<![CDATA[This study aims to investigate the effects of liquidity, leverage, and profitability on firm valuation, while also examining the role of dividend policy as a moderating variable within these relationships. A quantitative associative approach was employed, utilizing secondary data sourced from quarterly financial statements of com-panies listed in the IDXHIDIV20 index during the 2022–2024 period. Samples were selected through purpos-ive sampling, and data analysis was performed using panel regression via EViews 13, applying the Moderated Regression Analysis (MRA) technique. The Chow, Hausman, and Lagrange Multiplier tests were conducted to identify the most appropriate estimation model. Results reveal that profitability exerts a positive and signifi-cant influence on firm valuation, whereas liquidity and leverage have no substantial effect. Additionally, divi-dend policy was found to moderate the relationships between liquidity and leverage and firm valuation, but did not serve as a moderating factor for profitability. These findings highlight the importance of dividend policy as a moderating mechanism and suggest that strategic management of financial ratios coupled with a consistent dividend policy can enhance firm value and strengthen investor confidence.]]>
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