The study aims to examine the effect of profitability, company size, investment
opportunity set (IOS) and leverage on dividend policy with liquidity as a
moderating. The object of this study were manufacturing companies listed on the
Indonesia Stock Exchange. The data used are secondary data in the form of
annual financial statements during 2016-2018 periods. The sample collection
techniques used in this study was purposive sampling while the data analysis
techniques used in this study were descriptive statistics, classic assumption tests,
multiple regression analysis and Moderted regression Analysis (MRA) and
hypothesis testing. The analysis shows that profitability has a positive and
significant effect on dividend policy. Company size and leverage have no positive
and significant effect on dividend policy. Investment opportunity set (IOS) has no
negative and significant effect on dividend policy. Meanwhile liquidity is not
moderate the relationship of profitability, company size, leverage on dividend
policy. Whereas liquidity moderates the investment opportunity set (IOS)
relationship to dividend policy.