<![CDATA[This study aims to examine the effect of ownership structure on intellectual capital efficiency in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The population consisted of all manufacturing companies listed on the IDX throughout the observation period. The sample was selected using a purposive sampling technique based on predetermined criteria, resulting in 161 companies with 483 firm-year observations. Secondary data were obtained from the companies’ annual reports and analyzed using panel data regression with the Fixed Effect Model (FEM). Intellectual capital efficiency was measured using the Modified Value Added Intellectual Coefficient (MVAIC), while ownership structure was proxied by managerial ownership, institutional ownership, foreign ownership, government ownership, and public ownership. The results indicate that managerial ownership, institutional ownership, foreign ownership, and public ownership have no significant effect on intellectual capital efficiency. In contrast, government ownership has a significant negative effect on intellectual capital efficiency. These findings suggest that ownership structure is not the primary determinant of intellectual capital efficiency. Instead, the efficient management and utilization of strategic resources play a more important role in enhancing intellectual capital efficiency. This study contributes empirical evidence on the relationship between ownership structure and intellectual capital efficiency in Indonesian manufacturing companies and provides practical implications for corporate management to focus on strengthening strategic resource management rather than relying solely on ownership structure to improve intellectual capital efficiency.]]>
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