<![CDATA[This study aims to examine and analyze the influence of tax planning, capital structure, and profitability on firm value in the food and beverage subsector listed on the Indonesia Stock Exchange (IDX) for the 2021–2025 period. The food and beverage industry represents a key manufacturing pillar required to continuously optimize operational efficiency and financial decisions to maximize shareholder value. This study adopts a quantitative approach using secondary data extracted from companies' annual financial reports. A purposive sampling technique was used to select a representative sample over the five-year observation period. The analytical method employed is panel data regression analysis. The results indicate that tax planning, proxied by the effective tax rate, has a negative but insignificant effect on firm value. Capital structure, proxied by the debt-to-equity ratio (DER), has a significant positive effect on firm value, suggesting that leveraging within a reasonable threshold delivers a positive signal to the market regarding corporate expansion capacity. Meanwhile, profitability, proxied by the return on assets (ROA), has a strong significant positive effect on firm value, demonstrating that profitability is the primary fundamental driver valued by investors assessing the prospects of food and beverage firms.]]>
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