Adam Irgi Setiawan (1), Sutiman (2)
This study aims to determine the effect of Debt to Equity Ratio (DER), Firm Size (FS), and Return on Assets (ROA) on Price to Book Value (PBV) at PT Telekomunikasi Indonesia Tbk for the 2015–2024 period, both partially and simultaneously. The research uses a quantitative associative approach with descriptive and verificative methods. The data are secondary data obtained from the annual financial statements of PT Telekomunikasi Indonesia Tbk for 2015–2024. Data analysis was performed using descriptive statistics, classical assumption tests, multiple linear regression, t-test, F-test, correlation coefficient, and coefficient of determination with SPSS version 26. The results show that DER does not have a significant effect on PBV, Firm Size has a negative and significant effect on PBV, while ROA has a positive and significant effect on PBV. Simultaneously, DER, Firm Size, and ROA have a significant effect on PBV). The coefficient of determination shows an Adjusted R² of 0.778, meaning that the three independent variables explain 77.8% of the variation in PBV, while 22.2% is explained by other factors outside the model.
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