Intellectual Capital, Digital Transformation, and Firm Value: A Cross-Country Analysis of Indonesian and Malaysian Banks
Abstract
This study aims to examine the effect of intellectual capital components human capital (HC), structural capital (SC), and physical capital (PC) on firm value (FV), with digital transformation (DT) serve as a moderating variable. The research population consists of banking companies listed on the Indonesia Stock Exchange and Bank Negara Malaysia during the periods 2020–2023. A total of 248 observations were obtained using purposive sampling. Employing panel data regression with Stata, the results show that SC have significant positive impact on FV, PC have significant negative impact on FV, whereas HC and DT demonstrate no direct effect. However, DT significantly moderates the relationship between SC and FV, highlighting its role in strengthening organizational structures to enhance firm value in the banking sector. The findings imply that banks should prioritize digital transformation strategies that optimize structural capital such as processes, systems, and knowledge management in order to maximize firm value. Moreover, regulators and policymakers are encouraged to foster digital readiness across the industry to ensure sustainable competitiveness in the era of digital banking.
References
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Pratama, B. C., Maulida Nurul Innayah, & Miftahul Furqon. (2023). Improving MSMEs’ Networking through Digital Marketing: The Role of Copywriting. Indonesian Journal of Business Analytics, 3(3), 673–680. https://doi.org/10.55927/ijba.v3i3.4588
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Subariyanti, H., Yulianto, A. R., Rifandi, Y. A., & Punamasari, D. (2025). Enhancing Employee Performance Through Digital Transformation, Competence, and Agility: the Role of Strategic Leadership As a Moderator. Dynamic Management Journal, 9(2), 464. https://doi.org/10.31000/dmj.v9i2.13861
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Tambunan, S. B. (2023). Analysis of Tobin’s Q, Market to Book Value of Equity and Profitability (ROA), on Asset Growth in Property Companies on the Indonesia Stock Exchange (IDX). Ilomata International Journal of Tax and Accounting, 4(3), 374–384. https://doi.org/10.52728/ijtc.v4i3.755
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
Tobin, J. (1969). A General Equilibrium Approach To Monetary Theory. Journal of Money, Credit and Banking, 1(1), 15. https://doi.org/10.2307/1991374
Torres-reyna, O. (2007). Panel data analysis fixed and random effects using Stata. Data and Statistical Services, 3(December), 1–40.
Tubara, S. P. Y., Rahayu, S. M., & Darmawan, A. (2024). Understanding the Impact of Intellectual Capital on Financial Performance and Its Impact on Firm Value: A Literature Review. KnE Social Sciences, 2024, 258–272. https://doi.org/10.18502/kss.v9i11.15790
Ulum, I., Ghozali, I., & Purwanto, A. (2014). Konstruksi Model Pengukuran Kinerja dan Kerangka Kerja Pengungkapan Modal Intelektual. Jurnal Akuntansi Multiparadigma, 5(3). https://doi.org/10.18202/jamal.2014.12.5028
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Vial, G. (2019). Understanding digital transformation: A review and a research agenda. The Journal of Strategic Information Systems, 28(2), 118–144. https://doi.org/10.1016/j.jsis.2019.01.003
Vo, D. H., & Tran, N. P. (2024). Does Digital Transformation Moderate the Effect of Intellectual Capital on Firm Performance? Journal of the Knowledge Economy, 16(2), 9266–9288. https://doi.org/10.1007/s13132-024-02270-8
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Zhao, X., Li, X., Li, Y., & Wang, Z. (2024). The impact of digital transformation on firm performance. Industrial Management & Data Systems, 124(8), 2567–2587. https://doi.org/10.1108/IMDS-09-2023-0661
Amimakmur, S. A., Saifi, M., Damayanti, C. R., & Hutahayan, B. (2024). Assessing the moderating effect of IT innovation on the interplay among company size, financial performance, and company value. Journal of Open Innovation: Technology, Market, and Complexity, 10(3), 100318. https://doi.org/10.1016/j.joitmc.2024.100318
Baltagi, B. H. (2005). The One-Way Error Component Regression Model. https://doi.org/10.1007/978-3-030-53953-5_2
Barney (1991).pdf. (n.d.).
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Baum, C. F. (2001). Residual Diagnostics for Cross-section Time Series Regression Models. The Stata Journal: Promoting Communications on Statistics and Stata, 1(1), 101–104. https://doi.org/10.1177/1536867x0100100108
BI. (2025). BI sebut aplikasi “mobile” bukukan 1,82 miliar transaksi bulan lalu.
BNM. (2024). BNM: Malaysia Record 11.5 Bln E-payment Transaction in 2023.
Brand Finance. (2024). Brand Finance 500 2024. https://brandirectory.com/reports/banking
Dewi, A. R. S., Gunawan, G., Firman, A., Ridwan, R., & Dambe, D. N. (2022). Intellectual Capital On Firm Value Through Financial Performance. Atestasi : Jurnal Ilmiah Akuntansi, 5(2), 634–653. https://doi.org/10.57178/atestasi.v5i2.613
Drukker, D. M. (2003). Testing for Serial Correlation in Linear Panel-data Models. The Stata Journal: Promoting Communications on Statistics and Stata, 3(2), 168–177. https://doi.org/10.1177/1536867x0300300206
Elali, W. (2007). EVA and Shareholder Value Creation : An Empirical Study. WestminsterResearch, 195.
Ellström, D., Holtström, J., Berg, E., & Josefsson, C. (2022). Dynamic capabilities for digital transformation. Journal of Strategy and Management, 15(2), 272–286. https://doi.org/10.1108/JSMA-04-2021-0089
Ganawati, N., Suriani, N. N., & Yogiarta, I. M. (2024). The Role of Digital Transformation as Moderator in the Relationship Between Intellectual Capital and the Performance of Medium Enterprises Through Organizational Learning in Badung Regency. East Asian Journal of Multidisciplinary Research, 3(9), 4255–4270. https://doi.org/10.55927/eajmr.v3i9.11375
Gujarati, D. N., & Porter, D. C. (2009). Single-equation regression models. In Introductory Econometrics: A Practical Approach.
He, D.-S., Liu, T.-W., & Lin, Y.-Y. (2024). Efficiency evaluation of intellectual capital for value creation: a case study of the semiconductor industry in Taiwan. Journal of Intellectual Capital, 25(4), 744–774. https://doi.org/10.1108/JIC-11-2023-0259
Hermawan, S., Rokhm, N., & Nugraheni, R. (2024). Financial performance mediates the relationship of intellectual capital to firm value in Indonesian 16 % Overall Similarity. 1–12.
Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. Stata Journal, 7(3), 281–312. https://doi.org/10.1177/1536867x0700700301
Hsiao, M.-H. (2024). Resource integration and firm performance through organizational capabilities for digital transformation. Digital Transformation and Society, September. https://doi.org/10.1108/dts-07-2023-0050
Hu, H., Wei, T., & Wang, A. (2025). Does digital transformation enhance bank soundness? Evidence from Chinese commercial banks. Journal of Financial Stability, 76(January 2024). https://doi.org/10.1016/j.jfs.2025.101374
International Data Corporation. (2024). Global Digitalization Index 2024.
Jiang, W., & Li, J. (2024). Digital transformation and its effect on resource allocation efficiency and productivity in Chinese corporations. Technology in Society, 78, 102638. https://doi.org/10.1016/j.techsoc.2024.102638
Khin, S., & Ho, T. C. F. (2019). Digital technology, digital capability and organizational performance: A mediating role of digital innovation. International Journal of Innovation Science, 11(2), 177–195. https://doi.org/10.1108/IJIS-08-2018-0083
Lei, Z., & Wang, D. (2023). Digital transformation and total factor productivity: Empirical evidence from China. PLOS ONE, 18(10), e0292972. https://doi.org/10.1371/journal.pone.0292972
Maghfiroh, A., Saraswati, E., & Mardiati, E. (2024). Do investing in information technology and intellectual capital improve firm value in the financial technology era? Journal of Accounting and Investment, 25(2), 780–803. https://doi.org/10.18196/jai.v25i2.21707
Matt, C., Hess, T., & Benlian, A. (2015). Digital Transformation Strategies. October 2016. https://doi.org/10.1007/s12599-015-0401-5
Memon, M. A., Thurasamy, R., Ting, H., & Cheah, J. H. (2025). Purposive Sampling: a Review and Guidelines for Quantitative Research. Journal of Applied Structural Equation Modeling, 9(1), 1–23. https://doi.org/10.47263/JASEM.9(1)01
Ni, Y., Cheng, Y. R., & Huang, P. (2020). Do intellectual capitals matter to firm value enhancement? Evidences from Taiwan. Journal of Intellectual Capital, 22(4), 725–743. https://doi.org/10.1108/JIC-10-2019-0235
OJK. (2024). OJK Sebut Transaksi Digital Perbankan RI Tembus Rp 87 Kuadriliun.
Pratama, A., Pratama, B. C., Wahyuni, S., & Hapsari, I. (2024). Moderating Effect of Intellectual Capital Components on the Relationship between ESG Scores and Firm Financial Performance. Asian Journal of Economics, Business and Accounting, 24(6), 477–495. https://doi.org/10.9734/ajeba/2024/v24i61375
Pratama, B. C. (2016). The Impact of Intellectual Capital of Indonesian’s High-Tech Company on Firm’s Financial and Market Performance. International Journal of Academic Research in Accounting, 6(4), 73–81. https://doi.org/10.6007/IJARAFMS/v6-i4/2296
Pratama, B. C., Maulida Nurul Innayah, & Miftahul Furqon. (2023). Improving MSMEs’ Networking through Digital Marketing: The Role of Copywriting. Indonesian Journal of Business Analytics, 3(3), 673–680. https://doi.org/10.55927/ijba.v3i3.4588
Pratama, B. C., Sasongko, K. M., & Innayah, M. N. (2020). Sharia Firm Value: The Role of Enterprise Risk Management Disclosure, Intellectual Capital Disclosure, and Intellectual Capital. Shirkah: Journal of Economics and Business, 5(1), 101. https://doi.org/10.22515/shirkah.v5i1.302
Priyanto, P., Tias, P. W., & Suhandi, N. P. M. (2024). Enhancing Firm Value: Analyzing Intellectual Capital, Capital Structure, And Profitability In Indonesia. Jurnal Akuntansi, Keuangan, Pajak Dan Informasi (JAKPI), 4(2), 108–122. https://doi.org/10.32509/jakpi.v4i2.4683
Pulic, A. (2004). Intellectual capital – does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757
Rahman, M. M., & Akhter, B. (2021). The impact of investment in human capital on bank performance: evidence from Bangladesh. Future Business Journal, 7(1), 1–13. https://doi.org/10.1186/s43093-021-00105-5
Rehman, S. U., Bresciani, S., Ashfaq, K., & Alam, G. M. (2022). Intellectual capital, knowledge management and competitive advantage: a resource orchestration perspective. Journal of Knowledge Management, 26(7), 1705–1731. https://doi.org/10.1108/JKM-06-2021-0453
Rr.Supantiningrum. (2025). Faktor-Faktor yang Mempengaruhi Nilai Perusahaan: Perspektif Kebijakan Dividen, Kepemilikan Manajerial, dan Ukuran Perusahaan (Studi Empiris pada Perusahaan Sektor Consumer Non-Cyclicals yang Terdaftar di Bursa Efek Indonesia Tahun 2023). Inisiatif: Jurnal Ekonomi, Akuntansi Dan Manajemen, 4(2), 117–139. https://doi.org/10.30640/inisiatif.v4i2.3798
Salvi, A., Vitolla, F., Giakoumelou, A., Raimo, N., & Rubino, M. (2020). Intellectual capital disclosure in integrated reports: The effect on firm value. Technological Forecasting and Social Change, 160(July). https://doi.org/10.1016/j.techfore.2020.120228
Santoso, S. B., & Astuti, H. J. (2019). A framework for conceptualizing islamic bank socialization in Indonesia. Journal of Critical Reviews, 6(4), 43–47. https://doi.org/10.22159/jcr.06.04.08
Subariyanti, H., Yulianto, A. R., Rifandi, Y. A., & Punamasari, D. (2025). Enhancing Employee Performance Through Digital Transformation, Competence, and Agility: the Role of Strategic Leadership As a Moderator. Dynamic Management Journal, 9(2), 464. https://doi.org/10.31000/dmj.v9i2.13861
Supian, D. S., Brastoro, Fuad, M., & Sriyanto. (2025). The Strategic Role of Human Capital in Value Creation and Financial Performance: A Systematic Literature Review Based on the Resource-Based View. Jurnal Economic Resource, 8(1), 379–385. https://doi.org/10.57178/jer.v8i1.1396
Tambunan, S. B. (2023). Analysis of Tobin’s Q, Market to Book Value of Equity and Profitability (ROA), on Asset Growth in Property Companies on the Indonesia Stock Exchange (IDX). Ilomata International Journal of Tax and Accounting, 4(3), 374–384. https://doi.org/10.52728/ijtc.v4i3.755
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
Tobin, J. (1969). A General Equilibrium Approach To Monetary Theory. Journal of Money, Credit and Banking, 1(1), 15. https://doi.org/10.2307/1991374
Torres-reyna, O. (2007). Panel data analysis fixed and random effects using Stata. Data and Statistical Services, 3(December), 1–40.
Tubara, S. P. Y., Rahayu, S. M., & Darmawan, A. (2024). Understanding the Impact of Intellectual Capital on Financial Performance and Its Impact on Firm Value: A Literature Review. KnE Social Sciences, 2024, 258–272. https://doi.org/10.18502/kss.v9i11.15790
Ulum, I., Ghozali, I., & Purwanto, A. (2014). Konstruksi Model Pengukuran Kinerja dan Kerangka Kerja Pengungkapan Modal Intelektual. Jurnal Akuntansi Multiparadigma, 5(3). https://doi.org/10.18202/jamal.2014.12.5028
Veshkurova, A., Kopylova, N., Aleksashina, T., & Alyamkina, E. (2024). the Role of Human Capital in the Digital Transformation Economy. TNU Journal of Science and Technology, 229(03), 135–141. https://doi.org/10.34238/tnu-jst.9172
Vial, G. (2019). Understanding digital transformation: A review and a research agenda. The Journal of Strategic Information Systems, 28(2), 118–144. https://doi.org/10.1016/j.jsis.2019.01.003
Vo, D. H., & Tran, N. P. (2024). Does Digital Transformation Moderate the Effect of Intellectual Capital on Firm Performance? Journal of the Knowledge Economy, 16(2), 9266–9288. https://doi.org/10.1007/s13132-024-02270-8
Yahaya, O. A., Rabiu, N., & Okpanachi, J. (2025). Effect of Human and Structural Capital Efficiency on Financial Performance of Listed Manufacturing Firms in Nigeria. SSRN Electronic Journal, 9(1), 297–314. https://doi.org/10.2139/ssrn.5230207
Yin, J., & Xu, J. (2025). Intellectual capital, digital transformation and firms’ financial performance: Evidence from ecological protection and environmental governance industry in China. PLoS ONE, 20(1 January), 1–22. https://doi.org/10.1371/journal.pone.0316724
Zhang, Y., Li, H., & Yao, Z. (2025). Intellectual capital, digital transformation and firm performance: evidence based on listed companies in the Chinese construction industry. Engineering, Construction and Architectural Management, 32(4), 2128–2159. https://doi.org/10.1108/ECAM-06-2023-0623
Zhao, X., Li, X., Li, Y., & Wang, Z. (2024). The impact of digital transformation on firm performance. Industrial Management & Data Systems, 124(8), 2567–2587. https://doi.org/10.1108/IMDS-09-2023-0661
Published
2025-12-31
How to Cite
SELAVI, Aldena et al.
Intellectual Capital, Digital Transformation, and Firm Value: A Cross-Country Analysis of Indonesian and Malaysian Banks.
SAR (Soedirman Accounting Review) : Journal of Accounting and Business, [S.l.], v. 10, n. 2, p. 108 - 124, dec. 2025.
ISSN 2598-0718.
Available at: <https://jos.unsoed.ac.id/index.php/sar/article/view/18362>. Date accessed: 16 jan. 2026.
doi: https://doi.org/10.32424/1.sar.2025.10.2.18362.
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Articles
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