International Journal of Educational Review, Law And Social Sciences |IJERLAS E-ISSN: 2808-487X | https://radjapublika.com/index.php/IJERLAS 227 THE EFFECT OF RETURN ON EQUITY AND GROWTH ASSETS ON PRICE BOOK VALUE WITH DEBT TO EQUITY AS AN INTERVENING VARIABLE IN REGISTERED METAL SUB-SECTOR COMPANIES ON THE INDONESIA STOCK EXCHANGE Yusneni Afrita Nasution 1 , Muslim 2 , Soraya Afdillah 3 1 Akuntansi, Universitas Muhammadiyah Sumatera Utara 2 Manajemen, Universitas Muhammadiyah Sumatera Utara 3 Universitas Muhammadiyah Sumatera Utara Correspondence E-mail: 1) yusneniafrita@umsu.ac.id Abstract This study aims to determine the effect of Return on Equity, Change in Total Assets on Price Book Value with Debt To Equity as an intervening in metal sub-sector companies listed on the Indonesia Stock Exchange. This study is an associative study with documentation data collection techniques, the population in this study This amounted to 16 companies and samples taken amounted to 14 companies. The sampling technique used is purposive sampling technique. The analytical method used is path analysis. The results showed that Return On Equity had a positive and significant effect on Debt To Equity, Return On Equity had a positive and insignificant effect on Price Book Value, Growth Assets had a positive and insignificant effect on Debt To Equity, Growth Assets had a positive and insignificant effect on Price Book Value, Debt to Equity has a positive and insignificant effect on Price Book Value, Debt to Equity as a mediation on Return On Equity and Price Book Value has a negative and insignificant effect, Debt to Equity as a mediation on Growth Assets and Price Book Value has a negative and negative effect not significant. Keywords: Return on equity, Growth asset, Debt to equity, dan Price book value. 1. INTRODUCTION Metal sector companies in Indonesia are companies that provide potential and contribute to national economic development. This is because the products of the metal industry are the main raw materials for other industrial sector activities, such as machinery and equipment for automotive, maritime and electronics factories. So in this case a company is assumed to continue to carry out its activities, therefore the value of the company and the decisions of financial managers must be assessed from current cash flows and future cash flows, both cash inflows and cash outflows. Companies are always faced with the opportunity to get a positive rate of return on the funds invested, because the interest rate is always greater than zero, the timing of cash flows has important economic consequences.(Harjito & Martono, 2008). Firm value is an investor's perception of the manager's level of success in managing the company's resources entrusted to him which is often associated with stock prices. The value of the company is very important for the company because an increase in the value of the company will be followed by an increase in share prices that reflect an increase in the prosperity of shareholders. The market will believe not only in the company's current performance but also in the company's prospects in the future with an increase in company value(Indraini, 2019). The market value of the company is the value of the company that is determined or generated based on the market mechanism, namely the attraction between supply and demand. Like the book value, the market value of the company also uses the concepts of total value and net value so that there is the total