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SHELVIA AGUSTA BR GINTING Pengarang Mitha Christina Ginting,S.E.,M.Si Dosen Pembimbing 2 Robinhot Gultom, S.E., M.Si, Dosen Pembimbing 1 Dr. Jeudi A.T.P Sianturi, S.E., M.Si Ketua Penguji

ABSTRACT This study aims to analyze the effect of liquidity, activity, profitability, and dividend policy on firm value in primary consumer goods companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The independent variables in this study are liquidity (Current Ratio), activity (Total Asset Turnover), profitability (Return on Assets), and dividend policy (Dividend Payout Ratio), while the dependent variable is firm value proxied by Tobin’s Q.This study uses secondary data obtained from financial statements, with a sample of 37 companies and a total of 111 observations. The analysis method employed is Structural Equation Modeling–Partial Least Square (SEM-PLS).The results indicate that liquidity and activity have a positive and significant effect on firm value. Meanwhile, profitability does not have a significant effect on firm value. Dividend policy is not significant at the 5% level but becomes significant at the 10% level. The Adjusted R-Squared value of 0.195 indicates that the model has limited explanatory power in explaining firm value.This study is expected to provide insights for companies and investors in decision-making and serve as a reference for future research. Keywords: Liquidity, Activity, Profitability, Dividend_Policy, Firm_Value.