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Journal : Jurnal Ilmu Manajemen Profitability

The Effect of Intangible Assets, Research and Development Costs, and Modern Technology Investment on the Relationship between Profitability and Firm Value Yulitasari; Syarifuddin Rasyid; Syamsuddin; Refor Moerdianto
Jurnal Ilmu Manajemen Profitability Vol. 9 No. 2 (2025): AGUSTUS 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/xbeydn91

Abstract

This study investigates the influence of profitability on firm value and further examines the moderating roles of intangible assets, research and development (R&D) expenditures, and technology investments in Indonesian manufacturing companies. The issue of how firms translate profitability into long-term value remains an important topic in financial and strategic management, particularly in emerging markets where resource allocation and investment strategies vary considerably. The research population comprises manufacturing firms listed on the Indonesia Stock Exchange during the period 2019–2023. Using purposive sampling, 105 firms were selected, resulting in 525 firm-year observations. Data were obtained from annual reports and financial statements, while the analytical methods employed include panel data regression, simple regression, and moderated regression analysis using EViews 12 software. The empirical results confirm that profitability exerts a positive and significant impact on firm value, highlighting its role as a primary driver of shareholder wealth. Nevertheless, the moderating tests indicate that intangible assets and technology investments weaken this relationship, suggesting that excessive or misaligned allocations in these areas may reduce the incremental benefits of profitability. Conversely, R&D expenditures were found not to significantly moderate the profitability–value link, implying that research activities alone do not automatically enhance firm value unless effectively commercialized. Overall, the findings enrich the literature on the resource-based view by emphasizing the conditional effects of intangible and technological resources. For practitioners, the study provides strategic insights into how managers should align resource investments with profitability objectives to optimize value creation in the manufacturing sector.
Co-Authors , Amiruddin A Halim A, Syahrial A. Muhammad Idkhan Abdi, Rustam Abdul Azis Sapriadi Abdul Kadir Abdul Rahim Abqariah Achmad Tubagus Surur Adi Anggarana Adi Sulistiyono Adiwima Zebua Agustinus Suria Darme Ahmad, Miladu Ahadi Alaa, Siti Alezandro Lbn. Raja, Edward Alfina Taurida Alaydrus Aliyuddin Alwi Amran Amri Usa Amrul Ikhsan Ananda Sakir Andarwati, Sophia Andhita Kartiwa Andi Arjuni K Andi Baso Kaswar Andi Baso Kaswar Andi Herman Jaya Andi Muh. Abian Abdi Andriadin, Andriadin Anjani Ichsan, Safira Anne Kurry Anggreani Arfandi Ariastuti Saleh, Wizerti Arif Budiarto ARIFUDDIN Arman Arya Putra, Muhammad Aryadi Nurfalaq Asngadi Asngadi Atikah Asri Putri Atikah, Nurul Awinar, Chaerani Ayu Puspitasari, Ayu Azmi, Akhroja Nur Baehaqi Bahaking Rama Bastiana Bonde, Merlina Bulqis Burhanuddin Ridlwan Cantika, Laura Chitra Anggriani Dahlia, Andi Amalia Daud, Dahniyar Dewi Ajeng Nurwandani Dian Wijaya Kurniawidi Dika Dayanti Ega Kurnia Eka Amelia Eka Firmansyah Endang Suerni, Endang Eri Murniasi Erwin Fadhil Mulya Ramadhan Febbi Regita Cahyani Ferizaldi fida, muthmainnatun mufidah Firzhal Arzhi Jiwantara Fuada, Nurul Gede Harimbawa Habibatul Mukaromah Hadih, Suriyadi Hadijah Hadilpa, Iqhpy Hafidz Muhtar Haliah, Haliah Halide, Nirwana Hanifuddin Harianto Harnida Wahyuni Adda Haruddin Haryanti Haryati, Tia Hasan, Delina Hasmawati Hasyem, Muhammad Hasyim Haddade Hazyimara, Karunia Helen H.M Napitupulu Hidayati, Taufiq I Gde Mertha I Gde Mertha I Kade Wijaya Idris Idris Pattekai Iksan Iksan Burhanuddin, Chairul Iksan Burnanuddin, Chairul ILHAM Ima Mahmudah Imaduddin, M. Asad Indo Santalia Indra Santoso, Septy Indrijawati, Aini Istifarah Iswandi Izzatul Ma'rifah Jasminto Jayanti Yusmah Sari Jazlina, Nurin Jekki Arto Marbun Joni Rokhmat Judana Jusman Kadek Agus Dwiwijaya Kalvin Albert Parinding Kaseng, Saharuddin Kasman Kasnawi Alhadi Khaerus Syahidi Khairani Itsnainy, Siti Khairul Umam Khoirul Umam Kuat Ismanto Kurniawan Arizona Kusumawati, Andi La Ode Muhamad Munadi Laily Masruroh Laindjong, Nadia Pratiwi Lisa Rahmi Lukman M. Alhabsyi, Ni’ma M.J NASHIR Ma'ari, Aman Madjid, Rifki Julyanto Mangenre, Muh. Fadli Mardianus Mas'ud Masita, Azza Masri Mas’ud Mauludi Meidina, Tatiana Miniharianti Miru, Sulaiman Mohammad Arif Setyabudi Mohammad Ega Nugraha Muasomah Muh Yusuf Tahir Muh. Natsir Mahmud Muh. Zukri Malik Muhajirin Muhamamd Kandriana Muhammad Amri Muhammad Amrullah Pagala Muhammad Fadhli Muhammad Naim Muhammad Nur Korompot Muhammad Rifaid Muhammad Sarjan Muhammad Shaleh Assingkily Muhammad Taufiq Abadi Muhammad Wildan Muhsin Mukhlis Mulis Munadi, La Ode Muh. Munir Muslianti Middin Mutahara, Nurul Mutia Azizah Nuriana Mutmainna, Nurunnisa Muzakkir Nadia Sari Najamuddin Petta Solong Nasrullah Nedy, Jon Ngatmin Nilam Agustryanti Nirsal Nirwana Noni Putri Nur Abdi, Muhammad Nur Aisyah Nur Azizah Nur Azizah Afifah Idrus Nur Hasanah Safei Nur Khusnul Hamidah Nur Rasyidah, Andi Nuraeni Nurasia Nurfarhati Nurhayati Sutan Nokoe Nurhikmah Nurjanah, Ai Dian Siti Nuryamin Praptiningsih Pratama, Eka Setia Pratiwi Aurina Herman Sumantri Prismawiryanti Prismawiryanti Puspita Sari, Rafika Putra Hasugian Putra, Rizky Anugrah Putri Rachman, Muhammad Aulia Ramdhani Sucilestari Ranir Atfar R Ratna Ayu Damayanti Raudhatul Jannah Razak Ali Razi, T. Khairol Refor Moerdianto Renni Sartika Ria Angraini Ridhwan, Burhanuddin Ridlwan, Burhanuddin Ridwan Risanda Alirastra Budiantoro Rizqi, Ella Fahrur Rosnani Lakuna Rozalia Kalia Rusli, Urisnawati Saharuddin Kaseng Sahrullah Said, Awayundu Salsabila, Sapna Santi Mandasari Santi Yunus Saputra , Gusti Ketut Alit Saputra, Awal Saripudin Saripudin Sarjan, M Sartiah Yusran Sartika Sari Shendy, Shendy Amelya Mattalitti Simatupang, Ferdi Samuel Siti HasanahSiti Hasanah Siti Khairani Sri Mutiah Husaini Suharsono Bantun Suhayat Minardi Sukardiawan, I Wayan Sukirman Sulaeman Miru SUMARNI Sumatriani Sundari, Sri suparni Suryadi Hadi Susi Rahayu Susi Sri Handayani Suwadi Suwandi Simangunsong Suwardi Syafiqah, Aina Syahputra, Fadli Syahrial A Syahruddin Usman, Syahruddin Syahruramadhan Syaputri, Sulis Syarifuddin Rasyid Teguh Ardianto, Teguh Tia Haryati Triyanto Pristiwaluyo Turu Salandra Ulinsa, Ulinsa Umi Sumbulah Usman Uthariani, Asyfi Nadya Versiandika Yudha Pratama Wahid, Zakaria Wahidanur Wakum, Bastiana Marlina Wenty Septria DS Wiwi Rapa Yamin Yaddi Yulitasari Yusuf, Wiska Zakiya, Zulfi Zuhrah zulfi zakiyah Zulfitrah Zulfitrah, Zulfitrah