<![CDATA[Purpose: This study examines the value relevance of accounting information by investigating whether Book Value per Share (BVPS) and Earnings per Share (EPS) are associated with the stock prices of technology firms listed on the Indonesia Stock Exchange (IDX). It addresses limited evidence on the applicability of the Ohlson valuation model to Indonesian technology firms, where intangible resources, digital innovation, and knowledge-based activities may affect the relevance of traditional accounting information. Method: This study employs a quantitative explanatory design using balanced panel data from 18 technology firms listed on the IDX during 2021–2025, resulting in 90 firm-year observations. The sample was selected using purposive sampling. The Ohlson price model was estimated using panel-data regression, with firm size and leverage as control variables. Based on the Chow, Hausman, and Breusch–Pagan Lagrange Multiplier tests, the Fixed Effects Model (FEM) was selected. Results: EPS has a positive and statistically significant association with stock price in the conventional FEM, whereas BVPS has a positive but statistically insignificant association. Leverage has a negative and statistically significant association with stock price, while firm size is insignificant. However, using White cross-section robust standard errors, the significance of EPS is not maintained. Implications & Recommendations: The findings suggest that the value relevance of accounting information may vary across industries. Investors should consider earnings alongside indicators of firm performance, innovation, growth opportunities, and intangible resources. Managers should improve the quality and transparency of financial and intangible-resource disclosures. Contribution & Value Added: This study provides empirical evidence on the Ohlson model in Indonesian listed technology firms in an emerging-market setting. The findings highlight differences between earnings and book value and suggest that the valuation relevance of accounting information may depend on industry characteristics and the resources underlying firm value.]]>
