HERSUGONDO, Hersugondo (2025) "Artikel Dr. HERSUGONDO, SE, MM: Driving Shareholder Value through Technopreneurship Innovation". APTISI Transactions on Technopreneurship (ATT).

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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 con
sumer preferences, so companies need to manage their financial performance
well through financial ratio analysis and product innovation to remain com
petitive 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 devel
opment 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 regres
sion. 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 be
tween 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. Combin
ing various financial ratios with managerial ownership and their effects on stock
returns offers a more comprehensive perspective than previous studies.

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