Financial Performance's Impact on Firm Value in Tourism and Hospitality Sector

This research investigates how financial performance influences the value of companies operating in the tourism and hospitality industry. Independent variables include ATO, CR, DER, ROA, and TRR, with firm value measured by PBV. Through purposive sampling, the study selected 38 listed companies on the Indonesia Stock Exchange covering the period from 2013 to 2023 were included in the study. Data were processed with Ordinary Least Square (OLS) using STATA 17. Results show that ATO and ROA positively and significantly affect PBV. DER has a significant negative impact before the pandemic but turns positive afterward. CR and TRR are not significant. The findings highlight the importance of operational efficiency, profitability, and capital structure in determining firm value, offering insights for behavioral accounting and signaling theory, and providing practical implications for managers and investors.