<![CDATA[Tujuan penelitian ini untuk mengetahui pengaruh enterprise risk management( ERM), return on equity (ROE) , dan debt to asset ratio (DAR) terhadap price to book value (PBV) sub sektor farmasi yang terdaftar di bursa efek indonesia tahun 2020-2024. Berlandaskan paparan fenomena serta adanya celah empiris dalam penerapan signaling theory,studi ini bertujuan menguji dan menganalisis pengaruh enterprise risk management (ERM), return on equity (ROE), dan debt to asset ratio (DAR) sebagai bentuk sinyal fundamental terhadap price to book value (PBV) pada perusahaan sub-sektor farmasi yang terdaftar di bursa efek indonesia periode 2020–2024. Pengambilan sampel menggunakan purposive sampling dem memenuhi kriteria. Sampel yang digunakan penelitian ini adalah 40 sampel. Teknik analisis data yang digunakan analisis regresi linear berganda dengan SPSS. Hasil penelitian menunjukan Enterprise risk management (ERM) berpengaruh negatif dan tidak signifikan terhadap price to book (PBV), return on equity (ROE) berpengaruh positif dan tidak signifikan terhadap price to book value, debt to asset ratio (DAR) berpengaruh negatif dan tidak signfikan terhadap price to book value (PBV). Hasil tersebut mengindikasikan bahwa dalam situasi ketidakpastian pasar pasca COVID-19, pelaku pasar lebih mengutamakan sentimen makroekonomi dibandingkan informasi fundamental perusahaan. Implikasi bagi manajemen adalah perlunya peningkatan transparansi mengenai prospek bisnis jangka panjang. This study aims to determine the impact of enterprise risk management (ERM), return on equity (ROE), and the debt to asset ratio (DAR) on the price to book value (PBV) of pharmaceutical sub-sector companies listed on the indonesia stock exchange (IDX) from 2020 and 2024. Based on observed phenomena and empirical gaps regarding the aplication of signaling theory , this is study examines and analyzes the influence of enterprise risk management (ERM), return on equity (ROE), and the debt to asset ratio (DAR) acting as fundamental signal on the price to book value (PBV) of pharmaceutical companies listed on the idx during the 2020-2024 periode. A purposive sampling method was employed to select the sample, resulting in a total of 40 observations. Data analysis was conducted using multiple linear regression via SPSS, return on equity (ROE), and the debt to asset ratio (DAR) acting as fundamental signal on the price to book value (PBV) of pharmaceutical companies listed on the idx during the 2020-2024 periode, the results indicate that enterprise risk management has a negative and insignificant effect on price to book value return on equity has a positive and insignificant effect on price to book value and the debt to asset ratio has a negative and insignificant effect on price-to-book value. these findings suggest that amidst post-covid-19 market uncertainty, market participants prioritize macroeconomic sentiment over corporate fundamental information. The implication for management is the need to enhance transparency regarding long term business prospects]]>
