<![CDATA[This study responds to inconsistent empirical evidence concerning the financial determinants of firm value and the role of dividend policy. It investigates the effects of profitability, capital structure, and firm size on firm value and examines whether dividend policy moderates these relationships among textile and garment companies listed on the Indonesia Stock Exchange during 2020–2024. A quantitative research approach was adopted using secondary data from 14 textile and garment companies, yielding 70 firm-year observations. The data were analyzed using multiple regression and moderated regression analysis. The results show that profitability has no significant effect on firm value, while capital structure has a positive and significant effect and firm size has a negative and significant effect. Dividend policy significantly strengthens the relationship between profitability and firm value but does not significantly moderate the relationships between capital structure or firm size and firm value. These findings highlight the importance for investors and managers to consider financing decisions, asset efficiency, profitability, and dividend distribution collectively when assessing firm value.]]>
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