<![CDATA[This study aims to analyze the effect of profitability (ROA), institutional ownership (KI), and leverage (DAR) on firm value (PBV) with firm size (Size) as a moderating variable. The population is primary consumer goods sector companies listed on the Indonesia Stock Exchange. Using purposive sampling, 28 companies were selected as samples during the 2018-2023 period (total 168 observations). The analysis technique used is panel data regression with the Fixed Effect Model (FEM) estimated using robust standard errors to address heteroscedasticity and autocorrelation. The results show that profitability (ROA) and leverage (DAR) have a positive and significant effect on firm value, while institutional ownership (KI) and firm size (Size) have no significant effect. In the moderation test, firm size proves to strengthen the effect of profitability on firm value but fails to moderate the effect of institutional ownership and leverage on firm value. These findings indicate that investors prioritize the company's ability to generate profits and manage debt over institutional ownership mechanisms when assessing firm value, particularly in the defensive sector in developing markets such as Indonesia.]]>
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