This study aims to analyze the impact of investment decisions, capital structure, dividend policy, and profitability on firm value in manufacturing companies in the food and beverage subsector listed on the Indonesia Stock Exchange during the 2020–2024 period. Corporate value is proxied by the Price-to-Book Value (PBV) ratio, while the independent variables are proxied by the Price-Earnings Ratio (PER), Debt-to-Equity Ratio (DER), Dividend Payout Ratio (DPR), and Return on Assets (ROA). This study employs a quantitative approach using purposive sampling, resulting in 14 companies with a total of 70 observations. The analysis method used is panel data regression utilizing the Stata 15 program. The results of model selection via the Chow Test, Breusch-Pagan LM Test, and Hausman Test indicate that the Fixed Effects Model (FEM) is the best model. Due to the presence of heteroscedasticity, the final estimation uses FEM with Cluster-Robust Standard Error. The results of the study indicate that investment decisions, capital structure, and profitability have a significant positive effect on firm value, while dividend policy has a negative but insignificant effect. Simultaneously, all independent variables have a significant effect on firm value. The within R-squared value of 0.7366 and the overall R-squared value of 0.8111 indicate that the model has good explanatory power.