This study is to examine and analyze the influence of internal factor and external factor on devidend payout ratio and the impact on stock return. The internal factor in this study consists of liquidity (current ratio), solvability (debt to assets ratio), profitability (return on equity), activity (total assets turnover) and firm size,while external factor consists of GDP growth rate. The population of this research is all companies listed on The Indonesian Stock Exchange during 2012 until 2015. From a population of 521 companies, with purposive sampling as samples determining methods, 43 companies meet the criteria to be the sample. The result shows that debt to assets ratio, return on equity, and firm size have significant influence on devidend payout ratio, while the other variables have unsignificant influence. It also shows that debt to assets ratio, return on equity, firm size, and GDP growth rate have significant influence on stock return,while the other variables have insignificant influence. The result of this study also shows that devidend payout ratio have insignificant influence on stock return.