The Influence of Long-Term Debt-to-Equity Ratio, Financial Leverage, Capital Structure, and Asset Growth on Stock Prices via Price-to-Book Value in the Oil and Gas Industry Listed on the Indonesia Stock Exchange (2020–2025)

The oil and gas industry is a strategic sector that contributes significantly to the Indonesian economy; however, the movement of its funding structure, asset growth, and stock prices during the 2020–2025 period has shown inconsistent fluctuations. Previous studies on the effects of Long-Term Debt to Equity Ratio, Debt to Asset Ratio, Equity to Asset Ratio, and Asset Growth on Price to Book Value and stock prices have produced mixed results, and most have not positioned Price to Book Value as an intervening variable in the oil and gas sector. This study aims to analyze both the direct and indirect effects of these four variables on stock prices through Price to Book Value in the oil and gas industry listed on the Indonesia Stock Exchange during the 2020–2025 period. The research employs a quantitative approach using secondary data in the form of annual financial reports from 11 sample companies selected through purposive sampling, and is analyzed using path analysis with the assistance of SPSS. The results show that Long-Term Debt to Equity Ratio, Debt to Asset Ratio, Equity to Asset Ratio, and Asset Growth, either simultaneously or partially, do not have a significant effect on either Price to Book Value or stock prices. Meanwhile, Price to Book Value has a significant and dominant effect on stock prices and mediates the influence of the four variables. The novelty of this research lies in the integration of an intervening model in the post-pandemic oil and gas sector, which has not been extensively studied, while also confirming that market valuation plays a greater role in determining stock prices than funding structure does directly.