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All Journal Implementasi Manajemen & Kewirausahaan
Afifah Fahimah
Bina Nusantara University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Competitive advantage and six capitals in integrated reporting: Empirical evidence from ASEAN countries Afifah Fahimah; Lindrianasari Lindrianasari
Implementasi Manajemen & Kewirausahaan Vol 6 No 1 (2026): IMKA JOURNAL
Publisher : Prodi Manajemen Fakultas Ekonomi dan Bisnis Universitas Wijaya Putra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38156/imka.v6i1.826

Abstract

Increasing demands for transparent and comprehensive corporate reporting have prompted companies across ASEAN countries to adopt Integrated Reporting (IR) frameworks that disclose value creation through the Six Capitals. This study examines the impact of competitive advantage and the Six Capitals Index on firm profitability, measured by Return on Assets (ROA), among 20 leading companies from Indonesia, Malaysia, the Philippines, Singapore, and Thailand over the period 2018–2023. Grounded in Signaling Theory, Stakeholder Theory, and the Resource-Based View (RBV), the study employs an unbalanced panel data regression approach using the Fixed Effect Model (FEM), selected based on Chow and Hausman tests. The results indicate that competitive advantage has a significant positive impact on firm profitability, while the Six Capitals Index does not show a statistically significant direct effect. These findings suggest that financial value drivers remain dominant in profitability determination within the ASEAN context, while non-financial Six Capitals disclosures may operate through indirect channels such as investor confidence and cost-of-capital reduction. The study contributes an integrative empirical framework linking Resource-Based View and Integrated Reporting theories within the ASEAN regional context.
Co-Authors Lindrianasari Lindrianasari