Recent research by Auryn Shafarina and Ario Purdianto, academics from University Swadaya Gunung Jati Cirebon, reveals the determinants of financial performance for digital companies in Indonesia. The study, published in June 2026, found that optimizing digital revenue and sales growth is highly crucial in boosting company profitability. These findings provide important insights for digital economy players to not only focus on commercial expansion but also on technology monetization to maintain long-term financial stability.
The digital economy ecosystem in Indonesia is currently experiencing very rapid development, characterized by the proliferation of e-commerce platforms, financial technology (fintech), and other digital service networks. However, the growth of operational scale and sales velocity is often not directly proportional to the increase in the company's net profit. This paradoxical phenomenon triggers the need to understand the real variables that most determine financial performance, considering that many digital companies record sales acceleration but fail to generate profits due to high promotional costs and infrastructure investments.
To solve this problem, the researchers conducted a quantitative analysis of 60 digital companies listed on the Indonesia Stock Exchange (IDX) during the 2022 to 2024 period. The evaluation was carried out by measuring the annual sales growth rate and the proportion of revenue specifically sourced from digital activities (Digital Revenue Share). All of this data was then tested using the multiple linear regression method to see its impact on the return on equity (ROE), which is a key indicator of the company's financial health.
The results of the statistical analysis provided a number of significant key findings:
- Sales growth was proven to have a positive and significant impact on improving the financial performance of digital companies.
- Revenue specifically from digital services also has a significant positive influence, and is even a more dominant factor in boosting profitability compared to general sales growth.
- Simultaneously, sales growth and digital revenue were proven to very strongly determine the company's financial performance.
- The success rate of digital transformation and commercial growth is able to explain 89.5 percent of the total variation in the financial performance improvement of the digital companies studied.
These findings carry strategic implications for the business world, especially for the management of technology companies and the investment market. Digital companies are now encouraged not to merely pursue physical sales targets, but must more aggressively optimize their electronic service monetization systems. For investors, the digital revenue ratio and sales trends can be used as accurate analytical instruments to evaluate the company's future prospects before allocating capital.
"Companies are required to accelerate sales expansion while simultaneously and continuously strengthening their digital service transformation initiatives," explained Ario Purdianto and Auryn Shafarina from University Swadaya Gunung Jati Cirebon, summarizing the strategic direction of their research.
Author Profile: This research was compiled by Auryn Shafarina and Ario Purdianto (Corresponding Author). Both are academics from University Swadaya Gunung Jati Cirebon.
Research Source:
- Article Title: The Impact of Sales Growth and Digital Revenue on Financial Performance in Digital Companies in Indonesia
- Journal Name/Volume: Indonesian Journal of Business Analytics (IJBA), Vol. 6, No. 3
- Publication Date: June 2026
- Official Link (DOI):
https://doi.org/10.55927/ijba.v6i3.16587
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