Revisiting Agency and Signaling Theories: Evidence from Non-GAAP Measures, R&D Expenditures, and Firm Value in Southeast Asia

Hikmahwati Hikmahwati (Accounting Department, Politeknik Negeri Banjarmasin)
Noor Romy Rahwani (Accounting Department, Politeknik Negeri Banjarmasin)
Widya Ais Sahla (Accounting Department, Politeknik Negeri Banjarmasin)
Angela Tan-Kantor (Faculty of Business, Government and Law, University of Canberra)

Riset Akuntansi dan Keuangan Indonesia
Vol. 11 No. 2 (2026): Riset Akuntansi dan Keuangan Indonesia

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.