<![CDATA[The banking sector holds a strategic role in the Indonesian economy as an intermediary institution that collects and channels public funds into productive activities. Firm value, commonly proxied by Price to Book Value (PBV), reflects investors' perception of a bank's performance and future prospects, making it an important benchmark in investment decision-making. This study aims to examine the partial and simultaneous effects of Return on Assets (ROA), Firm Size, and the BI Rate on the Price to Book Value of commercial banks listed on the Indonesia Stock Exchange (IDX) during the 2015–2024 period. A quantitative associative approach was applied using secondary data drawn from the audited annual financial reports of commercial banks listed on the IDX. Using a purposive sampling technique, five banks meeting the sample criteria were selected, yielding 50 firm-year observations. Panel data regression was performed with EViews 12, and the Fixed Effect Model was selected following the Chow and Hausman tests. The results show that, partially, ROA has no significant effect on PBV (t = -0.250668; sig. = 0.8033), and the BI Rate has no significant effect on PBV (t = 0.413715; sig. = 0.6812). In contrast, Firm Size has a positive and significant effect on PBV (t = 2.744670; sig. = 0.0089). Simultaneously, ROA, Firm Size, and the BI Rate significantly affect PBV (F = 4.426872; sig. = 0.000928), explaining 32.87 percent of its variance (Adjusted R² = 0.328658). These findings suggest that firm size, rather than short-term profitability or the prevailing policy rate, is the dominant factor shaping investors' valuation of commercial banks on the IDX, providing practical implications for corporate financial strategy and investment decision-making.]]>
