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The Effect of Fintech Payment Development on Firm Value in the Indonesian Banking Sector with Profitability as a Mediating Variable Eine Kiswah Aljannah; Luqman Hakim
JURNAL MANAJEMEN MOTIVASI Vol 22 No 2 (2026): Jurnal Manajemen Motivasi
Publisher : Universitas Muhammadiyah Pontianak

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29406/jmm.v22i2.9341

Abstract

This study examines fintech payment development (FBIR) and firm value (PBV), with profitability (ROA) as a mediator and firm size as a control. Data comprise 125 observations from 25 Indonesian listed conventional banks in KBMI groups 2–4 during 2020–2024. Fixed effects panel regression and the Sobel test reveal no statistically significant effects of FBIR on ROA or PBV, or of ROA on PBV. Profitability does not significantly mediate the relationship. Firm size positively and significantly affects ROA. Robustness checks support these findings, indicating insufficient evidence linking fintech payment development to profitability and market valuation within the sample. Keywords: Fintech Payment; Bank Value; Financial Performance; Firm Size; Digital Banking; Digital Investment