The purpose of this study was to analyse the influence of Debt to Equity Ratio (DER) on Dividend Payout Ratio (DPR) with Asset Growth as moderating variable and Return On Equity (ROE) as intervening variable. This study was done because there are still research gaps among one study to others.
Samples were obtained from 11 BUMN companies which is listed in Indonesia Stock Exchange from 2011 – 2016. Secondary data were obtained from IDX Statistic publication and company’s official website. Data analysis used SPSS (Statistical Package for the Social Science) program to test whether the model used in this study was quite appropriate as the model analyzed. Then the multiple regression analysis was used to test the relationship between the variables above.
The results of the study indicated that Debt To Equity Ratio (DER) negatively affected DPR partially. Current Ratio (CR) positively affected DPR. Return On Equity (ROE) had no effect to DPR. In other hand, Current Ratio (CR) had a positive effect to ROE. And Debt To Equity Ratio (DER) negatively affected DPR partially. Regression estimation results showed that prediction ability of independen variable to DPR was 17,4%, meanwhile 82,6% was effected by other factors outside research model.

Keywords: Dividend Payout Ratio (DPR), Debt To Equity Ratio (DER), Current Ratio (CR), Return On Equity (ROE), and Asset Growth.