Driving Shareholder Value through Technopreneurship Innovation

Sunaryo, Deni; Lestari, Etty Puji; Puryandani, Siti; Hersugondo, Hersugondo

doi:10.34306/att.v7i3.642

Open access Journal

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
Published: 2025-10-08
Publisher: Pandawan
Language: en
License: creativecommons.org/licenses/by/4.0

Abstract

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.

Keywords

Collaboration network of the authors

26 authors · 55 co-authorship links · 1 across different organisations

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Diponegoro University
State University of Semarang
Satya Wacana Christian University
Affiliation unknown

Different organisations
Same organisation
Affiliation unknown
Thicker line = more joint articles · bigger circle = more articles

Show as table

Co-author	Organisation	Joint articles
Sepandil Laras Lase	Affiliation unknown	3
Sucihatiningsih Dian Wisika Prajanti	State University of Semarang	2
Fauzul Adzim	Affiliation unknown	2
Untung Rahardja	Affiliation unknown	2
Rossanto Dwi Handoyo	Affiliation unknown	2
Mukdad Ibrahim	Affiliation unknown	2
Robiyanto Robiyanto	Satya Wacana Christian University	1
Caroline Caroline	Affiliation unknown	1
Ceasilia Srimindarti	Affiliation unknown	1
Zulfahmi	Affiliation unknown	1
Afaqa Hudaya	Affiliation unknown	1
Elvina Primayesa	Affiliation unknown	1
Muhammad Iqbal Al-Banna Ismail	Affiliation unknown	1
Hamdan Hamdan	Affiliation unknown	1
John Edwards	Affiliation unknown	1
Suharti	Affiliation unknown	1
Fatima Retno Ningrum	Affiliation unknown	1
Adang Sonjaya	Affiliation unknown	1
Dian Anggraeny Rahim	Affiliation unknown	1
Wandah Wibawanto	Affiliation unknown	1
Muhammad Zainuri	Diponegoro University	1
Hermin Pancasakti Kusumaningrum	Affiliation unknown	1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://att.aptisi.or.id/index.php/att/oai, first harvested 6 Nov 2026, last seen 8 Nov 2026.

Original metadata (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>