The Role of Financial Performance in The Relationship Between Human Resource Accounting Disclosure and Company Value
Main Article Content
Siti Alya Noviani
Siti Sundari
Tantina Haryati
This study aims to analyze the effect of Human Resource Accounting (HRAC) disclosure on firm value, with financial performance as a mediating variable. This quantitative study uses secondary data in the form of annual reports and sustainability reports from 14 companies during the 2020–2024 period, with a total of 70 observations. HRAC disclosure is measured using the Human Resource Disclosure Index through a content analysis approach. Firm value is proxied by Net Asset Value (NAV) transformed into the natural logarithm, while financial performance is measured using ROA. Data analysis was performed using path analysis with SPSS software, and the Sobel test to examine the role of financial performance as a mediating variable. The results show that HRAC disclosure affects firm financial performance, but does not directly affect firm value. Financial performance is proven to affect firm value in a negative direction. The results of the Sobel test indicate that financial performance plays a significant role as a mediating variable in the relationship between HRAC disclosure and firm value. These findings indicate that HRAC disclosure affects firm value indirectly through financial performance. ASDM disclosure functions as supporting information and additional signals for investors, but is not yet able to become the main determinant in the direct formation of company value.
Barthes, R. (1972). Mythologies. New York, NY: Hill and Wang.
Berger, J. (2012). Ways of seeing. London, UK: Penguin Books.
Bucher, T. (2018). If…then: Algorithmic power and politics. Oxford, UK: Oxford University Press. https://doi.org/10.1093/oso/9780190493028.001.0001
Denzin, N. K., & Lincoln, Y. S. (2018). The SAGE handbook of qualitative research (5th ed.). Thousand Oaks, CA: Sage Publications.
Duffy, B. E., & Hund, E. (2019). Gendered visibility on social media: Navigating Instagram’s authenticity bind. International Journal of Communication, 13, 4983–5002.
Duffy, B. E., & Meisner, C. (2023). Platform aesthetics and the visibility of femininity. Social Media + Society, 9(1). https://doi.org/10.1177/20563051231153145
Elias, A. S., Gill, R., & Scharff, C. (2017). Aesthetic labour: Rethinking beauty politics in neoliberalism. London, UK: Palgrave Macmillan.https://doi.org/10.1057/978-1-137-47765-9
Gerlitz, C., & Helmond, A. (2013). The like economy: Social buttons and the data-intensive web. New Media & Society, 15(8), 1348–1365. https://doi.org/10.1177/1461444812472322
Gill, R. (2007). Gender and the media. Cambridge, UK: Polity Press.
Gill, R., & Orgad, S. (2018). The entrepreneurial self: Feminism, neoliberalism and subjectivity. Social Politics, 25(4), 477–500. https://doi.org/10.1093/sp/jxy028
Gill, R., & Orgad, S. (2018). The shifting terrain of sex and power: From the “sexualization of culture” to #MeToo. Sexualities, 21(8), 1313–1324. https://doi.org/10.1177/1363460718794646
Giddens, A. (1991). Modernity and self-identity: Self and society in the late modern age. Cambridge, UK: Polity Press.
Hearn, A. (2008). “Meat, mask, burden”: Probing the contours of the branded self. Journal of Consumer Culture, 8(2), 197–217. https://doi.org/10.1177/1469540508090086
Hine, C. (2015). Ethnography for the Internet: Embedded, embodied and everyday. London, UK: Bloomsbury Academic.
Kellner, D. (1995). Media culture: Cultural studies, identity and politics between the modern and the postmodern. London, UK: Routledge.
Lee, J. E., & Chou, W. Y. S. (2021). Body image and social media: A review of the literature. Current Opinion in Psychology, 36, 1–5.
https://doi.org/10.1016/j.copsyc.2020.07.007
Marwick, A. E. (2013). Status update: Celebrity, publicity, and branding in the social media age. New Haven, CT: Yale University Press.
Mosco, V. (1996). The political economy of communication: Rethinking and renewal. London, UK: Sage Publications.
Mosco, V. (2009). The political economy of communication (2nd ed.). London, UK: Sage Publications.
Nugroho, C. (2023). Medianomic: Ekonomi politik media di era digital. Jakarta, Indonesia: Kencana.
Patton, M. Q. (2002). Qualitative research and evaluation methods (3rd ed.). Thousand Oaks, CA: Sage Publications.
Thorne, A. (1980). Biological aspects of human adaptation in the tropics. Journal of Human Evolution, 9(4), 285–295.
Wolf, N. (1991). The beauty myth: How images of beauty are used against women. New York, NY: Harper Perennial.
