<![CDATA[Purpose: This study aims to identify the impacts of return on equity, debt to asset, tangibility, and managerial ownership on dividend payout ratio, and current ratio as a moderating variable in consumer goods companies listed on the IDX during 2020–2024.Research Methodology: This study uses a quantitative approach. Data were collected from annual reports for 2020–2024. Purposive sampling selected 29 companies, panel data regression using the Fixed Effects Model and Moderated Regression Analysis.Results: Return on equity does not affect dividend policy, debt to asset affects dividends, while tangibility has no impact, and managerial ownership affects dividend policy. In terms of moderation, the current ratio and return on equity do not affect dividend policy, while moderation occurs with debt to asset affecting dividend policy. However, moderation does not occur with tangibility and managerial ownership affecting dividend policy.Conclusions: Dividend policy is influenced by profitability, leverage, and managerial ownership. High profitability can encourage companies to retain earnings for expansion, while high debt reduces dividend payments. Managerial ownership implies higher dividends, whereas tangibility has no significant impact. Liquidity significantly moderates debt and dividend policy, but not profitability, tangibility, and managerial ownership.Limitations: The study covers one sector and five years, uses limited variables, and excludes macroeconomic factors.Contributions: This study contributes to financial management and dividend policy literature by providing consumer goods sector evidence on liquidity as a moderating factor. The findings may help managers and investors make informed and sustainable corporate dividend decisions and policy.]]>
