Capital Structure, Profitability, and Firm Value in Indonesian State-Owned Banks: Panel-Data Evidence 2021–2025
Firm value is an important indicator of investor confidence, yet accounting performance and market valuation do not always move together in Indonesian state-owned banks. This study examines the associations of the Debt-to-Equity Ratio (DER) and Return on Assets (ROA) with Price-to-Book Value (PBV) in four state-owned b...