Penelitian ini bertujuan untuk menganalisis pengaruh struktur kepemilikan, keberadaan komisaris indpeneden, ukuran dewan direksi, ukuran dewan komisaris, intensitas rapat dewan direksi, serta intensitas rapat dewan komisaris terhadap kebijakan pembayaran dividen. Penelitian ini mengambil 14 perusahaan badan usaha milik negara yang terdaftar di Bursa Efek Indonesia selama periode 2015-2019. Pengujian hipotesis dilakukan menggunakan metode regresi data panel random effect model. Hasil penelitian menunjukkan ukuran dewan direksi dan ukuran dewan komisaris memiliki pengaruh signifikan terhadap kebijakan pembayaran dividen. Namun, struktur kepemilikan, keberadaan komisaris independen, intensitas rapat dewan direksi, dan intensitas rapat dewan komisaris tidak terbukti memiliki pengaruh signifikan terhadap kebijakan pembayaran dividen di badan usaha milik negara yang terdaftar di Bursa Efek Indonesia.

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This study aims to analyse the effect of ownership structure, indpendent commissioners, board of directors size, board of commissioners size, board of directors meeting intensity, and board of commissioners on dividend policy. The research used 14 state-owned enterprises listed in Indonesia Stock Exchange for the period 2015-2019. This research used panel data which was later run using random effect model data. The result explains that both board of directors and board of commissioners size significantly impact dividend policy in state-owned enterprises. However, ownership structure, board of commissioners independence, board of directors meeting intensity, board of commissioners meeting intensity provides insignificant effect on dividend policy in state-owned enterprises.