<![CDATA[This research aims to investigate the impact of the Debt to Equity Ratio (DER) and Good Corporate Governance (proxied by Board of Directors Size) on Firm Value (Tobin's Q) at PT Gudang Garam Tbk. The research design employs a quantitative descriptive and causal associative approach, using time-series historical financial statements over the 2015–2025 period. The data were analyzed using multiple linear regression assisted by IBM SPSS 27. Empirical results prove that, simultaneously, DER and Board of Directors Size significantly influence Firm Value (F-value = 7.802; Sig. = 0.013) with a determination coefficient of 66.1%. However, partial testing reveals an anomaly where the Debt to Equity Ratio has no significant effect (t-value = 1.223; Sig. = 0.256), indicating that the company's market share dominance leads rational investors to discount debt fluctuations. Conversely, Board of Directors Size exhibits a significant negative impact (t-value = -2.500; Sig. = 0.037), where an oversized board configuration is perceived to create bureaucratic inefficiency (Agency Theory).]]>
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