The objective of this research is to obtain an empirical evidence about the effect of profitability, leverage, firm size, and the proportion of independent commissioners towards firm’s value with dividend policy as a moderating variable. The object of this research is non-financial companies included in Kompas 100 Index during 2016-2019 period. The sample was selected using purposive sampling method which consists of publicly-traded non-finance companies listed on the Kompas 100 Index and preparing audited financial statements for the year ended December 31 using Rupiah as its reporting currency. The secondary data was analyzed with moderated regression analysis method. The result of this research were (1) profitability (ROA) has significant positive effect towards firm’s value (PBV) with dividend policy (DPR) as a moderating variable, (2) leverage (DER) has significant positive effect towards firm’s value (PBV) with dividend policy (DPR) as a moderating variable, (3) firm size (logarithm natural asset) does not have positive effect toward firm’s value (PBV) with dividend policy (DPR) as a moderating variable, (4) proportion of independent commisioners has
significant positive effect towards firm’s value (PBV) with dividend policy (DPR) as a moderating variable. Profitability, leverage, firm size, and proportion of independent commisioner simultaneously have significant effect towards firm’s value with dividend policy as a moderating variable.