<![CDATA[This study aims to analyze the effect of ownership structure and capital structure on firm value with dividend policy as an intervening variable, focusing on consumer non-cyclical sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Firm value is a critical indicator for investors in assessing a company’s performance and future prospects in the capital market. Ownership structure and capital structure are assumed to influence managerial decisions in determining dividend policy, which in turn affects market perceptions of firm value. This research employs a quantitative approach using path analysis to examine both the direct and indirect relationships among the variables. The data used are secondary data obtained from annual reports and financial statements of companies in the consumer non-cyclical sector. The findings indicate that both ownership structure and capital structure have a significant impact on firm value, either directly or indirectly through dividend policy. These results provide important implications for company management and investors in formulating strategies related to ownership, funding structure, and dividend distribution policies in order to maximize firm value.]]>
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