Pengaruh Pengungkapan Digitalisasi Sistem Akuntansi dan Intellectual Capital Terhadap Nilai Perusahaan pada Sektor Teknologi dengan Kinerja Keuangan sebagai Variabel Intervening

Abstract

Digital transformation has encouraged companies to disclose the utilization of accounting system digitalization and intellectual capital to improve financial performance and firm value. However, empirical evidence regarding these relationships remains inconsistent. This study examines the effect of accounting system digitalization disclosure and intellectual capital on firm value with financial performance as an intervening variable. Using panel data regression, this study analyzes 68 firm-year observations from 17 technology sector companies listed on the Indonesia Stock Exchange during 2022–2025 selected through purposive sampling. Accounting system digitalization disclosure was measured using a content analysis-based disclosure index, intellectual capital using VAIC™, financial performance using ROA, and firm value using PBV. The results indicate that accounting system digitalization disclosure and intellectual capital do not significantly affect financial performance or firm value. Financial performance has a significant negative effect on firm value but does not mediate the relationships between accounting system digitalization disclosure, intellectual capital, and firm value. These findings indicate that disclosure of accounting system digitalization and intellectual capital has not yet become a signal sufficiently valued by investors and highlight the importance of distinguishing digitalization disclosure from its actual implementation in future studies.