The technology sector in Indonesia has faced consistent market pressure over the last three years. Recent research by Shidiq Baddruzzaman, Mardiyani, and Benny Dhevyanto from Universitas Swadaya Gunung Jati, published in June 2026, reveals that the efficiency of asset utilization—measured by Return on Assets (ROA)—is the primary determining factor in increasing the value of technology companies.
Fundamental Challenges for Technology Companies
Although the digital industry in Indonesia is projected to reach an economic value of up to US$90 billion by 2024, technology companies listed on the Indonesia Stock Exchange have experienced significant stock performance declines. The decline in the IDXTECHNO index for three consecutive years has created an urgent need for management to understand the fundamental factors that truly maintain company attractiveness to investors.
Research Methodology
The researchers conducted a quantitative study using a causal-associative method on 25 technology companies listed on the Indonesia Stock Exchange from 2022 to 2024. Through purposive sampling, 75 observation data points were collected and analyzed using path analysis with LISREL software.
Key Findings
The data analysis results provide a clear picture of the factors affecting company value, which is measured by the Price to Book Value (PBV) ratio:
- ROA as a Bridge: Return on Assets (ROA) is statistically proven to be an effective mediator that connects the debt ratio (Debt to Equity Ratio/DER) to company value.
- The Impact of Debt: DER has a significant influence on ROA, but it does not have a direct impact on company value without passing through asset performance.
- Liquidity Limitations: The current ratio (CR) showed no significant influence, either on ROA or directly on company value.
- The Role of ROA: ROA is directly proven to have a substantial impact on determining a company's market value.
Implications for Business Strategy
This study confirms that investors do not only look at a company's ability to pay off short-term debt, but focus more on how skilled management is at utilizing assets to generate profit.
"Technology companies are advised not to simply chase high liquidity, but to optimize the use of productive assets—especially intangible fixed assets such as software, digital platforms, and licenses—which are the main revenue engines in this sector," the researchers noted. Additionally, companies are encouraged to implement more conservative funding policies by limiting reliance on external debt to maintain long-term performance stability.
Author Profile: This research was compiled by a team from the Faculty of Economics and Business, Universitas Swadaya Gunung Jati, focusing on financial management and business analysis.
Research Source:
- Article Title: Return on Assets as A Mediator: The Effect of Current Rasio and Debt to Equity Ratio on Firm Value
- Journal Name: Indonesian Journal of Business Analytics (IJBA)
- Publication Year: 2026
- DOI:
https://doi.org/10.55927/ijba.v6i3.16495
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