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The aim of this study is to find the motivation behind firm’s dividend decision in 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 results of this study show that firms as dividend payers who in mature phase are firms with age below 33 years, have lower debt, larger size, and better profitable, while firms as dividend payers who setting their dividend decision based on catering theory are firms with age above 33 years, have lower debt, larger size and better profitable. The other interesting finding by the study is firms as dividend payers who in mature phase and also set their dividend decision based on catering theory are firms with age above 33 years, have lower debt, smaller size, and better profitable

FIRM'S DIVIDEND DECISION İN INDONESIA: CATER OR MATURE?