The study aims to analyze the influence of investment opportunity set, leverage, profitability and firm size of the dividend policy using liquidity as a moderating variable. The subject in this study was manufactur companies are listed in the indonesia stock exchange in the period 2012-2016. In this study sample of 185 respondents were selected using purposive sampling. Analysis tool used in thid study is the Moderator Regression Analisys (MRA). Based on the analysis that have been made the results are the investment opportunity set is negative not significantly of dividend policy, Leverage is negative and significantly of dividend policy, profitabilitas and firmsize is negative and signifikanctly of dividend policy. Investment opportunity set, leverage and profitability is positive and significantly moderated the effect of dividend policy and firm zise is positive not significantly moderated the effect of dividend policy.