Malaysia panel regression result.

The market for the halal food and beverage industry sector has experienced rapid growth in recent years, which indicate excellent investment opportunities. This paper examine the effect of Technical Efficiency (TE) on firm value in 5 selected influential countries in halal food and beverage sector based on Global Islamic Economy Report 2020. Two steps estimation was used to run the data, using the Stochastic Frontier Analysis (SFA) model to determine the company’s TE and panel data to test the effect of TE through firm value. The results show that Indonesia has the highest score for TE (62%), followed by Pakistan (59%), South Africa (57%), Malaysia (55%), and Singapore (52%), which means, in general, there is inefficiency in allocating resources over 38% up to 48% and needs to be improved by halal food and beverage companies in. Regarding panel data, all countries sample except Pakistan highlight that TE significantly affect company value. It indicates that the crucial part of managing efficiency can be a sign in stock market performance. The result shows that company managers should set efficiency strategies to their business process for creating sustainability and increase their value in the capital market. As for investors, this TE can be used as an indicator before choosing company stocks; if the company is efficient, then it is worthy of being one of the portfolio assets. Form the government side, the finding can help them to set appropriate policy setting to boost halal food and beverages industry such as giving subsidy or incentive to increase the efficiency ability of halal food and beverage companies and identify the industry’s strength by comparing the result of TE between 5 countries.近年来，清真食品饮料行业市场规模实现快速增长，蕴含着极佳的投资机遇。本文基于《2020年全球伊斯兰经济报告》（Global Islamic Economy Report），选取清真食品饮料领域5个具有行业影响力的国家，探讨技术效率（Technical Efficiency, TE）对企业价值的影响。研究采用两步估计法处理数据集：先通过随机前沿分析（Stochastic Frontier Analysis, SFA）模型测算企业的技术效率，再借助面板数据检验技术效率对企业价值的作用效应。测算结果显示，印度尼西亚的技术效率得分最高（62%），其次为巴基斯坦（59%）、南非（57%）、马来西亚（55%）与新加坡（52%）；整体而言，各样本国均存在38%至48%不等的资源配置无效率情况，亟待清真食品饮料企业加以改善。针对面板数据的分析表明，除巴基斯坦外的所有样本国家均显示，技术效率对企业价值具有显著影响。这意味着管理效率的优劣可作为企业股票市场表现的重要信号。研究结果提示企业管理者应在业务流程中制定效率优化策略，以实现经营可持续性并提升其在资本市场中的企业价值。对于投资者而言，技术效率可作为遴选个股前的参考指标：若企业具备较高效率，则其值得被纳入投资组合资产。从政府视角来看，本研究结论可助力其制定适配的产业扶持政策以推动清真食品饮料行业发展，例如通过提供补贴或激励措施提升清真食品饮料企业的效率水平，同时可通过对比5国的技术效率测算结果，明晰本国产业的竞争优势所在。