The purpose of this research is to provide empirical evidence regarding the
value relevance of earnings, book value, and R&D in explaining the company’s market
value and observing the condition around the Covid-19 pandemic. The samples used
are all manufacturing companies listed in Indonesia Stock Exchange that disclose
consistent R&D expenditures during the observation period (2018-2021). The findings
indicate that earnings and R&D have no significant impact on stock price in both
periods while the book value of equity has a positive relationship and significant impact
on the stock price. The value relevance of book value of equity also increases during
the pandemic. This research concludes that in the time of financial crisis, investors rely
on the information about book value of equity more than earnings and R&D.