Pengaruh Pengungkapan Technological Capital terhadap Nilai Perusahaan pada Jakarta Islamic Index

https://doi.org/10.35912/jakman.v6i4.4622
Published: Sep 16, 2025

Abstract:

Purpose: This study aims to determine how disclosing information about a company's technological assets (technological capital) affects its value. This study focuses on companies listed on the Jakarta Islamic Index (JII).

Methodology/approach: This study examined 16 companies listed on the JII between 2019 and 2023. A total of 75 annual reports were selected using purposive sampling method. This study used content analysis to measure the extent of technological capital disclosure. Panel data regression analysis was performed using EViews software.

Results/findings: The study found that companies that share more information about their technology tend to have higher values. This implies that being open about technological strengths helps build investor trust, which improves market performance.

Conclusions: Disclosure of technological capital positively and significantly impacts firm value. Transparency in this area builds investor trust, reduces uncertainty about innovation capacity, and enhances both competitiveness and market performance.

Limitations: This study includes only companies from the Jakarta Islamic Index and uses secondary data. It does not consider the reasons why companies disclose certain information.

Contribution: This study contributes to research on Islamic capital markets and intellectual capital by highlighting the importance of technological disclosure. It introduces technological capital as a measurable factor in an Islamic index, which has not been widely studied. This can benefit academics, investors, and policymakers interested in Islamic finance and corporate transparency.

Keywords:
1. Capital Disclosure
2. Islamic Capital Market
3. Price Book Value
4. Technological
Authors:
1 . Ingkak Chintya Wangsih
2 . Rosidawaty Rosidawaty
3 . Andika Mugi Gumilang
4 . Tanti Septiani
5 . Zulfikar Ikhsan Pane
View PDF
How to Cite
Wangsih, I. C., Rosidawaty, R., Gumilang, A. M., Septiani, T. ., & Pane, Z. I. . (2025). Pengaruh Pengungkapan Technological Capital terhadap Nilai Perusahaan pada Jakarta Islamic Index. Jurnal Akuntansi, Keuangan, Dan Manajemen, 6(4), 1021–1033. https://doi.org/10.35912/jakman.v6i4.4622
Download Citation
  1. Endnote/Zotero/Mendeley (RIS)
  2. BibTeX

Downloads

Download data is not yet available.
Issue & Section
Vol. 6 No. 4 (2025): September
Articles
Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

References

    Amanda, L., Yanuar, F., & Devianto, D. (2019). Uji validitas dan reliabilitas tingkat partisipasi politikmasyarakat kota Padang. Jurnal Matematika UNAND, 8(1), 179-188. doi:https://doi.org/10.25077/jmu.8.1.179-188.2019

    Beng, Y., & Pane, Z. I. (2024). Pengaruh technological capital disclosure terhadap price earnings ratio (per). Techno-socio ekonomika, 17(1), 38-50. https://doi.org/10.32897/techno.2024.17.1.3068

    Bertuah, E., & Sakti, I. (2019). The financial performance and macroeconomic factors in forming stock return. Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT, 4(S1), 511-522.

    Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39-67. https://doi.org/10.1177/0149206310388419

    Dögl, C., Holtbrügge, D., & Schuster, T. (2012). Competitive advantage of German renewable energy firms in India and China: An empirical study based on Porter's diamond. International Journal of Emerging Markets, 7(2), 191-214. doi:https://doi.org/10.1108/17468801211209956

    Fathori, F. (2023). Peran pasar modal dalam pembangunan ekonomi: Studi kasus tentang kontribusi pasar saham terhadap pertumbuhan ekonomi di negara berkembang. CURRENCY (Jurnal Ekonomi Dan Perbankan Syariah), 2(1), 233-242. doi:https://doi.org/10.32806/ccy.v2i1.240

    Grundy, S. M., Stone, N. J., Bailey, A. L., Beam, C., Birtcher, K., & Blumenthal, R. (2019). 2018 guideline on the management of blood cholesterol: a report of the American College of Cardiology/American Heart Association Task Force on Clinical Practice Guidelines. J Am Coll Cardiol, 73(24), e285-350. doi:https://doi.org/10.1161/CIR.0000000000000625

    Jaya, A., Kuswandi, S., Prasetyandari, C. W., Baidlowi, I., Mardiana, M., Ardana, Y., . . . Muchsidin, M. (2023). Manajemen keuangan: PT. Global Eksekutif Teknologi.

    Khasanah, A., & Suryatimur, K. P. (2021). Dampak Covid-19 Terhadap Kualitas Audit Perusahaan (Studi Literatur). Jurnal Ilmiah Akuntansi Dan Bisnis, 6(2), 30-38. https://doi.org/10.38043/jiab.v6i2.3186

    Khikmawati, L. (2021). Optimalisasi Potensi Industri Halal di Indonesia Melalui Peran Pasar Modal Syariah. Al-Iqtishod: Jurnal Ekonomi Syariah, 3(1), 63-74. dhttps://doi.org/10.51339/iqtis.v3i1.250

    Laman, I., Ma’ruf, M. A., Sakka, R., & Meidiyansyah, W. (2023). The Influence of Fatherlessness on Children’s Moral Conduct in the study of Islamic Family Law.

    Ljungberg, D. (2001). IT—Information Technology and the Human Interface: Coordination and Route Optimization of Agricultural Goods Transport to attenuate Environmental Impact. Journal of Agricultural Engineering Research, 80, 329-342. doi:http://dx.doi.org/10.1006/jaer.2001.0746

    Lui, A. K., Lee, M. C., & Ngai, E. W. (2022). Impact of artificial intelligence investment on firm value. Annals of Operations Research, 308(1), 373-388. https://doi.org/10.1007/s10479-020-03862-8

    Marcellina, M., Munawaroh, R. K., & Soeroto, W. M. (2022). Analisis Akuisisi PT Bank Royal Indonesia oleh PT Bank Central Asia Tbk. Sebatik, 26(1), 17-25. doi:https://doi.org/10.46984/sebatik.v26i1.1838

    Muchlis, M., Agustia, D., & Narsa, I. M. (2021). Pengaruh teknologi big data terhadap nilai perusahaan melalui kinerja keuangan perusahaan di bursa efek Indonesia. EKUITAS (Jurnal Ekonomi Dan Keuangan), 5(2), 139-158. doi:https://doi.org/10.24034/j25485024.y2021.v5.i2.4928

    Pane, Z. I., Beng, Y., & Wangsih, I. C. (2024). Apakah Technological Capital Disclosure Memberikan Keuntungan bagi Perusahaan? Jurnal stie semarang (edisi elektronik), 16(1), 129-143. doi:https://doi.org/10.33747/stiesmg.v16i1.709

    Rahman, N. M., & Nindito, M. (2025). Pengaruh Pengungkapan Emisi Karbon dan Tata Kelola Perusahaan terhadap Nilai Perusahaan dengan Kepemilikan Asing sebagai Variabel Moderasi. Jurnal Revenue: Jurnal Ilmiah Akuntansi, 6(1), 702-723. http://dx.doi.org/10.23887/jimat.v14i03.61410

    Rochman, I. Y. A., & Andayani, S. (2023). Teori Sinyal Dalam Anomali Window Dressing 2022 Dan Penurunan Risiko Kredit Macet Pada Subsektor Perbankan: Studi Kasus Isu Resesi 2023. Akuntansi, 2(3), 109-122. doi:https://doi.org/10.55606/akuntansi.v2i3.334

    Royyana, A. (2018). Strategi transformasi digital pada pt. Kimia farma (persero) tbk. Journal of Information Systems for Public Health, 5(2), 15-32. doi:https://doi.org/10.22146/jisph.34179

    Sembiring, J., & Sinaga, B. (2021). Penerapan metode ServQual dalam menentukan tingkat kepuasan masyarakat terhadap pelayanan pengurusan surat izin usaha mikro dan kecil pada Kantor Camat Dolat Rayat Kabupaten Karo. Jurnal Nasional Komputasi dan Teknologi Informasi, 4(2). doi:https://doi.org/10.32672/jnkti.v4i2.2933

    Shabrina, A. (2021). Pemanfaatan e-marketplace sebagai Bentuk Pemberdayaan UMKM dalam Menghadapi Revolusi Industri 4.0. Connected: Jurnal Ilmu Komunikasi, 59-70. https://doi.org/10.34820/FK2/DEHPF9

    Susanto, E. E., & Suryani, Z. (2024). Pengaruh ukuran perusahaan, leverage, dan profitabilitas terhadap nilai perusahaan. Jurnal Cakrawala Ilmiah, 3(9), 2413-2426.

    Tjahjono, B., & Rosyid, A. (2020). Disruptive Innovation (Inovasi Mengganggu): Pengaruh Kepemimpinan Transformasional Dan Budaya Organisasi. Eduscience: Jurnal Ilmu Pendidikan, 5(2), 73-82. https://doi.org/10.47007/edu.v5i02.3156

    Ulum, I. (2015). Intellectual capital disclosure: Suatu analisis dengan four way numerical coding system. Jurnal akuntansi dan auditing Indonesia, 19(1), 39-50. doi:https://doi.org/10.20885/jaai.vol19.iss1.art4

    Utami, R., & Fauzi, A. (2023). Strategi Pemasaran Usaha Mikro, Kecil dan Menengah (UMKM) di Era Revolusi Industri 4.0. Jurnal Akuntansi Dan Manajemen Bisnis, 3(1), 90-94. http://dx.doi.org/10.56127/jaman.v3i1.663

    Wangsih, I. C., & Pane, Z. I. (2024). The Effect Of Technological Capital Disclosure On Manufacturing Companies Employees. International Journal of Global Accounting, Management, Education, and Entrepreneurship, 5(1), 134-144. https://doi.org/10.48024/ijgame2.v5i1.172

    Widyaningtias, A., Mawaddah, R. Z., & Amaroh, S. (2024). Pengaruh Inflasi, Nilai Tukar, dan Produk Domestik Bruto terhadap Indeks Harga Saham di Jakarta Islamic Index. JIOSE: Journal of Indonesian Sharia Economics, 3(1), 1-16. doi:https://doi.org/10.35878/jiose.v3i1.805

    Yavuz, R. I. (2023). The effect of founder CEOs’ technical and business education on the amount of entrepreneurial financing in the global fintech industry. doi:https://doi.org/10.60165/metusd.v50i2.1305

    Yusra, M. A., & Sulistyowati, E. (2023). The Effect of Profitability, Good Corporate Governance, and Environmental Disclosure on Firm Value in Mining Companies Listed on The Indonesia Stock Exchange. Jurnal Pamator: Jurnal Ilmiah Universitas Trunojoyo, 16(3), 661-673. doi:https://doi.org/10.21107/pamator.v16i3.22079

  1. Amanda, L., Yanuar, F., & Devianto, D. (2019). Uji validitas dan reliabilitas tingkat partisipasi politikmasyarakat kota Padang. Jurnal Matematika UNAND, 8(1), 179-188. doi:https://doi.org/10.25077/jmu.8.1.179-188.2019
  2. Beng, Y., & Pane, Z. I. (2024). Pengaruh technological capital disclosure terhadap price earnings ratio (per). Techno-socio ekonomika, 17(1), 38-50. https://doi.org/10.32897/techno.2024.17.1.3068
  3. Bertuah, E., & Sakti, I. (2019). The financial performance and macroeconomic factors in forming stock return. Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT, 4(S1), 511-522.
  4. Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39-67. https://doi.org/10.1177/0149206310388419
  5. Dögl, C., Holtbrügge, D., & Schuster, T. (2012). Competitive advantage of German renewable energy firms in India and China: An empirical study based on Porter's diamond. International Journal of Emerging Markets, 7(2), 191-214. doi:https://doi.org/10.1108/17468801211209956
  6. Fathori, F. (2023). Peran pasar modal dalam pembangunan ekonomi: Studi kasus tentang kontribusi pasar saham terhadap pertumbuhan ekonomi di negara berkembang. CURRENCY (Jurnal Ekonomi Dan Perbankan Syariah), 2(1), 233-242. doi:https://doi.org/10.32806/ccy.v2i1.240
  7. Grundy, S. M., Stone, N. J., Bailey, A. L., Beam, C., Birtcher, K., & Blumenthal, R. (2019). 2018 guideline on the management of blood cholesterol: a report of the American College of Cardiology/American Heart Association Task Force on Clinical Practice Guidelines. J Am Coll Cardiol, 73(24), e285-350. doi:https://doi.org/10.1161/CIR.0000000000000625
  8. Jaya, A., Kuswandi, S., Prasetyandari, C. W., Baidlowi, I., Mardiana, M., Ardana, Y., . . . Muchsidin, M. (2023). Manajemen keuangan: PT. Global Eksekutif Teknologi.
  9. Khasanah, A., & Suryatimur, K. P. (2021). Dampak Covid-19 Terhadap Kualitas Audit Perusahaan (Studi Literatur). Jurnal Ilmiah Akuntansi Dan Bisnis, 6(2), 30-38. https://doi.org/10.38043/jiab.v6i2.3186
  10. Khikmawati, L. (2021). Optimalisasi Potensi Industri Halal di Indonesia Melalui Peran Pasar Modal Syariah. Al-Iqtishod: Jurnal Ekonomi Syariah, 3(1), 63-74. dhttps://doi.org/10.51339/iqtis.v3i1.250
  11. Laman, I., Ma’ruf, M. A., Sakka, R., & Meidiyansyah, W. (2023). The Influence of Fatherlessness on Children’s Moral Conduct in the study of Islamic Family Law.
  12. Ljungberg, D. (2001). IT—Information Technology and the Human Interface: Coordination and Route Optimization of Agricultural Goods Transport to attenuate Environmental Impact. Journal of Agricultural Engineering Research, 80, 329-342. doi:http://dx.doi.org/10.1006/jaer.2001.0746
  13. Lui, A. K., Lee, M. C., & Ngai, E. W. (2022). Impact of artificial intelligence investment on firm value. Annals of Operations Research, 308(1), 373-388. https://doi.org/10.1007/s10479-020-03862-8
  14. Marcellina, M., Munawaroh, R. K., & Soeroto, W. M. (2022). Analisis Akuisisi PT Bank Royal Indonesia oleh PT Bank Central Asia Tbk. Sebatik, 26(1), 17-25. doi:https://doi.org/10.46984/sebatik.v26i1.1838
  15. Muchlis, M., Agustia, D., & Narsa, I. M. (2021). Pengaruh teknologi big data terhadap nilai perusahaan melalui kinerja keuangan perusahaan di bursa efek Indonesia. EKUITAS (Jurnal Ekonomi Dan Keuangan), 5(2), 139-158. doi:https://doi.org/10.24034/j25485024.y2021.v5.i2.4928
  16. Pane, Z. I., Beng, Y., & Wangsih, I. C. (2024). Apakah Technological Capital Disclosure Memberikan Keuntungan bagi Perusahaan? Jurnal stie semarang (edisi elektronik), 16(1), 129-143. doi:https://doi.org/10.33747/stiesmg.v16i1.709
  17. Rahman, N. M., & Nindito, M. (2025). Pengaruh Pengungkapan Emisi Karbon dan Tata Kelola Perusahaan terhadap Nilai Perusahaan dengan Kepemilikan Asing sebagai Variabel Moderasi. Jurnal Revenue: Jurnal Ilmiah Akuntansi, 6(1), 702-723. http://dx.doi.org/10.23887/jimat.v14i03.61410
  18. Rochman, I. Y. A., & Andayani, S. (2023). Teori Sinyal Dalam Anomali Window Dressing 2022 Dan Penurunan Risiko Kredit Macet Pada Subsektor Perbankan: Studi Kasus Isu Resesi 2023. Akuntansi, 2(3), 109-122. doi:https://doi.org/10.55606/akuntansi.v2i3.334
  19. Royyana, A. (2018). Strategi transformasi digital pada pt. Kimia farma (persero) tbk. Journal of Information Systems for Public Health, 5(2), 15-32. doi:https://doi.org/10.22146/jisph.34179
  20. Sembiring, J., & Sinaga, B. (2021). Penerapan metode ServQual dalam menentukan tingkat kepuasan masyarakat terhadap pelayanan pengurusan surat izin usaha mikro dan kecil pada Kantor Camat Dolat Rayat Kabupaten Karo. Jurnal Nasional Komputasi dan Teknologi Informasi, 4(2). doi:https://doi.org/10.32672/jnkti.v4i2.2933
  21. Shabrina, A. (2021). Pemanfaatan e-marketplace sebagai Bentuk Pemberdayaan UMKM dalam Menghadapi Revolusi Industri 4.0. Connected: Jurnal Ilmu Komunikasi, 59-70. https://doi.org/10.34820/FK2/DEHPF9
  22. Susanto, E. E., & Suryani, Z. (2024). Pengaruh ukuran perusahaan, leverage, dan profitabilitas terhadap nilai perusahaan. Jurnal Cakrawala Ilmiah, 3(9), 2413-2426.
  23. Tjahjono, B., & Rosyid, A. (2020). Disruptive Innovation (Inovasi Mengganggu): Pengaruh Kepemimpinan Transformasional Dan Budaya Organisasi. Eduscience: Jurnal Ilmu Pendidikan, 5(2), 73-82. https://doi.org/10.47007/edu.v5i02.3156
  24. Ulum, I. (2015). Intellectual capital disclosure: Suatu analisis dengan four way numerical coding system. Jurnal akuntansi dan auditing Indonesia, 19(1), 39-50. doi:https://doi.org/10.20885/jaai.vol19.iss1.art4
  25. Utami, R., & Fauzi, A. (2023). Strategi Pemasaran Usaha Mikro, Kecil dan Menengah (UMKM) di Era Revolusi Industri 4.0. Jurnal Akuntansi Dan Manajemen Bisnis, 3(1), 90-94. http://dx.doi.org/10.56127/jaman.v3i1.663
  26. Wangsih, I. C., & Pane, Z. I. (2024). The Effect Of Technological Capital Disclosure On Manufacturing Companies Employees. International Journal of Global Accounting, Management, Education, and Entrepreneurship, 5(1), 134-144. https://doi.org/10.48024/ijgame2.v5i1.172
  27. Widyaningtias, A., Mawaddah, R. Z., & Amaroh, S. (2024). Pengaruh Inflasi, Nilai Tukar, dan Produk Domestik Bruto terhadap Indeks Harga Saham di Jakarta Islamic Index. JIOSE: Journal of Indonesian Sharia Economics, 3(1), 1-16. doi:https://doi.org/10.35878/jiose.v3i1.805
  28. Yavuz, R. I. (2023). The effect of founder CEOs’ technical and business education on the amount of entrepreneurial financing in the global fintech industry. doi:https://doi.org/10.60165/metusd.v50i2.1305
  29. Yusra, M. A., & Sulistyowati, E. (2023). The Effect of Profitability, Good Corporate Governance, and Environmental Disclosure on Firm Value in Mining Companies Listed on The Indonesia Stock Exchange. Jurnal Pamator: Jurnal Ilmiah Universitas Trunojoyo, 16(3), 661-673. doi:https://doi.org/10.21107/pamator.v16i3.22079