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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.
Co-Authors Ingkak Chintya Wangsih Yustina Triyani