Objective - The study examines the influence of profitability, leverage, firm size, and the proportion of independent commissioners on a firm's value with dividend policy as a moderating variable of the top 100 listed companies in Indonesia.

Methodology/Technique - The sample was selected using purposive sampling, 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 were analyzed with moderated regression analysis method.

Findings - The result indicated that profitability, leverage, and proportion of independent commissioners significantly enhance firms' value and strengthen these conditions by dividend policy. This study also finds that company size does not influence the value of firms.

Novelty - This study contributes to knowledge of a firm's value using dividend policy as a variable that moderates the effect of profitability, leverage, firm size, and proportion of independent commissioners toward the value of firms. The implication of this study could guide a company's corporate action to create a balanced return on the firm's value between existing and potential investors, giving a positively impacting