Abstract
We investigate the effect of family-CEO on firm’s dividend policy at Indonesia firm of Consumer Goods sector in 2016-2020. In this study, researchers focused on dividend policy by applying the family firm literature and agency problem theory to obtain or detect differences. This research use multiple regression analysis with Eviews software. We show that family-CEO firms pay same amount of dividends with nonfamily-CEO firms do. Empirically, this study proves that family CEO companies do not have a significant relationship with dividend policy, with the hypothesis being examined that family CEO companies pay less dividends than non-family CEO companies and the direction of influence of the company Family CEO on dividend policy is negative. In addition, that direct ownership has a significant positive effect on dividend policy. This shows that the company with direct ownership, the higher the company distributes dividends to shareholders. Investors can use this research to get more information about family firm before investing on it.
 Keywords: family-CEO, dividend policy, family firm
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