Abstract the purpose of this research is to examine and analyzethe influence of information asymmetry that proxy as bid-ask spread and earning forecast error to dividend payout policy on listed manufacturing companies at the indonesia stock exchange in 2009, 2010, and 2011. the research type used is verificative research by using purposive sampling method. the sample of this research are listed manufacturing companies at the indonesia stock exchange which have positive earnings and doing payout dividend for three years. after being selected, the sample for 2009-2011 are 36 emitens. so, total research sample are 108 observation (36 emitens for three years observation). the data used in this research are secondary data, which are gotten from audited financial reporting for the book year ended december 31, 2009, 2010, and 2011 and also stock price and composite stock price index data during observation period which published by the stock market reference center at the indonesia