<![CDATA[The development of Indonesia's capital market has encouraged companies to enhance firm value as one of the primary objectives of financial management. Price to book value (PBV) is widely used as an indicator of investor perception regarding a company's performance and future prospects. Despite the rapid growth of the digital economy, several companies in the telecommunication sub-sector have experienced a decline in PBV, indicating that industry growth does not always lead to higher firm value. This study aims to examine the effect of Debt to equity ratio (DER) and Dividend payout ratio (DPR) on PBV in telecommunication sub-sector companies listed on the Indonesia Stock Exchange during the 2022–2025 period. This study employed a quantitative associative approach using purposive sampling, resulting in seven companies with 28 observations. The data were analyzed using multiple linear regression with the assistance of SPSS software. The findings indicate that DER has a negative and significant effect on PBV, whereas DPR has no significant effect on PBV. Simultaneously, DER and DPR significantly affect PBV, with an adjusted coefficient of determination of 29.5%. These findings imply that companies should maintain an optimal capital structure to preserve investor confidence and enhance firm value.]]>
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