The Impact of Sales Growth and Digital Revenue on Financial Performance in Digital Companies in Indonesia
DOI:
https://doi.org/10.55927/ijba.v6i3.16587Keywords:
Sales Growth, Digital Revenue, Digital Revenue Share, Financial Performance, Return on Equity.Abstract
This study aims to analyze the influence of Sales Growth and Digital Revenue on Financial Performance in digital companies in Indonesia for the period 2022–2024. The rapid development of the digital economy is not always accompanied by increased company profitability, so it is necessary to examine the factors that influence financial performance. This study uses a quantitative approach with a multiple linear regression method on 60 digital companies selected using a purposive sampling technique. Financial Performance is measured using Return on Equity (ROE), Sales Growth is measured based on annual revenue growth, while Digital Revenue is measured using Digital Revenue Share (DRS), which is the ratio of digital revenue to total company revenue.The results of the study indicate that Sales Growth has a positive and significant effect on ROE. Digital Revenue also has a positive and significant effect on ROE and has a more dominant influence than Sales Growth. Simultaneously, Sales Growth and Digital Revenue have a significant effect on Financial Performance with an Adjusted R Square value of 0.895, indicating that 89.5% of the variation in ROE can be explained by these two independent variables. These findings indicate that successful digital monetization through increased digital revenue is a key factor in improving the financial performance of digital companies.
Downloads
References
Amory, JDS, & Mudo, M. (2025). Digital economic transformation and the evolution of consumption patterns: A literature review of changes in shopping behavior in the internet era. Jurnal Minfo Polgan , 14 (1), 28–37.
Ardiansyah, WM (2023). The role of technology in economic and business transformation in the digital era. JMEB Journal of Economic & Business Management , 1 (1), 12–16.
Bharadwaj, A., El Sawy, O.A., Pavlou, P.A., & Venkatraman, N. v. (2013). Digital business strategy: toward a next generation of insights. In MIS quarterly (Vol. 37, Number 2, pp. 471–482). Management Information Systems Research Center, University of Minnesota.
Brigham, E.F., & Houston, J.F. (2021). Fundamentals of Financial Management . Cengage Learning. https://books.google.co.id/books?id=9uUXEAAAQBAJ
Cooper, D. R., & Schindler, P. (2014). Business research methods . McGraw Hill .
Creswell, J. W., & Creswell, J. D. (2023). Research Design: Qualitative, Quantitative and Mixed Methods Approaches . Sage Publications Ltd.
Fatoni, MH (2026). Excellence Strategy Competitive Sustainable through Resource-Based View (RBV) approach in Management Sharia Business . EDULOGIA: Journal of Education and Islam , 1 (2).
Ghozali , I. (2018). Application analysis multivariate with the IBM SPSS 23 program . Diponegoro University publishing agency .
Ghozali , I. (2021). Multivariate Analysis Application with IBM SPSS 26 Program . Diponegoro University Publishing Agency.
Google, Temasek, & Bain & Company. (2024). e- Conomy SEA 2024 Profits on the rise, harnessing SEA's advantages: The Digital Decade . Google Asia Pacific.
Hair, J., Hair, J.F., Hult, G.T.M., Ringle, C.M., & Sarstedt, M. (2022). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) . SAGE Publications.
Herlanlam, QR, Ahmad, GN, & Parlyna, R. (2026). The Influence of Digital Transformation on Financial Performance Through Operational Efficiency in Banking for the 2015-2024 Period. Digital Footprint: Multidisciplinary Scientific Journal , 2 (1), 2233–2253.
Hery. (2015). Financial Statement Analysis . Media Pressindo. https://books.google.co.id/books?id=Yja4EAAAQBAJ
Kanvasaur. (2022, June 16). YoY Growth in Business: Definition, Benefits, and How to Calculate . https://Kanvasaur.Com/Yoy-Growth/ .
Kasmir. (2019). Financial Statement Analysis (1st ed) . Raja Grafindo Persada.
Kirana, AY, Saifudin, M., Mukhlisin, MM, Fatmawati, N., & Ansori, MI (2023). Digital transformation of human resources as an effort to improve company capabilities. Digital Business: Journal of Management Science and E-Commerce Publication , 2 (4), 19–36.
Laia, B., Suryati, A., & Arigawati, D. (2025). The Effect of Sales Growth, Company Size on Capital Structure at Pt. Champ Resto Indonesia Tbk for the Period 2022-2024. Journal of Civilization , 5 (3), 672–686.
Laudon, K.C., & Traver, C.G. (2020). E-commerce 2019: Business, technology, society . Pearson.
Maharani, S., & Daljono , D. (2023). The Influence digital transformation towards performance finance with size company as variables moderation ( Empirical study on companies banking listed on the IDX in 2019-2022). Diponegoro Journal of Accounting , 12 (4).
Marpaung , SF, Siregar, HZ, Abdillah, F., Fadilla, H., & Manurung , MAP (2023). The impact of digital transformation on business model innovation in technology start-ups. Innovative: Journal of Social Science Research , 3 (3), 6111–6122.
Nurhilaludin , N., & Shanti, YK (2026). The Effect of Dividend Policy, Financial Performance, and Sales Growth on Firm Value. RIGGS: Journal of Artificial Intelligence and Digital Business , 5 (1), 7334–7345.
Octavina , LA, & Rita, MR (2021). Digitalization of MSMEs, financial literacy, and financial performance: A study during the Covid-19 pandemic. Perbanas Journal of Business and Banking , 11 (1), 73–92.
Penrose, E. T. (2009). The Theory of the Growth of the Firm . Oxford university press.
Permatasari , CD, & Fitria, A. (2020). The effect of financial performance and sales growth on stock prices. Journal of Accounting Science and Research (Jira) , 9 (7).
Purba, DS, Permatasari, PD, Tanjung, N., Rahayu, P., Fitriani, R., & Wulandari, S. (2025). Analysis of digital economic development in increasing economic growth in Indonesia. Jurnal Masharif Al-Syariah: Jurnal Ekonomi dan Perbankan Syariah , 10 (1).
Purnama, H., Ayu, M., & Sari, AR (2020). Sales territory management expansion strategy in increasing sales growth: a case study at PT. Karya Anugerah Jaya Lampung Branch. Jurnal Manajemen Mandiri Saburai (JMMS) , 4 (4), 45–54.
Rachmah , NA, & Susilawati , CDK (2024). Liquidity, Leverage, and Sales Growth on the Financial Performance of Automotive Companies. Jurnal Accounting and Finance Science , 13 (2), 128–140.
Ramli, D., & Yusnaini, Y. (2022). The Effect of Sales Growth, Debt to Equity Ratio, and Total Assets Turnover on Return on Assets in Property and Real Estate Companies Listed on the Indonesia Stock Exchange 2018-2020. Owner : Research and Accounting Journal , 6 (1), 722–734.
Saragih, VG, Anggriani, P., Daryana, AP, & Girsang, DR (2025). The Influence of Financial Literacy and Financial Technology on the Profitability of MSMEs in the Culinary Sector in Pematang Siantar City. ECo-Fin , 7 (2), 897–909.
Setiawan, AB (2018). Platform-based business revolution as a driver of the digital economy in Indonesia. Telematics and Information Society: Journal of Information and Communication Technology Research , 9 (1), 61.
Sugiyono. (2022). Quantitative, Qualitative, and RnD Research Methods . Alfabeta. https://inlislite.uin-suska.ac.id/opac/detail-opac?id=30193
Suliyanti, N., & Damayanti, D. (2022). Factors Affecting Profitability in Property and Real Estate Companies on the Indonesia Stock Exchange. Scientific Journal of Economics, Management, Business & Accounting Focus (EMBA) , 1 (2), 244–254.
Susanti, T., Yantiana, N., Yunita, K., Dosinta, NF, & Damayanti, F. (2025). The Effect of Sales Growth, Company Size, and Digitalization Systems on Company Value with Profitability as an Intervening Variable. JCA ( Journal of Scholar Accounting ) , 6 (1), 38–61.
Teece, D.J. (2018). Dynamic capabilities as (workable) management systems theory. Journal of Management & Organization , 24 (3), 359–368. https://doi.org/10.1017/jmo.2017.75
Valaskova, K., Nagy, M., & Juracka , D. (2025). Digital transformation and financial performance: an empirical analysis of strategic alignment in the digital age. Journal of Enterprising Communities: People and Places in the Global Economy , 19 (5), 1178–1205.
Vial, G. (2021). Understanding digital transformation: A review and a research agenda. Managing Digital Transformation , 13–66.
Westerman, G., Bonnet, D., & McAfee, A. (2014). Leading digital: Turning technology into business transformation . Harvard Business Press.
Wooldridge, J. M. (2016). Introductory econometrics a modern approach . South-Western Cengage Learning.
Yuliani, E. (2021). The effect of capital structure, liquidity, and sales growth on financial performance. Journal of Management Science , 10 (2), 111–122.
Zahrotun, F., Windarti, RA, Farleni, S., & Sanjaya, VF (2024). Resource-Based View (RBV) Approach in Business Management: Strategy for Sustainable Competitive Advantage. Al-A'mal: Jurnal Management Sharia Business , 1 (2), 176–183.
Zheng, X., & Bu, Q. (2024). Enterprise ESG performance, digital transformation, and firm performance: Evidence from China. Sage Open , 14 (4), 21582440241291680.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Ario Purdianto, Auryn Shafarina
This work is licensed under a Creative Commons Attribution 4.0 International License.
