<![CDATA[Indonesia's economy experienced fluctuating growth during 2016–2025, including a sharp contraction during the COVID-19 pandemic followed by gradual recovery. These macroeconomic conditions affected the capital market, particularly the value of LQ45-indexed companies listed on the Indonesia Stock Exchange. Firm value, measured by Price to Book Value (PBV), declined substantially from 11.81 times in 2016 to 2.06 times in 2025. During the same period, the Current Ratio and Debt to Equity Ratio remained relatively stable, while the Rupiah depreciated against the US Dollar. Previous studies on the effects of liquidity, capital structure, and exchange rate on firm value have produced inconsistent findings and rarely distinguish between short-run and long-run relationships. This study aims to examine the short-run and long-run effects of the Current Ratio, Debt to Equity Ratio, and exchange rate on the firm value of LQ45-indexed companies during 2016–2025. This research applies a quantitative associative method using secondary data from the Indonesia Stock Exchange and Bank Indonesia. Purposive sampling selected six companies, resulting in 60 firm-year observations. The data were analyzed using the Panel Autoregressive Distributed Lag (Panel ARDL) method. The results indicate that in the short run, the Current Ratio and Debt to Equity Ratio have no significant effect on firm value, whereas the exchange rate has a significant positive effect. In the long run, the Current Ratio remains insignificant, the Debt to Equity Ratio has a significant positive effect, and the exchange rate has a significant negative effect. ]]>
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