Companies in Indonesia that listed in the LQ45 Index are companies that have strong fundamentals. This study aims to determine the effect of company growth, leverage, free cash flow, institutional ownership and inflation on the policy of dividends in non-family companies listed on the LQ45 index in 2013-2020.  This study uses a quantitative approach with panel data regression analysis and weight least square (WLS) methods to deal with heteroscedasticity and normality problems using Eviews 12.0 software. The results of this study showed that simultaneously the growth of the company, leverage, free cash flow, institutional ownership and inflation affect dividend policy. Meanwhile, partially the company's growth, leverage, institutional ownership have a significant and negative influence on dividend policy, and free cash flow and inflation have no effect on dividend policy.