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Driving Shareholder Value through Technopreneurship Innovation

Aptisi Transactions on Technopreneurship (ATT) · Vol. 7 No. 3 (2025)

DOI
10.34306/att.v7i3.642
ISSN
2656-8888, 2655-8807
Terbit
2025-10-08
Penerbit
Pandawan
Bahasa
en
Lisensi
creativecommons.org/licenses/by/4.0

Abstrak

The Food and Beverage (F&B) industry in Southeast Asia faces challenges such as raw material price volatility, high debt burden, and changes in consumer preferences, so companies need to manage their financial performance well through financial ratio analysis and product innovation to remain competitive amidst the instability of the ASEAN market and policies. This study analyzes the effect of Return on Assets/ROA, Cash Ratio/CR, Debt to Asset Ratio/DAR, Asset Turnover/ATO, and Price Earnings Ratio/PER on managerial ownership and their impact on stock returns. We assess how product development costs and financial distress moderate the relationship. The objects of the study were F&B sector companies in Southeast Asia listed on the stock exchange, data period 2012 to 2023. The method used was panel data regression. The results showed that ROA and CR positively and significantly affected managerial ownership. Conversely, DAR and PER did not show a significant effect. Moderation of product development costs weakened the impact of ROA on managerial ownership, while financial distress weakened the relationship between DAR and managerial ownership. This study suggests the importance of efficient management of assets, cash, and liabilities and the need for strategic product innovation to maintain and increase managerial ownership. Combining various financial ratios with managerial ownership and their effects on stock returns offers a more comprehensive perspective than previous studies.

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25 penulis · 53 tautan kepenulisan bersama · 39 lintas organisasi

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  • Indonesia Open University
  • State University of Semarang
  • Universitas BPD
  • Diponegoro University
  • Satya Wacana Christian University
  • Universitas Sultan Fatah
  • Andalas University
  • Organisasi lain
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Rekan penulisOrganisasiArtikel bersama
Sucihatiningsih Dian Wisika PrajantiState University of Semarang3
Sepandil Laras LaseIndonesia Open University3
Fauzul AdzimState University of Semarang2
Untung RahardjaUniversitas Raharja2
Rossanto Dwi HandoyoUniversitas Airlangga2
Mukdad IbrahimAmerican University of Ras Al Khaimah2
Robiyanto RobiyantoSatya Wacana Christian University1
Etty SoesilowatiState University of Semarang1
Caroline CarolineUniversitas Sultan Fatah1
Ceasilia SrimindartiAfiliasi tidak diketahui1
Afaqa HudayaIndonesia Open University1
ZulfahmiIndonesia Open University1
Muhammad Iqbal Al-Banna IsmailSunway University1
Elvina PrimayesaAndalas University1
Hamdan HamdanHasanuddin University1
John E EdwardsAfiliasi tidak diketahui1
SuhartiUniversitas Muhammadiyah Semarang1
Fatima Retno NingrumSunan Gunung Djati State Islamic University Bandung1
Adang SonjayaNational Research and Innovation Agency1
Dian Anggraeny RahimUniversitas Darma Persada1
Wandah WibawantoState University of Semarang1

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Sumber metadata: OAI-PMH (metadata jurnal) https://att.aptisi.or.id/index.php/att/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Driving Shareholder Value through Technopreneurship Innovation</dc:title>
	<dc:creator xml:lang="en">Sunaryo, Deni</dc:creator>
	<dc:creator xml:lang="en">Lestari, Etty Puji</dc:creator>
	<dc:creator xml:lang="en">Puryandani, Siti</dc:creator>
	<dc:creator xml:lang="en">Hersugondo, Hersugondo</dc:creator>
	<dc:subject xml:lang="en">Managerial Ownership</dc:subject>
	<dc:subject xml:lang="en">Financial Distress</dc:subject>
	<dc:subject xml:lang="en">Product Development Cost</dc:subject>
	<dc:subject xml:lang="en">Financial Ratio</dc:subject>
	<dc:subject xml:lang="en">Stock Return</dc:subject>
	<dc:description xml:lang="en">The Food and Beverage (F&amp;amp;B) industry in Southeast Asia faces challenges such as raw material price volatility, high debt burden, and changes in consumer preferences, so companies need to manage their financial performance well through financial ratio analysis and product innovation to remain competitive amidst the instability of the ASEAN market and policies. This study analyzes the effect of Return on Assets/ROA, Cash Ratio/CR, Debt to Asset Ratio/DAR, Asset Turnover/ATO, and Price Earnings Ratio/PER on managerial ownership and their impact on stock returns. We assess how product development costs and financial distress moderate the relationship. The objects of the study were F&amp;amp;B sector companies in Southeast Asia listed on the stock exchange, data period 2012 to 2023. The method used was panel data regression. The results showed that ROA and CR positively and significantly affected managerial ownership. Conversely, DAR and PER did not show a significant effect. Moderation of product development costs weakened the impact of ROA on managerial ownership, while financial distress weakened the relationship between DAR and managerial ownership. This study suggests the importance of efficient management of assets, cash, and liabilities and the need for strategic product innovation to maintain and increase managerial ownership. Combining various financial ratios with managerial ownership and their effects on stock returns offers a more comprehensive perspective than previous studies.</dc:description>
	<dc:publisher xml:lang="en">Pandawan</dc:publisher>
	<dc:date>2025-10-08</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://att.aptisi.or.id/index.php/att/article/view/642</dc:identifier>
	<dc:identifier>10.34306/att.v7i3.642</dc:identifier>
	<dc:source xml:lang="en">Aptisi Transactions on Technopreneurship (ATT); Vol. 7 No. 3 (2025): November; 751−765</dc:source>
	<dc:source xml:lang="id">Aptisi Transactions On Technopreneurship (ATT); Vol 7 No 3 (2025): November; 751−765</dc:source>
	<dc:source>2656-8888</dc:source>
	<dc:source>2655-8807</dc:source>
	<dc:source>10.34306/att.v7i3</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://att.aptisi.or.id/index.php/att/article/view/642/388</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Deni Sunaryo, Etty Puji Lestari, Siti Puryandani, Hersugondo</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0</dc:rights>
</oai_dc:dc>