The aim of this research is to explain the influence of liquidity, leverage,
and company size toward dividend payout ratio with profitability as an
intervening variable. The data analysis ware done on manufacturing companies
listed in Indonesian Stock Exchange in the period of 2013-2016. Samples of this
research were 39 companies selected by using purposive sampling method. The
result of data analyzed a two-stage regression analysis showed that liquidity,
leverage had negative and not significant effect on profitability, company size had
positive and significant effect on profitability. In the second equation, liquidity
had positive and not significant effect on dividend payout ratio, leverage had
negative and not significant effect on dividend payout ratio, company size,
profitability had positive and significant effect on dividend payout ratio. However,
profitability could not mediate the influence of liquidity and leverage toward
dividend payout ratio, but profitability could mediate the influence of company
size on dividend payout ratio.