<![CDATA[Firm value is an important indicator of investor confidence, yet accounting performance and market valuation do not always move together in Indonesian state-owned banks. This study examines the associations of the Debt-to-Equity Ratio (DER) and Return on Assets (ROA) with Price-to-Book Value (PBV) in four state-owned banks listed on the Indonesia Stock Exchange during 2021–2025. A balanced panel of 40 bank-semester observations was estimated using a bank fixed-effects model. The reported conventional estimates indicate positive associations of DER and ROA with PBV. The adjusted R² is 0.8468, but it includes the bank fixed effects and should not be attributed to the two financial ratios alone. Because the panel contains only four banks and the available output does not provide panel-robust standard errors, the inferential results are interpreted cautiously as associational evidence. The findings underline the need to interpret bank liabilities as part of the intermediation model and to assess profitability together with bank-specific risk and capitalization indicators.]]>
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