<![CDATA[The food and beverage industry plays a crucial role in supporting national economic stability but faces substantial challenges due to raw material price volatility and heightened financial risk, particularly in the post COVID 19 period. Under these conditions, capital structure and profitability become key determinants of firm value. However, prior empirical studies report inconsistent findings, creating a research gap within the food and beverage subsector listed on the Indonesia Stock Exchange. This study aims to examine the effect of capital structure, measured by the Debt to Equity Ratio (DER), and profitability, proxied by Return on Assets (ROA), on firm value, represented by Price to Book Value (PBV), during the 2020–2024 period. A quantitative approach was employed using panel data regression with a Fixed Effect Model on nine firms selected through purposive sampling, based on secondary data from annual financial statements. The results indicate that DER has no significant effect on firm value, while ROA exerts a positive and significant influence. Simultaneously, both variables significantly affect firm value, with a coefficient of determination of 48.63%, supporting signaling theory by highlighting profitability as a primary signal for investors amid economic uncertainty.ABSTRAKIndustri food and beverage memiliki kontribusi penting terhadap perekonomian nasional, tetapi menghadapi tekanan akibat fluktuasi harga bahan baku dan peningkatan risiko keuangan, khususnya setelah pandemi COVID-19. Dalam kondisi tersebut, struktur modal dan profitabilitas menjadi faktor penentu nilai perusahaan. Namun, temuan empiris sebelumnya masih menunjukkan hasil yang beragam, sehingga menyisakan celah penelitian pada subsektor food and beverage di Bursa Efek Indonesia. Penelitian ini bertujuan menganalisis pengaruh struktur modal yang diukur dengan Debt to Equity Ratio (DER) dan profitabilitas yang diukur dengan Return on Assets (ROA) terhadap nilai perusahaan yang diukur menggunakan Price to Book Value (PBV) pada periode 2020–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan analisis regresi data panel Fixed Effect Model terhadap sembilan perusahaan terpilih berdasarkan purposive sampling dan data laporan keuangan tahunan. Hasil penelitian menunjukkan bahwa DER tidak berpengaruh signifikan terhadap PBV, sedangkan ROA berpengaruh positif dan signifikan. Secara simultan, kedua variabel berpengaruh signifikan terhadap nilai perusahaan dengan koefisien determinasi sebesar 48,63%, yang mendukung teori sinyal dalam pengambilan keputusan investor di tengah ketidakpastian ekonomi.]]>
