Jurnal Akuntansi ISSN 2303-0356 Vol. 11, No.3, October 2021 Hal. 209 - 222 209 THE EFFECT OF EARNING PER SHARE, INVESTMENT OPPORTUNITY SET, TOTAL ASSET TURNOVER, AND COLLATERALIZABLE ASSET ON DIVIDEND POLICY (Research on Consumer Goods Industrial Sector Companies Listed on the Indonesian Stock Exchange for the 2015-2019 period) Annisa Rizal* 1) , Dedik Nur Triyanto 2) Economic & Business Faculty of Telkom University, Bandung 1,2) Annisarizal@student.telkomuniversity.ac.id 1) , dediknurtriyanto@telkomuniversity.ac.id 2) ABSTRACT Dividend policy is a company's decision to determine whether the profits earned by the company will be distributed to investors in the form of dividends or by increasing the company's retained earnings. The purpose of this research was to determine the effect of earnings per share, investment opportunities, total asset turnover, and collateralizable assets on dividend policy in consumer goods industry entities listed on the Indonesia Stock Exchange for the 2015-2019 period. The population in this research was the consumer goods industry listed on the Indonesia Stock Exchange of 52 entities in 2015-2019. The technique of determining the sample used is purposive sampling. The samples obtained are 13 companies incorporated in the consumer goods industry sectors in the Indonesia Stock Exchange for 2015-2019. Based on the analysis, the result shows that the variable total asset turnover partially has a significant positive effect on dividend policy. Collateralizable asset variable has a significant negative impact on dividend policy. In contrast, the investment opportunity variables and earnings per share don't affect dividend policy. This research can be used as a reference for stakeholders in the company to consider the total asset turnover that affects dividend policy in a company. Keywords: dividend policy, investment opportunities, total asset turnover, Collateralizable assets. *Corresponding author: Email: Annisarizal@student.telkomuniversity.ac.id DOI: https://doi.org/10.33369/j.akuntansi.11.3.209-222 INTRODUCTION Financial management consists of three major decisions that are very important for the company. First, planning activities to implement company goals and objectives. Second, funding activities, namely the decision to seek funds to run the business. Third, investment activity refers to company acquisition and investment management to sell products, provide services, and invest excess cash (Subramanyam, 2017:16). One of the three decisions that usually become a problem in every company is the funding decision. Dividends play a critical role in the company because they can describe its stability for the long term, explain its ability to produce profits from its operational activities, and manage its funds by paying dividends. The dividend is considered that it can affect investment opportunities for company capital formation. The dividends can be in the form of cash/cash, property, liquidation, shares, and certificates. The number of dividends paid will reduce retained earnings and money available to the company, and the amount depends on the policies of each entity. The proposal and distribution of dividends will be approved at the General Meeting of Shareholders (GMS). Dividend policy is one of the three critical decisions of financial management. The central aspect of dividend policy is to decide whether the profits earned by the entity will be allocated to investors in the form of dividends or by increasing the company's retained earnings to finance investment in the future. If the company chooses to hand out the profits earned as dividends, it will reduce internal funding sources resulting in dependence on its external funding sources. Conversely, if the company chooses not to allocate dividends, the company's internal