Abstract
The purpose of this study was to examine the impact of financial performance on firm value, with profitability being a moderator variable for firms in the pharmaceutical subsector. The data used in this study is pharmaceutical stock data for the 2019-2021 period. Panel data regression test is used to understand the effect of independent variables on the dependent variable and its moderating variables. The results showed that only working capital and debt-to-equity ratio variables had a significant effect on firm value (PBV). In addition, the ROA variable as a moderating variable does not have a moderating effect on all financial performance on firm value (PBV). All results of each variable are supported by research that has been done before and have the same conclusions. The independent variable that has the greatest influence is the ART variable because it has the largest coefficient value of 0.6099. Meanwhile, the variable with the smallest influence is the CAPITAL variable with the smallest coefficient value of 0.076.
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