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p-Index From 2021 - 2026
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All Journal Riset Akuntansi dan Keuangan Indonesia
Noor Romy Rahwani
Accounting Department, Politeknik Negeri Banjarmasin
Economics, Econometrics & Finance

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Revisiting Agency and Signaling Theories: Evidence from Non-GAAP Measures, R&D Expenditures, and Firm Value in Southeast Asia Hikmahwati Hikmahwati; Noor Romy Rahwani; Widya Ais Sahla; Angela Tan-Kantor
Riset Akuntansi dan Keuangan Indonesia Vol. 11 No. 2 (2026): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v11i2.17397

Abstract

This research explores whether Non-GAAP disclosure and R&D expenditure contribute to firm value through financial reporting transparency in emerging markets in Southeast Asia. The study uses panel data from 29 publicly listed companies in Indonesia, Malaysia, Singapore, Thailand, Vietnam, and the Philippines during 2020–2024. Data were analyzed using the PLS-SEM method. The results indicate that Non-GAAP disclosure and R&D expenditure do not show a significant relationship with transparency or firm value. Financial reporting transparency also does not mediate these effects. These findings imply that the relevance of agency and signaling theories may vary depending on institutional settings and market conditions in emerging economies.
Co-Authors Angela Tan-Kantor Hikmahwati Hikmahwati Widya Ais Sahla