Rank of technical efficiency score.

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，蕴藏着极佳的投资机遇。本文基于《2020年全球伊斯兰经济报告》（Global Islamic Economy Report 2020），选取清真食品饮料领域5个具有行业影响力的国家作为研究样本，考察技术效率（Technical Efficiency，TE）对企业价值的影响效应。研究采用两步估计法开展数据分析：首先运用随机前沿分析（Stochastic Frontier Analysis，SFA）模型测算企业的技术效率水平，随后通过面板数据检验技术效率对企业价值的作用效果。研究结果显示，5个样本国家的技术效率得分由高到低依次为印度尼西亚（62%）、巴基斯坦（59%）、南非（57%）、马来西亚（55%）与新加坡（52%）；整体而言，样本企业的资源配置存在38%至48%的无效率空间，亟需清真食品饮料企业加以改进。面板数据回归结果表明，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正向影响。这意味着，企业的效率管理水平是影响其资本市场表现的核心因素。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，技术效率可作为选股参考指标：若企业具备较高的技术效率，则其具备成为投资组合资产的潜力。从政府层面来看，本研究结论可助力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相关企业的效率水平，同时可通过对比5个国家的技术效率测算结果，明晰行业的竞争优势所在。