Synergy Of Product Innovation And Operational Efficiency On The Market Value Of Go-Public Startup Companies

  • Agniya Thahira Universitas Siber Muhammadiyah
  • Julia Julia Manajemen, Universitas Bangka Belitung
  • Henry Ardian Irianta PJJ Informatika, Universitas Siber Muhammadiyah
Keywords: IPO context; market value; operational efficiency; product innovation; publicly listed startups; R&D intensity.

Abstract

Startups that have gone public face the challenge of balancing innovation investment with operational efficiency in order to enhance firm market value. This study aims to examine the effect of product innovation, proxied by R&D intensity, on the market value of publicly listed startup firms, with operational efficiency as a mediating variable and IPO context (governance) as a moderating variable. This study employs a quantitative approach using secondary data obtained from financial statements and annual reports of startups that have conducted initial public offerings. Data analysis is performed using a structural equation modeling approach to test direct effects, indirect effects, and moderation effects among the research variables.

The results indicate that product innovation has a positive effect on operational efficiency. Operational efficiency also has a positive effect on firm market value, as measured by Tobin's Q. However, the direct effect of product innovation on market value is not statistically significant. These findings suggest that operational efficiency plays a crucial mediating role in translating innovation investment into market value creation. Furthermore, the IPO context (governance) is found to moderate the relationship between product innovation and operational efficiency, indicating that governance quality and IPO characteristics influence the effectiveness of converting innovation efforts into operational performance.

This study contributes to the innovation and corporate finance literature by highlighting that firm market value in publicly listed startups is not solely determined by the level of innovation investment, but also by the firm's ability to manage operational efficiency in the post-IPO period. Practically, the findings provide insights for startup managers and investors in formulating innovation strategies that are aligned with operational efficiency and sustainable firm value

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Published
2026-09-14
How to Cite
Thahira, A., Julia, J., & Ardian Irianta, H. (2026). Synergy Of Product Innovation And Operational Efficiency On The Market Value Of Go-Public Startup Companies. Jurnal Manajemen Dan Keuangan, 15(1), 446-457. Retrieved from https://ejurnalunsam.id/index.php/jmk/article/view/14368
Issue
Vol 15 No 1 (2026): Journal Management and Finance
Section
Articles

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