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All Journal JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Reviu Akuntansi, Manajemen, dan Bisnis
Indra Arifin Djashan
Trisakti School of Management, Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Mathematics Social Sciences

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Digital Transformation and Firm Performance: The Moderating Role of CFO Co-optation Vonny Carolina; Astrid Rudyanto; Friska Firnanti; Indra Arifin Djashan
Reviu Akuntansi, Manajemen, dan Bisnis Vol 6 No 3 (2026): September
Publisher : Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/rambis.v6.n3.p89-101.2026

Abstract

Purpose: This study tests whether digital transformation affects firm accounting performance in Indonesian manufacturing firms, and whether Chief Financial Officer (CFO) co-optation moderates that effect.Research Methodology: This study analyzes 285 firm-year observations from 95 Indonesia Stock Exchange manufacturing firms (2022–2024) using Fixed Effects panel regression with Moderated Multiple Regression, applying one-tailed significance tests at the 10%, 5%, and 1% levels. The study measures digital transformation through text-mining keyword frequency in annual reports and codes CFO co-optation as a binary indicator for CFO appointment during the sitting Chief Executive Officer (CEO) tenure. The study estimates a Fixed Effects panel regression in Stata 17, selected through Chow and Hausman tests, with Moderated Multiple Regression testing the interaction effect.Results: Digital transformation lowers Return on Assets at the 10% significance level. CFO co-optation lowers ROA at the 5% level, but the interaction between digital transformation and CFO co-optation raises ROA at the 5% level, offsetting and reversing the direct penalty.Conclusions: Executive alignment through CFO co-optation buffers the short-term cost digital transformation imposes on profitability, consistent with Resource Orchestration Theory operating alongside Agency Theory rather than replacing it.Limitations: The sample covers manufacturing firms only, over a three-year window, using a keyword-based digital transformation proxy.Contributions: The findings extend Agency Theory and Resource Orchestration Theory into a joint governance-technology model and offer Indonesian regulators, boards, and CFOs concrete guidance on staffing and timing digital transformation initiatives.
The Cognitive Rigidity Trap: Managerial Experience, Firm, Performance, and Evidence from Emerging European Economies Indra Arifin Djashan; Supatmi Supatmi
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.p193-207.2026

Abstract

Purpose: This study examines the direct impact of managerial characteristics, particularly managerial experience, on firm performance from a behavioral accounting perspective. Additionally, it investigates how internal organizational mechanisms, namely employee training investments and digital technology adoption, mitigate managerial rigidity to optimize corporate financial results.Research Methodology: Utilizing a quantitative behavioral accounting framework, the empirical analysis evaluates microdata comprising 4,946 firm-level observations from emerging economies in Europe. Ordinary Least Squares (OLS) regression and Generalized Structural Equation Modeling (GSEM) mediation analysis with robust standard errors were executed using Stata software.Results: Managerial experience and female managerial presence negatively affect firm performance, whereas employee training and digital technology adoption have positive effects. Digital adoption also significantly mediates the effect of employee training on firm performance.Conclusions: By Integrating Upper Echelons Theory and the Resource-Based View, the findings demonstrate that extensive executive experience can yield an experience trap due to cognitive rigidity and inertia. Combining digital tools with workforce training is a valuable internal resource that counters leadership limitations in dynamic environments.Limitations: The cross-sectional design constrains the ability to observe long-term temporal dynamics, multi-year adaptation lags, or path-dependent trajectories of human capital investments and digital transformation.Contributions: Corporate executives and HR policymakers should align employee training directly with digital workflows rather than executing standalone investments while implementing executive upskilling to overcome cognitive inertia.
Co-Authors FIRNANTI, FRISKA RUDYANTO, ASTRID Supatmi Supatmi Vonny Carolina