<![CDATA[The rapid growth of digital ecosystem firms has transformed corporate value creation. This study investigates the effects of sales growth, operating profit, and capital requirement on Efficient Use of Capital (proxied by Return on Invested Capital/ROIC) and Firm Value Creation (proxied by Economic Value Added/EVA) in Indonesian technology companies. Using secondary data from 22 technology firms listed on the Indonesia Stock Exchange during 2021–2025 (110 firm-year observations), the study applies Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results show that operating profit positively and significantly influences both Efficient Use of Capital and Firm Value Creation. Sales growth has no significant effect on either variable, while capital requirement negatively affects Efficient Use of Capital but has no significant effect on Firm Value Creation. Efficient Use of Capital significantly enhances Firm Value Creation, indicating that effective capital allocation is essential for increasing shareholder value. However, it does not mediate the relationships between sales growth, operating profit, capital requirement, and Firm Value Creation. These findings suggest that value creation in Indonesian technology firms is driven primarily by operational profitability and efficient capital utilisation rather than business expansion or increased capital investment, contributing to the Value-Based Management literature in digital business contexts.]]>
