Controversy issues in dividend policy have not been solved so far in modern corporate finance. Dividend payout is a puzzle in the contemporary financing system, as it was a traditional puzzle. Besides, conflict of interest between shareholders and managers of the corporation leads to a dramatic approach in the recent business environment. The main objective of this review was to identify and elucidate dividend payout determinants in manufacturing companies. Manufacturing is an industry that often uses manual labour or machinery to create goods from raw materials. Manufacturing industries include metal, automotive, electronics, textile, chemical, food and beverage, and so on sectors. This review carried out from 2004 to 2022 published studies in indexed journals. The review has assessed 62 journals with different databases through a vigilant review process concretely. The journals have been selected and systematically elucidated as relevant to the subject matter. The review depicts that dividend payout determinants differ from company to company. This shows that the dividend issue is still a puzzle in contemporary corporate finance.