<![CDATA[This study examines the effects of solvency and profitability on firm value, with firm size as a moderating variable, in the Food and Beverage subsector listed on the Indonesia Stock Exchange during the 2021–2025 period. The study is motivated by the inconsistent findings of previous research regarding the influence of solvency and profitability on firm value, as well as the limited understanding of the moderating role of firm size in the Food and Beverage subsector during the post-pandemic economic recovery phase. The sample consists of one hundred and thirty-five firm-year observations obtained from twenty-seven companies selected using purposive sampling with criteria including consecutive publication of financial statements throughout the study period and positive profits. Multiple linear regression and Moderated Regression Analysis were employed to test the proposed hypotheses. The results indicate that solvency, proxied by the Debt-to-Equity Ratio, has a positive and significant effect on firm value, suggesting that optimal debt management can increase investor confidence and enhance firm value. Profitability, proxied by Return on Assets, has a positive and significant effect on firm value, indicating that companies capable of generating profits effectively receive positive responses from investors. Firm size weakens the effect of solvency on firm value, implying that in larger firms, the positive effect of solvency becomes less dominant as investors consider other factors beyond debt levels. Firm size also weakens the effect of profitability on firm value, suggesting that increased profitability in larger firms does not always result in proportionally higher firm value due to higher investor expectations and diminishing returns to scale. The model explains 30.4% of the variation in firm value. The findings suggest that companies need to manage debt at an optimal level and improve profitability to enhance firm value, while firm size should be considered as a factor influencing the strength of these relationships.]]>
