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Basically, every company requires capital in order to finance their operational activity and to expand their business so capital becomes one of the important elements in a company. When the capital which is owned by the company is large the operational activity that can be conducted is large as well. This research is meant to test the influence of free cash flow on dividend policy with profitability as a moderating variable. The population is all companies which are listed in Indonesia Stock Exchange in 2013-2017 periods. The sample collection technique has been carried out by using purposive sampling method and based on the predetermined criteria, 26 companies have been selected as samples. The data of the financial statement of the companies has been obtained from the official website of IDX. The analytical method used is regression analysis with moderating variables using the SPSS application. Preliminary tests were carried out namely testing the classical assumptions to assess whether in an ordinary least square linear regression model there is a problem of classical assumptions, and testing to see the effect of moderation in influencing the relationship between independent variables and the dependent variable. The results of this observation state that free cash flow has a negative effect on dividend policy, free cash flow has a positive effect on dividend policy with profitability as a moderating variable
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