Muhammad Adam Farid (2025), The Effect of Return on Assets, Debt to Equity Ratio, and Debt to Asset Ratio on Firm Value (Ln_PBV) in the Real Estate Development & Management Sub-Industry Listed on the Indonesia Stock Exchange for the 2021–2023 Period. Advisor: Rusdayanti Asma.

This study aims to examine the effect of Return on Assets (ROA), Debt to Equity Ratio (DER), and Debt to Asset Ratio (DAR) on firm value, as measured by the natural logarithm of Price to Book Value (Ln_PBV). The research focuses on companies in the Real Estate Development & Management sub-industry listed on the Indonesia Stock Exchange during the 2021–2023 period. A quantitative approach was used, employing multiple linear regression to analyze the relationship between variables. The sample was selected using purposive sampling and consisted of 28 companies with 84 annual observations.

The results indicate that DER has a positive and significant effect on firm value, while DAR has a negative and significant effect. Meanwhile, ROA does not have a significant effect on firm value. The findings suggest that the optimal management of capital structure, particularly the balance between debt and equity, plays a crucial role in enhancing firm value in the real estate industry. Conversely, excessive reliance on debt, as reflected in a high DAR, can reduce firm value due to increased financial risk.

Keywords: ROA, DER, DAR, Ln_PBV, firm value, capital structure, real estate.