Physical Assets in the Digital Economy: The Effect of Fixed Assets on Stock Prices of Indonesian Technology Companies during 2021–2023
Keywords:
fixed assets, stock prices, technology companies, market valuation, Indonesia Stock ExchangeAbstract
Technology companies operate in a business environment increasingly dominated by intangible assets, making it necessary to re-examine the relevance of fixed assets to market valuation. This study aims to analyze the effect of fixed assets on the stock prices of technology companies listed on the Indonesia Stock Exchange during the 2021–2023 period. This study employed a quantitative approach using secondary data from financial statements and stock price data. The sample consisted of 20 companies selected from a total of 46 technology issuers through purposive sampling, resulting in 60 firm-year observations. The analysis was conducted using prerequisite tests and simple linear regression based on pooled firm-year data. The results show that fixed assets have a significant effect on stock prices, with a significance value of 0.023; however, the direction of the effect is negative, with a coefficient of -0.094. The R Square value of 0.086 indicates that fixed assets explain only 8.6% of the variation in stock prices. These findings indicate that the technology market is more sensitive to efficiency, innovation, growth prospects, and intangible assets than to the accumulation of physical assets. Thus, fixed assets are still recognized by the market, but only as a secondary signal in the valuation of technology companies, rather than as the main factor shaping stock prices.
References
Aulia, F. P., Koeswayo, P. S., & Bede, D. (2020). Relevance of intangible asset, equity book, and earning value on stock price in information technology era. Journal of Accounting Auditing and Business, 3(1), 135–146. https://doi.org/10.24198/jaab.v3i1.25943
Baltagi, B. H. (2021). Econometric analysis of panel data (6th ed.). Springer.
CFA Institute. (2025). Investor perspectives: Intangible assets. CFA Institute Research and Policy Center. https://rpc.cfainstitute.org/research/surveys/2025/investor-perspectives-intangible-assets
Creswell, J. W., & Creswell, J. D. (2023). Research design: Qualitative, quantitative, and mixed methods approaches (6th ed.). SAGE Publications.
Gao, J. (2024). R-squared (R²): How much variation is explained? Research Methods in Medicine & Health Sciences, 5(4), 104–109. https://doi.org/10.1177/26320843231186398
Intara, P., & Suwansin, N. (2024). Intangible assets, firm value, and performance: Does intangible-intensive matter? Cogent Economics & Finance, 12(1), Article 2375341. https://doi.org/10.1080/23322039.2024.2375341
Kedzior, M., Grabinska, B., Grabinski, K., & Kedzior, D. (2020). Capital structure choices in technology firms: Empirical results from Polish listed companies. Journal of Risk and Financial Management, 13(9), Article 221. https://doi.org/10.3390/jrfm13090221
Kelly, K. P., Bourgeault, I., & Dingwall, R. (2024). Secondary data analysis: Using existing data to answer new questions. Nurse Education Today, 141, Article 106312. https://doi.org/10.1016/j.nedt.2024.106312
Maier, C., Thatcher, J. B., Grover, V., & Dwivedi, Y. K. (2023). Cross-sectional research: A critical perspective, use cases, and recommendations for information systems research. International Journal of Information Management, 70, Article 102625. https://doi.org/10.1016/j.ijinfomgt.2023.102625
Pantjaningsih, P. (2022). Pengaruh modal kerja, aktiva tetap dan arus kas operasi terhadap laba bersih. Jurnal Impresi Indonesia, 1(11), 1141–1153. https://doi.org/10.58344/jii.v1i11.463
Pasaribu, N., Irawan, D., & Hadi, S. P. (2025). The effect of profitability, asset growth, and profit growth on company value: An empirical study of the technology sector listed on the IDX for the 2021–2024 period. International Journal of Economics and Management Research, 4(3), 518–532. https://doi.org/10.55606/ijemr.v4i3.582
Rohayana, C., & Arrahman, A. (2022). Pengaruh aktiva tetap dan modal terhadap laba bersih pada perusahaan perbankan 2015–2019. LAND JOURNAL, 3(1), 49–59. https://doi.org/10.47491/landjournal.v3i1.1748
Shrestha, N. (2020). Detecting multicollinearity in regression analysis. American Journal of Applied Mathematics and Statistics, 8(2), 39–42. https://doi.org/10.12691/ajams-8-2-1
Vitková, E., Tichá, A., & Kocourková, G. (2025). The impact of estimated depreciation of infrastructure assets on sales profitability. Water, 17(3), Article 393. https://doi.org/10.3390/w17030393
Wardoyo, D. U., Manurung, L. S. K., & Tarigan, N. E. B. (2021). Analysis of the effect of fixed assets on the stock price of the company indexed LQ45 on the Indonesia Stock Exchange. AKSELERASI: Jurnal Ilmiah Nasional, 3(3), 48–51. https://doi.org/10.54783/jin.v3i3.459
Wooldridge, J. M. (2020). Introductory econometrics: A modern approach (7th ed.). Cengage Learning.
World Intellectual Property Organization. (2025). World intangible investment highlights 2025. WIPO. https://www.wipo.int/web-publications/world-intangible-investment-highlights-2025/en/world-intangible-investment-highlights-2025.html
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Putri Ardita, Arif Mubarok (Penulis)
This work is licensed under a Creative Commons Attribution 4.0 International License.
