Digital Transformation and Strategic Decision-Making: A Behavioral Perspective on Business Innovation
Article Sidebar
Main Article Content
Abstract
This systematic literature review examines the critical role of behavioral accounting in shaping strategic decision-making within the context of organizational digital transformation and business innovation. Employing a PRISMA-based methodology, this study synthesizes scholarly evidence from peer-reviewed journals and academic databases published between 2020 and 2025, addressing how behavioral factors influence the effectiveness of strategic innovation execution in digitalized business environments. The research integrates perspectives from behavioral accounting, strategic innovation economics, technology management, and platform economics to construct a unified framework explaining competitive advantage creation through digital transformation. Key findings reveal that successful strategic innovation depends not solely on technological sophistication but critically on understanding cognitive biases, technology adoption readiness, and organizational change management capabilities. The analysis demonstrates that Economic Value Added (EVA) and Market Value Added (MVA) serve as essential metrics for validating innovation effectiveness beyond traditional accounting measures. Cognitive barriers including anchoring bias, confirmation bias, and cognitive overload systematically impede strategic execution, while dynamic capabilities and upskilling investments emerge as sources of sustainable competitive advantage. The study further establishes that platform economics in financial services, particularly peer-to-peer lending, requires careful regulatory orchestration through instruments such as Indonesia's Financial Services Authority (OJK) Regulatory Sandbox. Evidence indicates that organizations integrating behavioral accounting perspectives into digital transformation strategies achieve superior innovation outcomes, with artificial intelligence adopters demonstrating 3.1 times higher return on investment when supported by clear strategic frameworks. The research contributes theoretically by synthesizing disparate literature streams into a cohesive strategic innovation economics framework, while offering practical implications for organizations navigating digital-driven transformation. Recommendations emphasize structured risk assessment models, behavioral finance training to mitigate cognitive distortions, and ecosystem-level regulatory design to balance innovation encouragement with systemic stability.
Downloads
Article Details
Section
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
How to Cite
References
Badria, N., Sukoharsono, E. G., & Purwanti, L. (2021). Business sustainability and pentuple bottom line: Building the hierarchical pyramid of the pentuple bottom line. International Journal of Research in Business and Social Science (2147- 4478), 10(3), 123–131. https://doi.org/10.20525/ijrbs.v10i3.1156
Banker, R., Flasher, R., & Zhang, D. (2025). Strategic positioning and asymmetric cost behavior. Asian Review of Accounting, 33(1), 89–106. https://doi.org/10.1108/ARA-12-2023-0347
Bondanini, G., Giorgi, G., Ariza-Montes, A., Vega-Muñoz, A., & Andreucci-Annunziata, P. (2020). Technostress Dark Side of Technology in the Workplace: A Scientometric Analysis. International Journal of Environmental Research and Public Health, 17(21), 8013. https://doi.org/10.3390/ijerph17218013
Danuso, A., Giones, F., & Ribeiro da Silva, E. (2022). The digital transformation of industrial players. Business Horizons, 65(3), 341–349. https://doi.org/10.1016/j.bushor.2021.04.001
Dobni, C. B. (2008). The DNA of Innovation. Journal of Business Strategy, 29(2), 43–50. https://doi.org/10.1108/02756660810858143
Handoko, W., Iqbal, M., & Harahap, I. R. (2024). Sosialisasi Digitalisasi Data Dalam Upaya Efisiensi Dan Efektifitas Kerja Pada Disdagper Kota Tanjungbalai. Journal Of Indonesian Social Society (JISS), 2(1), 06–10. https://doi.org/10.59435/jiss.v2i1.208
Harahap, A. F. R., & Harahap, A. M. (2023). Peran digitalisasi dalam meningkatkan partisipasi publik pada pengambilan keputusan tata negara. Jurnal EDUCATIO: Jurnal Pendidikan Indonesia, 9(2), 769–776. https://doi.org/10.29210/1202323208
Hossain, M. Z. (2025). Adoption Of Cloud Accounting Systems in SMES. Journal of SUB, 15(1), 1–10. https://doi.org/10.63773/tsc9wd50
Howell, S. T. (2024). Government Intervention in Innovation. Annual Review of Financial Economics, 16(1), 367–390. https://doi.org/10.1146/annurev-financial-082123-105722
Iswari, A. A. W. A., Suaryana, I. G. N. A., Sudana, I. P., & Ariyanto, D. (2025). Cloud accounting adoption in MSMES: A toe framework approach. World Journal of Advanced Research and Reviews, 25(2), 1630–1649. https://doi.org/10.30574/wjarr.2025.25.2.0437
Junitasari, P. D. K., & Astuti, N. K. D. (2024). Analisis Penerapan Akuntansi Keprilakuan Terhadap Kinerja Pegawai Pada Bank BPD Bali Cabang Klungkung. Jurnal Inovasi Ekonomi Dan Keuangan, 2(2), 247–253. https://doi.org/10.58982/jike.v2i2.771
Kigin, C. M. (2022). Innovation: It’s in Our DNA. Physical Therapy, 102(9), pzac100. https://doi.org/10.1093/ptj/pzac100
Lee, A.-S., Chin, Y.-M., Foo, P.-Y., Loh, C.-T., & Ng, Y.-H. (2025). Upskilling and Retraining of Accounting Professionals in the Digitalized Era. In Advances in Economics, Business and Management Research (pp. 391–401). https://doi.org/10.2991/978-94-6463-666-6_23
Lehn, K., & Makhija, A. K. (1996). EVA & MVA as performance measures and signals for strategic change. Strategy & Leadership, 24(3), 34–38. https://doi.org/10.1108/eb054556
Mishan, E. J., & Quah, E. (2020). Cost-Benefit Analysis. Routledge. https://doi.org/10.4324/9781351029780
Mukaromah, H. (2023). Analysis of Government Policy in Responding to the Economic Recession Due to Covid-19 in Indonesia. Journal of Economics and Social Sciences (JESS), 2(1), 20–32. https://doi.org/10.59525/jess.v2i1.187
Nkemjika, O. M., Nwamaka, O. C., O, Nyemazuwa, O., & Onowho, I. J. (2025). The influence of behavioral finance on accounting decision-making. International Journal of Science and Research Archive, 14(3), 1102–1109. https://doi.org/10.30574/ijsra.2025.14.3.0762
Olawale, O., Ajayi, F. A., Udeh, C. A., & Odejide, O. A. (2024). RegTech innovations streamlining compliance, reducing costs in the financial sector. GSC Advanced Research and Reviews, 19(1), 114–131. https://doi.org/10.30574/gscarr.2024.19.1.0146
Omidvar, M., Confetto, M. G., & Palazzo, M. (2025). Business Model Innovation: A Bridge Between Corporate Social Responsibility and Successful Performance for Medium-Size Enterprises (SMEs) in the Digital Era. Systems, 13(5), 378. https://doi.org/10.3390/systems13050378
Qi, Y. (2023). Fintech and the Digital Transformation of Financial Services. Highlights in Business, Economics and Management, 8, 322–327. https://doi.org/10.54097/hbem.v8i.7225
Ramdani, D., Ameliya, A., & Rodiah, S. (2024). Kajian Literatur Review: Riset Akuntansi Keperilakuan. Inisiatif: Jurnal Ekonomi, Akuntansi Dan Manajemen, 3(1), 373–390. https://doi.org/10.30640/inisiatif.v3i1.2175
Suryono, R. R., Budi, I., & Purwandari, B. (2021). Detection of fintech P2P lending issues in Indonesia. Heliyon, 7(4), e06782. https://doi.org/10.1016/j.heliyon.2021.e06782