In this research, the writer want to explain the phenomena which bond rating and dividend is very critical in determining the firm value. This phenomenon can be proved by conducting two researches (firm with and without bond rating) which other researchers have not done yet. The data that will be using is the firms with and without bond rating in Indonesia between 2007 and 2016. The results of the study show that bond rating and dividend can change the firm value. As a result when a firm with bond rating has an increase in their dividend, their firm value will decrease. While when the firm without bond rating has an increase in their dividend, their firm value will also increase.ㅤ