The purpose of the study is to determine the drivers that influence firm value since, those drivers can either increase or decrease this value depending upon the tendencies of their changes. This study specifically, empirically, examines how strategic value drivers influence firm value in India? The study focuses on six important strategic value drivers namely capital structure, ownership structure, dividend policy, intensity of R&D, intensity of advertisement, and intensity of employee compensation. The study uses cross sectional time series data from 31st mar 2002 to 31st mar 2011, all 3750 BSE listed manufacturing companies are considered for the purpose of the study. The study uses panel regression with four different model specifications (the pooled regression model; the between effects model; the fixed effects model; and the random effects model) and will identify the best model specification for the regression analysis. Variables for the study are collected from the CMIE’s prowess data base (release 4). The results of the study have implications, both theoretical and practical, for the field of strategic management and financing decisions of the firm’s in India. If we see manufacturing industry as a whole we find that the strategy of pay-out policy, presence of foreign promoters, R&D intensity, and advertisement intensity has significant positive relationship with firm value. But in case of leverage the study explores the presence negative relationship with firm value. Intensity of employee compensation and directors remuneration as percentage of employee compensation has no significant relation with firm value but at the same time we find that compensation per thousand employees has significant positive relationship with firm value. The study will help practitioners understand the level of impact of each strategy and take appropriate actions to improve the performance.