This study aims to analyze the effect of profitability, liquidity, leverage, and interest rates on dividend policy in Agricultural Plantation companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The study was conducted on Agricultural Plantation companies listed on the Indonesia Stock Exchange. The sampling method used was a nonprobability sample with a purposive sampling technique, obtaining 26 Agricultural Plantation companies as research samples with a total of 130 data observations. In this study, the hypothesis was tested in three stages: the coefficient of determination (R2), simultaneous testing (F Test), and partial testing (T Test). Based on the results of the analysis, the following conclusions were obtained: 1) Profitability has a positive and significant effect on dividend policy; 2) Liquidity has a positive but insignificant effect on dividend policy; 3) Leverage has a negative but insignificant effect on dividend policy; 4) Interest rates have a positive and significant effect on dividend policy. In general, this study concludes that the dividend policy of Agricultural Plantation companies is more sensitive to profitability and macroeconomic pressures (interest rates) than other internal variables such as liquidity and leverage. This finding reinforces the literature that dividend policy is multifactorial and dependent on industry context.