<![CDATA[Purpose – This study examines the relationship between corporate finance decisions and firm value among companies listed on the Indonesia Stock Exchange, focusing on financing, investment, and dividend-related decisions. It also evaluates the robustness of these relationships across alternative firm-value measures, economic controls, and time horizons. Design/methodology/approach – A confirmatory quantitative design was employed using secondary financial data from 155 listed companies during 2012–2022. Firm value was measured using Tobin’s Q and the market-to-book ratio. Multiple linear regression was conducted using SPSS, with robustness tests incorporating IHSG, inflation, interest rates, exchange rates, and 2-, 5-, and 10-year periods. Findings – The determinants of firm value vary across measurement proxies. Free cash flow significantly affects firm value when measured by Tobin’s Q, while fixed assets are the only significant determinant when using the market-to-book ratio. These findings remain consistent after controlling for macroeconomic factors and across different time horizons. Originality/Value – This study demonstrates that the influence of corporate finance decisions on firm value is sensitive to the measurement proxy but robust across alternative model specifications, economic controls, and time periods. The findings highlight the distinct roles of dividend-related financial capacity and investment decisions in shaping firm value in the Indonesian capital market.]]>
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