<![CDATA[Abstract This study aims to examine the effects of macroeconomic factors and firm performance on stock valuation of banking subsector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The macroeconomic variables include GDP and inflation, while firm performance is proxied by the PER and PBV. This research employs a quantitative approach using documentary data. The sample was selected through purposive sampling. Data analysis was conducted using non-parametric statistical methods, including the Kruskal–Wallis test, Runs test, and Spearman and Kendall correlation tests. The results indicate that GDP and inflation have no significant effect on banking stock valuation. These findings suggest that macroeconomic fluctuations during the observation period do not directly influence investors’ assessment of the fair value of banking stocks. In contrast, PER and PBV have a significant effect on stock valuation, indicating that investors place greater emphasis on internal firm performance, particularly profitability and equity value, when evaluating banking stocks. Keywords: stock valuation, banking sector, GDP, inflation, Price Earning Ratio, Price to Book Value Abstrak Penelitian ini bertujuan untuk menganalisis pengaruh faktor makroekonomi dan kinerja perusahaan terhadap valuasi saham perusahaan subsektor perbankan yang terdaftar di Bursa Efek Indonesia selama periode 2022–2024. Variabel makroekonomi yang digunakan meliputi GDP dan inflasi, sedangkan kinerja perusahaan diproksikan dengan ER dan Price to Book Value.Penelitian ini menggunakan pendekatan kuantitatif dengan metode dokumentasi. Sampel penelitian ditentukan menggunakan teknik purposive sampling. Analisis data dilakukan dengan statistik nonparametrik yang meliputi uji Kruskal–Wallis, Runs Test, serta korelasi Spearman dan Kendall. Hasil penelitian menunjukkan bahwa GDP dan inflasi tidak berpengaruh signifikan terhadap valuasi saham perusahaan perbankan. Temuan ini mengindikasikan bahwa perubahan kondisi makroekonomi selama periode pengamatan belum secara langsung memengaruhi penilaian investor terhadap nilai wajar saham sektor perbankan. Sebaliknya, Price Earning Ratio (PER) dan Price to Book Value (PBV) terbukti berpengaruh signifikan terhadap valuasi saham. Hal ini menunjukkan bahwa investor lebih menitikberatkan faktor internal perusahaan, khususnya profitabilitas dan nilai ekuitas, dalam menilai kewajaran harga saham perbankan. Kata kunci: valuasi saham, perbankan, GDP, inflasi, Price Earning Ratio, Price to Book Value.]]>
