<![CDATA[This study aims to test and obtain empirical evidence regarding the effects of Firm Value and Growth Opportunities on Stock Returns, with Dividend Policy as a moderating variable, among companies in the Consumer Non-Cyclicals sector listed on the Indonesia Stock Exchange from 2022 to 2024. During the study period, the Consumer Non-Cyclicals sector was one of the sectors that experienced a decline in stock prices due to the COVID-19 pandemic. The research sample was collected using purposive sampling based on a predetermined list of criteria, resulting in a sample of 32 companies with 96 observations, and employing an associative quantitative approach. Data sources were obtained from annual reports accessible via www.idx.co.id or company websites. Data analysis was conducted using panel data regression and Moderated Regression Analysis (MRA) with EViews 12. The results indicate that firm value has a positive effect on stock returns, growth opportunities have a negative effect on stock returns, dividend policy moderates the effect of firm value on stock returns, and dividend policy does not moderate the effect of growth opportunities on stock returns. These findings imply that investors may consider firm value and growth opportunities as a basis for investment decision-making, while firms need to maintain optimal dividend policies to enhance positive responses.]]>
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