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This study examined the influence of asset growth and leverage on dividend policy in tobacco sub-sector companies listed on the Indonesia Stock Exchange (BEI) from 2016 to 2018. The results show that:
1. Asset growth has no partial effect on dividend policy with a t-test result of -0.043 and a significance value of 0.966.
2. Leverage has no partial effect on dividend policy with a t-test result of 0.548 and a significance value of 0.589.
3. Asset growth and leverage have no simultaneous effect on dividend policy with an F-test result of 0.161 and a significance value of 0.852.
Based on these findings, the researcher provides recommendations, including:
1. Companies should implement a stable dividend policy to create a positive impression on stakeholders.
2. Companies should be cautious in using debt and prioritize increasing assets through retained earnings or issuing new shares.
3. Future researchers should consider adding variables such as profitability, liquidity, and market value ratios, and increase the sample size and period of study.
4. Investors should not rely solely on dividend payout ratio, but also consider the company's prospects, as reflected in the retained earnings and asset growth.