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All Journal INTERNATIONAL JOURNAL OF HUMANITIES, SOCIAL SCIENCES AND BUSINESS (INJOSS) INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Musilatin Nikmah
Universitas Mulia Balikpapan
Religion Humanities Economics, Econometrics & Finance Social Sciences

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ANALYSIS OF THE DEVELOPMENT OF FINANCIAL MANAGEMENT CONCEPTS FROM THE PERSPECTIVE OF AGENCY THEORY AND CORPORATE VALUE: A LITERATURE REVIEW OF GLOBAL RESEARCH TRENDS AND STRATEGIC IMPLICATIONS IN THE DIGITAL AGE Hety Devita; Muhamad Eko Wahyu Umaryadi; Musilatin Nikmah
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 2 No. 7 (2026): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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Abstract

This article analyses the evolution of financial management concepts through the perspective of agency theory and corporate value. The method used is a literature review. The results of the study found that agency theory has evolved from the classic principal-agent conflict to digital agency theory, which utilises AI monitoring, blockchain transparency, and real-time analytics to reduce agency costs while increasing firm value through Tobin's Q and market-to-book ratio. Digital transformation (DT) has proven to be a key enabler of corporate value through operational efficiency (RPA, predictive maintenance), governance transparency (smart contracts), and the creation of intangible assets (data platforms, ESG disclosure), despite showing a partial negative profitability effect on capital-intensive industries such as Indonesian mining (BUMI, ADRO). Strategic implications include hybrid governance models, capital structure optimisation based on intangible assets, and alignment of DT-company dynamics to achieve sustainable competitive advantage. Further research is recommended on empirical testing of digital agency theory in ASEAN emerging markets, moderated by digital maturity and institutional ownership.
THE RELATIONSHIP BETWEEN FINANCIAL RISK MANAGEMENT AND CORPORATE RESILIENCE DURING A CRISIS: A COMPREHENSIVE LITERATURE REVIEW Musilatin Nikmah; Hety Devita; Muhamad Eko Wahyu Umaryadi; FX. Nanang Sujatmiko
International Journal Of Humanities, Social Sciences And Business (INJOSS) Vol. 5 No. 3 (2026): INTERNATIONAL JOURNAL OF HUMANITIES, SOCIAL SCIENCES AND BUSINESS (INJOSS)
Publisher : ADISAM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21214991

Abstract

This article aims to analyse the relationship between financial risk management and corporate resilience during times of crisis through a comprehensive literature review. The findings indicate that financial risk management plays a strategic role in strengthening corporate resilience, particularly through the stabilisation of cash flows, the protection of liquidity, the control of loss exposure, the improvement of decision-making quality, and the strengthening of risk governance. The literature also indicates that companies which implement integrated risk management tend to be more resilient in the face of a crisis than those which adopt a reactive or piecemeal approach to risk management. Thus, financial risk management can be understood as a vital foundation for corporate resilience, both in the short term to mitigate the impact of a crisis and in the long term to build business sustainability amidst an increasingly uncertain business environment.
Co-Authors FX. Nanang Sujatmiko Hety Devita Muhamad Eko Wahyu Umaryadi Muhamad Eko Wahyu Umaryadi