<![CDATA[This study examines the effects of capital structure, liquidity, and research and development (R&D) intensity on firm value among technology-sector companies listed on the Indonesia Stock Exchange. The issue is relevant because the post-pandemic correction and the technology winter shifted investor attention from rapid expansion toward financial resilience, operational efficiency, and observable profitability. A quantitative causal-associative design was applied using secondary data from annual reports, financial statements, and sustainability reports for 2020-2024. Purposive sampling produced 11 companies and 55 firm-year observations. Capital structure was measured by the debt-to-equity ratio, liquidity by the current ratio, R&D by R&D expenditure divided by net sales, and firm value by price-to-book value. Panel-data regression was estimated with EViews 12. The Chow and Lagrange Multiplier tests selected the Common Effect Model. The results show that capital structure and liquidity have positive and significant effects on firm value, whereas R&D intensity has a negative and significant effect. The three variables jointly affect firm value, with an adjusted R-squared of 22.94%. These findings imply that controlled financing and adequate short-term financial flexibility are rewarded by the market, while R&D spending requires clearer commercialization and disclosure to be valued positively.]]>
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