This research was conducted to examine the effect of earning per share, liquidity, investment opportunity set (IOS) on dividend payout ratio in consumer goods industry listed on the Indonesia stock exchange. The purpose of this study was to analyze the effect of earnings per share, liquidity, investment opportunity set (IOS) on the consumer goods industry listed on the Indonesia stock exchange in 2015-2017. The sample used was 12 consumer goods industry companies listed on the Indonesia stock exchange for the period 2015-2017. This study uses purposive sampling. The research data is taken from the Indonesia Stock Exchange (IDX). This study uses the panel regression. The results of this study are investment opportunity sets (IOS) that apply negatively to dividend payout ratio (DPR). While the EPS and CR variables do not affect dividend payout ratio. The author advises investors to pay attention to information taken by companies in making decisions.