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All Journal Jurnal Ekonomi Perusahaan
Zulfikar Ikhsan Pane
Institut Bisnis dan Informatika Kwik Kian Gie
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Ownership structure, firm age, and technological capital as determinants of firm performance and value Zulfikar Ikhsan Pane; Yustina Triyani; Ingkak Chintya Wangsih
Jurnal Ekonomi Perusahaan Vol. 32 No. 2 (2025): Sept 2025 - Feb 2026
Publisher : Business and Entrepreneurship Department, Kwik Kian Gie School of Business and Information Technology, Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46806/jep.v32i2.1979

Abstract

This study examines the effects of ownership structure, firm age, and technological capital on firm performance and firm value. Using a final sample of 99 observations from manufacturing sector companies in Indonesia over the period 2020–2022, the findings reveal that only firm age and technological capital have a positive and statistically significant effect on firm performance. Further analysis indicates only technological capital has a positive and significant effect on firm value. These results suggest that the longer a firm operates, the greater its production scale and cost-efficiency capabilities become; however, such maturity alone is insufficient to convince investors. In contrast, a firm’s ability to adapt to and develop technological capabilities not only enhances profitability but also increases its stock price in capital market.
Analysis halal information disclosure for firm value and performance Zulfikar Ikhsan Pane; Andri Kusuma Jaya; Desy Herawati; Hana Safira
Jurnal Ekonomi Perusahaan Vol. 33 No. 1 (2026): March - August 2026
Publisher : Business and Entrepreneurship Department, Kwik Kian Gie School of Business and Information Technology, Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46806/jep.v33i1.2536

Abstract

Indonesia, as one of the countries with the largest Muslim populations, places considerable importance on halal-related information associated with products. This study aims to examine the impact of halal information disclosure on firm value and performance by introducing halal information disclosure as a novelty. Using a sample of consumer non-cyclicals companies in the food and beverage subsector listed on the Indonesia Stock Exchange during the 2019–2023 period, this study finds that halal information disclosure has no significant effect on earnings per share (EPS), sales, price-to-book value (PBV), or Tobin's Q. These findings indicate halal information disclosure has not yet generated measurable economic benefits for firms. One possible explanation is that the observation period coincided with the COVID-19 pandemic and the subsequent economic recovery, during which stakeholders were more concerned with firms' operational resilience and financial stability than with halal-related disclosures. Consequently, the potential value of halal information disclosure may not have been fully recognized by investors and other.
Co-Authors Andri Kusuma Jaya Desy Herawati Hana Safira Ingkak Chintya Wangsih Yustina Triyani