The Impact of Liquidity, Asset Efficiency, Leverage, and Profitability on Firm Value: Evidence from Hotel, Resort, and Cruise Sub-Industry Companies Listed on the Indonesia Stock Exchange, 2020–2025
The hotel, resort, and cruise sub-industry was among the sectors most severely affected by the COVID-19 pandemic, and its firm value, proxied by Price to Book Value (PBV), has fluctuated sharply during recovery. Prior studies on the financial determinants of firm value report inconsistent results, and few have examined...