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.