The Effect of Intangible Assets on Firm Value in Information Technology Companies Listed on the Indonesia Stock Exchange (2022–2025)

Shessa Puspita Sari; Ernie Hendrawaty; Igo Febrianto

doi:10.63922/ijbqr.v4i03.4352

Shessa Puspita Sari Universitas Lampung, Indonesia
Ernie Hendrawaty Universitas Lampung, Indonesia
Igo Febrianto Universitas Lampung, Indonesia

DOI: https://doi.org/10.63922/ijbqr.v4i03.4352

Keywords: Intangible Assets, Firm Value, Tobin’s Q, Information Technology, Resource-Based View, Intangible Intensive, Indonesia Stock Exchange

Abstract

This study examines the effect of intangible assets on firm value in Information Technology (IT) companies listed on the Indonesia Stock Exchange during 2022–2025. Drawing on the Resource-Based View (RBV), intangible assets are considered strategic resources capable of generating sustainable competitive advantages and enhancing market valuation. The study employs a quantitative explanatory approach using panel data from 17 IT companies, resulting in 68 firm-year observations. Firm value is measured using Tobin’s Q, while intangible assets are measured as the ratio of total intangible assets to total assets. Control variables include firm size, leverage, board independence, and lagged Tobin’s Q. Panel data regression with a Fixed Effect Model is applied. The results indicate that intangible assets do not have a statistically significant effect on firm value (β = -2.689; p = 0.236). Sub-group analysis further reveals no stronger impact of intangible assets among intangible-intensive firms compared with non-intangible-intensive firms. However, firm size and lagged firm value significantly affect firm value. These findings suggest that the Indonesian capital market may not fully recognize reported intangible assets as value-creating resources in the IT sector, particularly during the post-pandemic technology downturn and “Tech Winter” period. The study contributes to the literature on intangible assets in emerging markets and provides insights for managers, investors, and policymakers regarding the strategic management and disclosure of intangible resources.

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