This study introduces EVA concept to measure the excess market value of ICT industry firms. The difference between EVA calculated with accounting measures and EVA estimated with market value is employed to capture the excess market value. Tobin’s Q is also used as comparative measures to capture the excess market value in ICT industry firms. After that, this study investigates the factors affecting to the excess market value of ICT industry firms, using regression method. This study assumes that expected growth has a significant effect on the excess market value and also assumes that this expected growth and market value of a firm can be varied to industry and firm-level variables. The empirical results indicate that the excess market value of ICT firms vary depending on the categorization of sub-industries. This implies that the expected growth of the ICT firms in each sub-industry may be different. The empirical results also show that there is no statistical relationship between the accounting based growth and the excess market value. This may be explained by the observation that the excess market value is related to the expected growth rate of ICT industry rather than the firm level accounting measures.