<![CDATA[This study aims to analyze the effect of dividend policy on firm value, the effect of capital structure on firm value, the role of profitability in moderating the effect of dividend policy on firm value, and the role of profitability in moderating the effect of capital structure on firm value. The sample consisted of 29 Food and Beverage subsector companies listed on the Indonesia Stock Exchange during the 2022-2025 period, resulting in a total of 116 observations selected using purposive sampling. This study employed a quantitative approach using secondary data obtained from the companies’ annual financial reports. Data were analyzed using Moderated Regression Analysis (MRA) with IBM SPSS Statistics 27. The results indicate that dividend policy has a negative and significant effect on firm value, while capital structure has a positive and significant effect on firm value. Profitability moderates the effect of dividend policy on firm value and profitability moderates the effect of capital structure on firm value. These findings suggest that company management should consider profitability when determining dividend policy and capital structure to enhance firm value. In addition, investors may use profitability as an important consideration in making investment decisions.]]>
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