<![CDATA[The capital market, including companies in the tourism and hotel sub-sector listed on the Indonesia Stock Exchange (IDX), is an important instrument for driving economic growth. Price Earning Ratio (PER), which is influenced by Debt to Equity Ratio (DER) and Return On Asset (ROA), is an important indicator that shows investor expectations of a company's earnings growth. However, previous research findings show that there are differences regarding the effect of these two factors on Price Earning Ratio (PER). The purpose of this study is to determine the effect of DER and ROA on PER in tourism and hotel sub sector companies listed on the IDX from 2021-2025, both partially and simultaneously. This study uses a quantitative approach with secondary data from annual financial reports. The purposive sampling technique resulted in 20 companies or 66 observation data after outlier cleaning. To address autocorrelation, the data were analyzed using multiple linear regression with SPSS 25 and the Cochrane Orcutt transformation. The results show that DER partially has no positive and significant effect on PER, while ROA partially has a positive and significant effect on PER. With an Adjusted R Square value of 16.0%, DER and ROA simultaneously have a positive and significant effect on PER.]]>
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