Abstract
The purpose of this analysis is to demonstrate the effect of company size and liquidity on dividend policy in basic industry and chemicals companies listed on the Indonesian stock exchange, with free cash flow as a moderating variable. The phenomenon of increased company size and liquidity without a dividend policy piques researchers' interest in digging deeper into the effect of the independent variable on the dependent variable, which is bolstered by the influence of the moderating variable in the influence of the independent variable on the dependent variable. This research implemented quantitative and enlightening exploration. A total of 75 research data were collected based on the current population's intentional examination procedure. Company size was measured by the natural logarithm of the company's total assets, liquidity was measured using the current ratio by dividing total current assets by total current liabilities, and dividend policy was measured by the dividend payout ratio. Data analysis using smartPls programming with the least-squares information investigation technique reveals that company size and liquidity have no impact on dividend policy. In addition, free cash flow cannot be a moderating variable in the influence of company size and liquidity on dividend policy.
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