This study aims to examine the effect of profitability, leverage, and investment opportunity set on dividend policy with liquidity as a moderating variable. The population in this study are manufacturing companies listed on the Indonesia Stock Exchange (IDX) in the 2019-2020 period, totaling 217 companies.This sampling technique was carried out using a purposive sampling technique for 41 companies. This study uses multiple linear regression analysis and an absolutedifference test. The results of this study note that profitability and leverage partiallyhave a negative and significant effect on dividend policy, investment opportunity set has a positive and significant effect on dividend policy, liquidity can strengthenthe influence of profitability and leverage on dividend policy, liquidity can weakenthe effect of the investment opportunity set on dividend policy.