The dividend policy is a topic far from consensus in the scientific community, where despite the increase of the studies conducted over the last few decades, it's still not possible to identify generally accepted theories. With this paper, we intend to identify which business and macroeconomic variables can be considered as determinants of dividend policy of the listed companies in the PSI-20. The analysis focused on the 2006-2015 period, dividing it into three different phases: 2006-2008, 2009-2012 and 2013-2015, allowing the introduction in this study of the financial crisis of 2008, observing its impact in the determinants obtained. In empirical terms the model obtained was estimated by OLS with panel data. After the analysis of the obtained results it was concluded that the variables: dividend per share in the past year, net profit, return on assets, debt, liquidity, size, growth and investment opportunities are determinants of dividend policy for at least one of the phases examined. In this work we opted for introducing macroeconomic variables in the empirical study, an approach almost non-existent in the national literature. In this regard, it was observed that the interest rate business deposits is one of the determining factors in the definition of dividend policy. For the intermediate stage noted that only the variable dividend per share in the past year preserved statistical significance, confirming a disruption at the level of the determinants caused by the financial crisis of 2008. This disruption leads to the conclusion that in times of economic difficulty, where the economic and financial indicators tend to deteriorate, managers tend to neglect these variables, previously considered decisive, favoring the maintenance of a stable dividend policy.