This study aimed to determine the effect of profitability, liquidity, and investment
opportunity settings on dividend policy with firm size as a moderating variable. The
sample selection in this study was carried out by purposive sampling. Based on the
criteria, 117 companies were sampled. The data analysis technique used in this
study is descriptive analysis test, classic assumption test, absolute difference test,
model feasibility test, and hypothesis testing. The results of the analysis show that
profitability and investment opportunity sets have a positive effect on dividend
policy. In contrast, liquidity has a negative effect on dividend policy. Firm size can
weaken the influence of profitability and investment opportunity sets on dividend
policy, and company size can strengthen the influence of liquidity on dividend
policy.