Abstract
Market valuation of mining companies is influenced not only by financial fundamentals but also by external information disseminated through the media. This study aims to examine the effects of Return on Assets (ROA), Debt to Equity Ratio (DER), and News on Price to Book Value (PBV), as well as to investigate the moderating role of News in mining companies listed on the Indonesia Stock Exchange during the 2024–2025 period. This study employs a quantitative approach using secondary data obtained from financial statements, stock price information, and company-related news. The sample was selected using purposive sampling, resulting in 88 firm-year observations. Panel data regression was performed using the Fixed Effect Model with robust standard errors to address heteroskedasticity. The results show that ROA has a positive and significant effect on PBV, whereas DER has a negative and significant effect on PBV. News does not have a significant direct effect on PBV. However, the interaction between ROA and News has a positive and significant effect, indicating that News strengthens the effect of profitability on market valuation. In contrast, News does not significantly moderate the relationship between DER and PBV. These findings imply that investors place greater emphasis on fundamental financial information, while media coverage serves as an information amplifier for corporate profitability.