摘要：ABSTRACT The unsolved puzzle of dividend decision giving unclearly assumptions about the motivation behind dividend payments. This circumstances make this study suspects dividend decisions are setting based on the perspective of catering or life cycle theories. Conducting logistic regression for hypothesis testing, the study takes 222 Indonesia listed firms in period 2009 till 2014 as samples. The study reveals firms as dividend payers in mature phase are firms with : (1) age below 33 years who have lower debt, larger size, and better profitable; and (2) age over 33 years who have lower debt, smaller size, and better profitable. Also, this study reveals firms who setting their dividend decision based on catering theory are firms with : (1) age above 33 years who have lower debt, smaller size, and better profitable; and (2) age above 33 years who have lower debt, larger size and better profitable. JEL Classifications : D82, D84, G02, G35
