dividend policy as well as investment opportunity set (MBVE) but in a positive direction.