Competition in the pharmaceutical industry is getting more intense along with the economic
developments and increasing public awareness of the importance of health. Thus, companies need
to manage financial policies optimally to increase company value. Research objective: to examine
the impact of debt policy, dividend policy, and profitability on the value of pharmaceutical
subsector companies listed on the Indonesia Stock Exchange (BEI) between 2021 and 2023. The
study's dependent variable is firm valuation, whereas the independent variables are profitability,
dividend policy, and debt policy. Research method: This study employed a quantitative approach
with secondary data in the form of annual financial reports obtained through a purposive
sampling method from four pharmaceutical companies for three years. Research results: It
demonstrates that while debt policy has no discernible impact on firm value, profitability and
dividend policy do have a positive and considerable impact. The study's independent variables
have a great ability to explain fluctuations in company value, as seen by the coefficient of
determination (Adjusted R2) of 87.6%. Conclusion: These findings support the Signaling Theory,
where profitability and optimal capital structure provide positive signals to investors. These
results
are expected to be a consideration for company management and investors in making strategic
decisions.
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