Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi dividend payout ratio pada perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia periode 2016-2019. Teknik pemilihan sampel menggunakan teknik purposive sampling sehingga diperoleh sampel sebanyak 69 perusahaan non keuangan. Metode analisis data yang digunakan adalah analisis regresi berganda dan analisis regresi variabel moderasi dengan menggunakan software SPSS. Berdasarkan hasil penelitian menunjukkan bahwa secara parsial variabel current ratio dan firm size tidak berpengaruh, debt to equity ratio secara signifikan berpengaruh negatif, dan return on asset secara signifikan berpengaruh positif terhadap dividend payout ratio. Sedangkan kepemilikan asing (foreign ownership) secara signifikan mampu memoderasi hubungan current ratio dan debt to equity ratio terhadap dividend payout ratio, Akan tetapi kepemilikan asing tidak mampu memoderasi hubungan return on asset dan firm size terhadap dividend payout ratio.

The purpose of the research was to determine the factors affecting dividend payout ratio in non-financial companies listed on Indonesia Stock Exchange during 2016-2019 period. The technique of sampling was purposive sampling technique. The number of sample was 69 non-financial companies. The technique of analyzing data was multiple regression analysis and regression analysis of moderating variables using SPSS software. Based on the result of the research, partially the current ratio and firm size variables did not have effect, the debt to equity ratio has a significantly negative effect, and return on assets has a significantly positive effect on the dividend payout ratio. Meanwhile, foreign ownership was able to significantly moderate the correlation between current ratio and debt to equity ratio toward dividend payout ratio. However, foreign ownership was not able to moderate the correlation between return on assets and firm size toward dividend payout ratio.