top of page
Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute
Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute

Economics and Business

Quarterly Reviews

ISSN 2775-9237 (Online)

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
open access

Published: 28 June 2023

Online Search Frequency and Financial Performance: The Moderating Effect of Business Sector

Dwi Cahya Widiyanata, Sutrisno T, Yeney Widya Prihatiningtias

Universitas Brawijaya, Indonesia

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, management journal

Download Full-Text Pdf



Pages: 131-140

Keywords: Online Search Engine, Financial Performance, Google Trends, Proportional Asset Ratio, Anchored Ratio


This study aims to examine the effect of online search frequency on financial performance with the business sector as a moderating variable. This study also uses the level of internet users and the inflation rate as control variables. The population in this study were 400 financial statements of companies registered at IDX80 for the period 2018 – 2022. The research sample was selected using a purposive sampling method and produced a sample with a total of 215 financial statements from 43 companies divided into 8 business sectors. Data were analyzed using multivariate analysis of variance in the IBM-SPSS-24 application. The frequency of online searches was measured using Google Trends. Financial performance is measured using the proportional assets ratio (PAR) and anchored ratio (AR). The results show that the frequency of online searches has a significant effect on financial performance. In detail, it has a significant effect on current assets, current liabilities, expenses and profit before tax. In addition, the business sector also significantly moderates the relationship between online search frequency and financial performance except for the Industrials, and Properties & Real Estate sectors. Testing of control variables also shows that the level of internet users significantly influences financial performance. The findings from the research indicate that the frequency of online searches has the potential to negatively impact companies considering the level of internet users.


  1. Anees-ur-Rehman, M., Wong, H. Y., Sultan, P., & Merrilees, B. (2018). How brand-oriented strategy affects the financial performance of B2B SMEs. Journal of Business and Industrial Marketing, 33(3), 303–315.

  2. Baron, R. M., & Kenny, D. A. (1986). The Moderator - Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic and Statistical Considerations. European Journal of Women’s Studies, 51(6), 1173–1182.

  3. Bayer, E., Srinivasan, S., Riedl, E. J., & Skiera, B. (2020). The impact of online display advertising and paid search advertising relative to offline advertising on firm performance and firm value. International Journal of Research in Marketing, 37(4), 789–804.

  4. Bayes, T. (1763). LII. An essay towards solving a problem in the doctrine of chances. By the late Rev. Mr. Bayes, F. R. S. communicated by Mr. Price, in a letter to John Canton, A. M. F. R. S. Philosophical Transactions of the Royal Society, 53, 370–418.

  5. Beaver, W. H., Correia, M., & McNichols, M. F. (2010). Financial statement analysis and the prediction of financial distress. Foundations and Trends in Accounting, 5(2), 99–173.

  6. Bilgin, Y. (2018). the Effect of Social Media Marketing Activities on Brand Awareness, Brand Image and Brand Loyalty. Business & Management Studies: An International Journal, 6(1), 128–148.

  7. Breton, G. (2019). A Postmodern Accounting Theory (First Ed.). Emerald Publishing Limited.

  8. Carlson, K. D., & Wu, J. (2012). The Illusion of Statistical Control: Control Variable Practice in Management Research. Organizational Research Methods, 15(3), 413–435.

  9. Colbert, J. L. (1991). Understanding the Relationship between Business Risk and Inherent Risk. Managerial Auditing Journal, 6(3), 4–7.

  10. Davidson, W. (2019). Financial Statement Analysis: Basis for Management Advice. Wiley.

  11. Denis, D. J. (2021). Applied Univariate, Bivariate, and Multivariate Statistics Using Python (First Ed.). John Wiley & Sons, Inc.

  12. Fetscherin, M., & Usunier, J. C. (2012). Corporate branding: An interdisciplinary literature review. European Journal of Marketing, 46(5), 733–753.

  13. Fraccastoro, S., Gabrielsson, M., & Pullins, E. B. (2021). The integrated use of social media, digital, and traditional communication tools in the B2B sales process of international SMEs. International Business Review, 30(4), 1–15.

  14. Google. (2021). FAQ about Google Trends data. Https://Support.Google.Com/Trends/Answer/4365533?Hl=en.

  15. Hayes, A. F. (2022). Introduction to Mediation, Moderation, and Conditional Process Analysis (3rd Edition). The Guilford Press.

  16. Horváth, K., & Szerb, L. (2018). Managerial practices and the productivity of knowledge-intensive service businesses: An analysis of digital/IT and cash management practices. Strategic Change, 27(2), 161–172.

  17. Huang, M. Y., Rojas, R. R., & Convery, P. D. (2020). Forecasting stock market movements using Google Trend searches. Empirical Economics, 59(6), 2821–2839.

  18. Indonesia Stock Exchange. (2021). IDX Stock Index Handbook. In IDX Stock Index Handbook: Vol. 1.2. Indonesia Stock Exchange.

  19. Iruthayasamy, L. (2021). Understanding Business Strategy, Confusion and Consensus (First Ed.). Springer Nature Singapore Pte Ltd.

  20. Johnstone, D. (2018). Accounting theory as a Bayesian discipline. Foundations and Trends in Accounting, 13(1–2), 1–266.

  21. Jones, S., Edwards, J. R., Previts, G. J., & Flesher, D. L. (2015). The Routledge Companion to Financial Accounting Theory (S. Jones (ed.); First Ed.). Routledge.

  22. Jovanovic, J. Š., Vujadinovic, R., Mitreva, E., Fragassa, C., & Vujovic, A. (2020). The relationship between E-commerce and firm performance: The mediating role of internet sales channels. Sustainability, 12(17), 1–17.

  23. Keller, K. L., & Brexendorf, T. O. (2019). Measuring Brand Equity (F.-R. Esch (ed.)). Springer Reference Wirtschaft.

  24. Kengatharan, L. (2016). Capital Budgeting Theory and Practice: A review and agenda for future research. American Journal of Finance and Accounting, 7(1), 1–22.

  25. Köylüoğlu, A. S., Tosun, P., & Doğan, M. (2021). The Impact of Marketing on the Business Performance of Companies: A Literature Review. Journal of Social Sciences of Mus Alparslan University, 9(1), 63–74.

  26. Larkin, Y. (2013). Brand perception, cash flow stability, and financial policy. Journal of Financial Economics, 110(1), 232–253.

  27. Liu, R., An, E., & Zhou, W. (2021). The effect of online search volume on financial performance: Marketing insight from Google trends data of the top five US technology firms. Journal of Marketing Theory and Practice, 29(4), 423–434.

  28. Maslikhan, M. I. (2019). The Effect of Negative Publicity on Brand Equity (Image Attitude, and Purchase Intention) in Indonesia: Case of Dolce and Gabbana Racism Scandal. International Journal of Business and Administrative Studies, 5(3), 145–154.

  29. Mayers, A. (2013). Introduction to Statistics and SPSS in Psychology (1st Ed.). Pearson Education Limited.

  30. Mushtaq, R., Gull, A. A., Shahab, Y., & Derouiche, I. (2022). Do financial performance indicators predict 10-K text sentiments? An application of artificial intelligence. Research in International Business and Finance, 61(August 2021), 101679.

  31. Newbold, P., L. Carlson, W., & M. Thorne, B. (2020). Statistics for Business and Economics, 9th Global Edition. In Pearson (9th Global). Pearson Education Limited.

  32. Nikitenko, V. (2019). the Impact of Digitalization on Value Orientations Changes in the Modern Digital Society. Humanities Studies, 2(79), 80–94.

  33. Ohmae, K. (1982). The Mind of the Strategist (First Ed.). McGraw-Hill, Inc.

  34. Park, K., & Jiang, H. (2020). Signaling, Verification, and Identification: The Way Corporate Social Advocacy Generates Brand Loyalty on Social Media. International Journal of Business Communication, 1–25.

  35. Ribeiro-Navarrete, S., Botella-Carrubi, D., Palacios-Marqués, D., & Orero-Blat, M. (2021). The effect of digitalization on business performance: An applied study of KIBS. Journal of Business Research, 126(July 2020), 319–326.

  36. Rosa, N. La. (2021). Analysing Financial Performance (1st ed). Routledge.

  37. Rowles, D. (2018). Digital Branding (2nd Ed.). Kogan Page Ltd.

  38. Srivastava, T. N., & Rego, S. (2011). Business Research Methodology. McGraw Hill Education Private Ltd.

  39. Strebinger, A. (2014). Rethinking brand architecture: A study on industry, company- and product-level drivers of branding strategy. European Journal of Marketing, 48(9/10), 1782–1804.

  40. Swaminathan, V., Sorescu, A., Steenkamp, J. B. E. M., O’Guinn, T. C. G., & Schmitt, B. (2020). Branding in a Hyperconnected World: Refocusing Theories and Rethinking Boundaries. Journal of Marketing, 84(2), 24–46.

  41. Tarkom, A., & Ujah, N. U. (2023). Inflation, interest rate, and firm efficiency: The impact of policy uncertainty. Journal of International Money and Finance, 131, 102799.

  42. Yang, Z., Shi, Y., & Wang, B. (2015). Search engine marketing, financing ability and firm performance in E-commerce. Procedia Computer Science, 55(Itqm), 1106–1112.

  43. Yoon, G., Li, C., Ji, Y. (Grace), North, M., Hong, C., & Liu, J. (2018). Attracting Comments: Digital Engagement Metrics on Facebook and Financial Performance. Journal of Advertising, 47(1), 24–37.

bottom of page