INTELLECTUAL CAPITAL MODERATES FINANCIAL EFFICIENCY AND DIGITAL TRANSFORMATION WITH SUSTAINABLE GROWTH RATE
Published:
2026-10-31Downloads
Abstract
This study aimed to examine the effect of financial efficiency and digital transformation on the sustainable growth rate, with intellectual capital as a moderating variable, in non-cyclical consumer companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The study employed a quantitative approach with a causal-associative design. The population consisted of 131 non-cyclical consumer companies, and a sample of 50 companies was selected through purposive sampling, resulting in 200 firm-year observations over four years. Secondary data were collected from annual reports published on the Indonesia Stock Exchange website. The data were analyzed using panel data regression and Moderated Regression Analysis with the assistance of EViews 13. The results showed that financial efficiency had no significant effect on the sustainable growth rate, with a regression coefficient of −0.358 and a significance value of 0.379. Digital transformation had a significant positive effect on the sustainable growth rate, with a regression coefficient of 0.022 and a significance value of 0.040. Intellectual capital did not moderate the relationship between financial efficiency and the sustainable growth rate, with a significance value of 0.486, nor the relationship between digital transformation and the sustainable growth rate, with a significance value of 0.190. The F-test confirmed that financial efficiency and digital transformation simultaneously affected the sustainable growth rate with a significance value of 0.048. These findings implied that digital transformation served as a key driver of sustainable growth, while financial efficiency and intellectual capital did not strengthen the sustainable growth rate in the non-cyclical consumer sector during the study period.
Keywords:
Financial Efficiency Digital Transformation Intellectual Capital Sustainable Growth RateReferences
Agha, E. O. (2023). Corporate governance, liquidity risk, and sustainable growth rate in the Nigerian banking industry. International Journal of Professional Business Review, 8(10), e03506. https://doi.org/10.26668/businessreview/2023.v8i10.3506
Ahmeti, A., Ahmeti, S., & Elshani, A. (2025). Analysis of sustainable growth rate in manufacturing and construction firms: Evidence from selected Western Balkan countries. Economic Alternatives, 1, 244–261.
Al-Janabi, S. M. (2024). Financial efficiency and its impact on sustainable growth rate. American Journal of Social Sciences and Humanity Research, 4(6), 151–187. https://doi.org/10.37547/ajsshr/Volume04Issue06-25
Awonuga, K. F., Nwankwo, E. E., Oladapo, J. O., Okoye, C. C., Odunaiya, O. G., & Scholastica, U. C. (2024). Driving sustainable growth in SME manufacturing: The role of digital transformation, project, and capture management. International Journal of Science and Research Archive, 11(1), 2012–2021. https://doi.org/10.30574/ijsra.2024.11.1.0270
Balaji, V., & Mamilla, R. (2024). Intellectual capital and corporate sustainable growth: An empirical study on Indian agribusinesses specific to pesticides and fertilizer companies. Qubahan Academic Journal, 4(1), 1–18. https://doi.org/10.58429/qaj.v4n1a311
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Barney, J. B., & Arikan, A. M. (2005). The resource-based view: Origins and implications. In The Blackwell Handbook of Strategic Management (pp. 123–182).
Barney, J. B., & Ray, G. (2015). How information technology resources can provide a competitive advantage in customer service. In Planning for Information Systems (pp. 444–453). Routledge.
Bergh, D. D., Connelly, B. L., Ketchen, D. J., & Shannon, L. M. (2014). Signalling theory and equilibrium in strategic management research: An assessment and a research agenda. Journal of Management Studies, 51(8), 1334–1360.
Bruce, E., Shurong, Z., Ying, D., Yaqi, M., Amoah, J., & Egala, S. B. (2023). The effect of digital marketing adoption on SMEs sustainable growth: Empirical evidence from Ghana. Sustainability, 15(6), 4760. https://doi.org/10.3390/su15064760
El Awady, S. M. S., Salman, W. M. M., & Eltayb, A. T. (2025). Digital transformation and its impact on sustainable development. Journal of Lifestyle and SDGs Review, 5(1). https://doi.org/10.47172/2965-730X.SDGsReview.v5.n01.pe04576
Florensia, F., et al. (2022). Intellectual capital and sustainable growth rate. Media Akuntansi dan Perpajakan Indonesia, 4(1), 1–15.
Hasibuan, M. S. (1984). Manajemen dasar pengertian dan masalah. Jakarta: Gunung Agung.
Higgins, R. C. (1977). How much growth can a firm afford? Financial Management, 6(3), 7–16.
Hussain, A., Iqbal, M. M. M., Khan, J. W., Khan, A. W., & Arafat, Q. Y. (2022). Digital transformation, innovation and sustainable growth. Competitive Social Sciences Research Journal, 3(2), 1–15.
Libert, B., Beck, M., & Wind, J. (2016). The network imperative: How to survive and grow in the age of digital business models. Harvard Business Review Press.
Parapat, R., Ruhiyat, E., & Sugiyanto. (2024). The influence of asset efficiency, financial performance, and financial leverage on sustainable growth rate through good corporate governance. International Journal of Accounting, Management, Economics and Social Sciences, 2(6), 2128–2145. https://doi.org/10.61990/ijamesc.v2i6.323
Pulic, A. (2000). VAIC–an accounting tool for IC management. International Journal of Technology Management, 20(5–8), 702–714.
Rana, M. S., & Hossain, S. Z. (2023). Intellectual capital, firm performance, and sustainable growth: A study on DSE-listed nonfinancial companies in Bangladesh. Sustainability, 15(9), 7206. https://doi.org/10.3390/su15097206
Septiana, C. (2022). Analisis intellectual capital terhadap sustainable growth rate dengan financial performance sebagai mediasi. Media Akuntansi dan Perpajakan Indonesia, 4(1), 1–15.
Siebel, T. M. (2019). Digital transformation: Survive and thrive in an era of mass extinction. RosettaBooks.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Stewart, T. A. (1997). Intellectual capital: The new wealth of organization. Crown Currency.
Sun, Z., Hu, D., & Lou, X. (2024). The impact of digital transformation on the sustainable growth of specialized, refined, differentiated, and innovative enterprises: Based on the perspective of dynamic capability theory. Sustainability, 16(17), 7823. https://doi.org/10.3390/su16177823
Vuković, B., Tica, T., & Jakšić, D. (2022). Sustainable growth rate analysis in Eastern European companies. Sustainability, 14(17), 10731. https://doi.org/10.3390/su141710731
Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180.
Xu, J., & Wang, B. (2018). Intellectual capital, financial performance and companies' sustainable growth: Evidence from the Korean manufacturing industry. Sustainability, 10(12), 4651. https://doi.org/10.3390/su10124651
License
Copyright (c) 2026 Vina Septianingrum, Holiawati, Ani Kusumaningsih
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
