This study aims to analyze the variable confirmation between the dividend payout ratio variable with the profitability variable and the lagged dividend variable by looking at the role of the share ownership variable as a dummy mediate variable. The research subject was carried out at the Regional Development Bank (BPD) in Indonesia. This study uses data and samples taken from data issued by the OJK (Financial Services Authority). Regional development banks were chosen because they have a different role in determining their dividend policy compared to other types of banks, but although this bank is different in its dividend distribution process, it is still capable of surviving even in times of crisis (Covid-19). By using OLS regression analysis, this study divides the research sample into a dummy group consisting of share ownership variables, these subsections are things that must be considered because they can be the key to why this type of bank is able to survive when other banks start to rush. goofy in giving dividends.

Decision making about dividend payout is one of the most important decision that companies should encounter. Identifying factors that influence dividends can help managers in making an appropriate dividend policy. In the other side, companies’ dividend payouts over time and with a stable manner may influence on stock price, future earnings growth and finally investor & apos; s evaluation about owners & apos; equity. Hence, investigating the factors influencing dividend payout ratio is of high importance. In this research, we investigate the effects of various factors on dividend payout ratio of Tehran Stock Exchange (TSE) listed companies. We use time series regression (panel data) in order to test the hypothesis of this study. This study provides empirical evidences by choosing a sample of 102 companies over the time span of 2005-2010. The result shows that independent variables of free cash flow and profitability current ratio have negative and significant impact on dividend payout ratio; whereas, the independent variable of leverage ratio has a positive and significant impact on dividend payout ratio. The other independent ratio such as size of the company, growth opportunities and systematic risk do not have any significant influence on dividend payout ratio.