| This research examines the effects of profitability, free cash flow to equity, and firm size on cash dividend with liquidity as moderating variable between profitability and cash dividend. In this study, profitability is measured as return on equity ratio, free cash flow to equity is measured as FCFE, firm size is measured as the logarithm of total assets, cash dividend is money paid to stockholders, and liquidity is measured as current ratio. The object of this research is manufacturing sector, food, beverage, and tobacco sub-sector in ASEAN countries for the period of 2012-2015. Purposive sampling was used and resulting in 46 samples, namely consisted of: Indonesia (9 firms), Malaysia (19 firms), Philippines (1 firm), Singapore (1 firm), Thailand (10 firms), and Vietnam (6 firms). To examine hypothesis in this research, linear regression analysis was used. The test shows profitability, free cash flow to equity, and firm size has a significant positive impact on cash dividend, while liquidity failed to moderate the effect of profitability on cash dividend. |