This study aims to determine the effect of debt
policy, profitability, and investment decision on firm
value using dividend policy as a moderating variable on
pharmaceutical sub-sector companies in the Indonesian
stock exchange during 2015 – 2020. Purposive sampling
was utilized to select the samples, which included 6 out of
10 companies based on the inclusion criteria. The data
were analyzedby applying multiple linear and moderated
regression analyses assisted by SPSS version 21. The
result of the hypothesis test demonstrated that the debt
policy negatively and significantly affected firm value.
Conversely, profitability and investment decision
positively and insignificantly affected firm value. Also, the
dividend policy cannot significantly moderate the effect of
investment decisions on firm value even though it is
capable of moderating the effect of debt policy and
profitability on firm value.
Keywords : Non-Cash Payments, Inflation, and Money Circulation.