Published: 2025-12-01

Pengaruh Intensitas Research and Development (RND) terhadap Nilai Perusahaan di Asia Tenggara : Peran Moderasi Strategi Bisnis

DOI: 10.35870/jemsi.v11i6.5448

Khalilul Rahman, Sanda Patrisia Komalasari, Crescentiano Agung Wicaksono, Aninda Puji Adila
  • Khalilul Rahman: Universitas Tidar
  • Sanda Patrisia Komalasari: Universitas Andalas
  • Crescentiano Agung Wicaksono: Universitas Tidar
  • Aninda Puji Adila: Universitas Jambi
JEMSI Volume 11 Nomor 6 Desember 2025
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Abstract

This study examines the effect of Research and Development (R&D) intensity on firm value in Southeast Asia, with a focus on the moderating role of business strategy. Panel regression was applied to unbalanced data from non-financial companies listed on Southeast Asian stock exchanges during 2017-2024, analyzed using OLS with robust standard errors in STATA 17. The results indicate that R&D intensity positively and significantly influences firm value. Both cost leadership and product differentiation strategies significantly moderate this relationship, strengthening the impact of innovation investment on market value. Robustness tests using cluster-robust standard errors and one-year lag regression reinforce the findings and confirm their regional relevance. The main contribution lies in integrating business strategy as a moderator, enriching the literature on innovation and strategy in enhancing firm value. Practical implications emphasize the importance of aligning R&D management with appropriate business strategies to optimize competitiveness and market value. Policy support through fiscal incentives, intellectual property protection, and innovation capacity building is essential to foster the successful implementation of these strategies. Thus, firms can develop innovative, efficient, and sustainable business ecosystems in the digital and global era.

Keywords

RND Intensity; Firm Value; Business Strategy; Cost Leadership; Product Differentiation; Southeast Asia

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How to Cite

Rahman, K., Komalasari, S. P., Wicaksono, C. A., & Adila, A. P. (2025). Pengaruh Intensitas Research and Development (RND) terhadap Nilai Perusahaan di Asia Tenggara : Peran Moderasi Strategi Bisnis. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(6), 5889-5903. https://doi.org/10.35870/jemsi.v11i6.5448
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This article has been peer-reviewed and published in the JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.

  • Issue: Vol. 11 No. 6 (2025)

  • Section: Articles

  • Published: 2025-12-01

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Author Biographies
Khalilul Rahman, Universitas Tidar
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Jurusan Akuntansi, Fakultas Ekonomi, Universitas Tidar, Magelang, Indonesia.

Sanda Patrisia Komalasari, Universitas Andalas
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Jurusan Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Andalas, Padang, Indonesia.

Crescentiano Agung Wicaksono, Universitas Tidar
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Jurusan Akuntansi, Fakultas Ekonomi, Universitas Tidar, Magelang, Indonesia.

Aninda Puji Adila, Universitas Jambi
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Jurusan Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Jambi, Jambi, Indonesia.

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