<![CDATA[This study aims to analyze the effect of liquidity and profitability on firm value and examine the moderating role of firm size in companies included in the Investor33 Index on the Indonesia Stock Exchange during 2015–2024. The study is motivated by the declining trend in firm value despite relatively stable liquidity and profitability, as well as inconsistencies between signaling theory and empirical conditions. This research uses panel data from 17 companies (170 observations) selected through purposive sampling and analyzed using panel data regression and Moderated Regression Analysis (MRA) with STATA 17. The results show that liquidity, proxied by the Current Ratio (CR), has a negative and significant effect on firm value, proxied by Price to Book Value (PBV), indicating that excessive liquidity reflects inefficient asset utilization. Meanwhile, profitability, proxied by Return on Equity (ROE), has a positive and significant effect on firm value, suggesting that a firm’s ability to generate profit serves as an important signal to investors. Furthermore, firm size is proven to moderate the relationship between liquidity and profitability on firm value and is classified as a quasi moderator, indicating that it not only moderates but also has a direct effect on firm value. Keywords: Firm Value; Liquidty; Profitability; Firm Size; Investor33 Index.]]>
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