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All Journal Jurnal Akuntansi Multiparadigma JABM JOURNAL of ACCOUNTING - BUSINESS & MANAGEMENT Jurnal Bisnis dan Akuntansi JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Jurnal Akuntansi MEDIA BISNIS International Journal of Community Service & Engagement Reviu Akuntansi, Manajemen, dan Bisnis E-Jurnal Akuntansi TSM Jurnal Abdimas Sosial, Ekonomi, dan Teknologi
FIRNANTI, FRISKA
Trisakti School Of Management
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Agency Cost in the Profitability-Financial Sustainability Nexus: Evidence from ASEAN Emerging Markets Nicken Destriana; Friska Firnanti; Inneke Respatiningsih
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p357-376.2026

Abstract

Purpose: This study examines the effect of profitability on financial sustainability while investigating the dual role of agency cost as a mediator and moderator among publicly listed non-financial companies in Indonesia, Malaysia, and the Philippines from 2020 to 2024.Research Methodology: This quantitative study employs secondary panel data from 581 publicly listed non-financial companies, producing 2,905 firm-year observations. Financial data were obtained from Bloomberg and analyzed using Stata through fixed-effects panel regression with Driscoll–Kraay robust standard errors.Results: The findings show that profitability enhances financial sustainability and reduces agency costs. Agency costs negatively affect financial sustainability and partially mediate the relationship between profitability and sustainability. However, agency costs do not moderate this relationship, indicating that it functions as a transmission mechanism rather than a boundary condition.Conclusions: This study extends agency theory by demonstrating that agency costs primarily explain how profitability contributes to long-term financial sustainability. It also supports Signaling Theory by showing that profitable firms tend to demonstrate stronger governance quality and financial resilience.Limitations: Agency cost is measured using a single accounting-based proxy, and its relatively small mediation effect (5.66%) and insignificant moderating effect limit the interpretation of its role in the relationship between profitability and financial sustainability. Contributions: This study contributes to the literature by integrating the mediating and moderating roles of agency costs within the profitability and sustainability framework. Practically, the findings provide insights for managers, investors, and policymakers to strengthen governance practices that support sustainable growth in emerging ASEAN markets.
Co-Authors Afifah Noviyanti ALEXANDER, NICO ANASTASSIA ANASTASSIA ARWINA KARMUDIANDRI DANIBRATA, AULIA Desi Adhariani ELIZABETH HANNA Fauzan Daffa Ramadhan HANNA CHRITIANTO YAP Indra Arifin Djashan Inneke Respatiningsih KARMUDIANDRI, ARWINA LOVARIA LIBRANIA Nicken Destriana Novia Wijaya Prasetio, Arton Briyan Purbasari, Niken Ramadhan, Fauzan Daffa Regi Muzio Ponziani RUDYANTO, ASTRID SUPRIATNA, DICKY Sutrisno, Paulina Tirta Budi Kusuma TITA DEITIANA Verawati Verawati Vonny Carolina Yeni Rahmawati Yulius Kurnia Susanto ZAHRA DINIA