How Digital Transformation Enhance Supply Chain Management Efficiency? A Panel Data Analysis of Indonesia Listed Company

This study examines the impact of digital transformation on supply chain management efficiency among Indonesian listed firms, using a panel dataset of 381 companies listed on the Indonesia Stock Exchange (IDX) from 2015 to 2024. The empirical results show that digital transformation significantly enhances supply chain efficiency, as evidenced by improved inventory turnover and higher order fulfillment rates. This finding remains robust after addressing endogeneity concerns and conducting a series of robustness checks. Further analysis reveals that information transparency serves as a partial mediator in this relationship, suggesting that digital transformation boosts supply chain performance largely by improving the visibility and sharing of real-time operational data across the value chain. Heterogeneity test reveals the positive impact of digital transformation is notably stronger in large firms, firms located in regions with high internet coverage, and manufacturing enterprises. Based on these findings, the study offers practical implications across three dimensions: corporate strategy, policy support, and technology implementation. It also identifying for future research, including broadening the data scope beyond listed firms, refining digital transformation metrics with more direct measures, and conducting cross-national comparisons to explore how institutional contexts shape digitization outcomes.