The Effect of Profitability on Firm Value with Intellectual Capital as an Intervening Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange

Elly Lestari, Moeljadi Moeljadi, Sumiati Sumiati, Djumahir Djumahir

Abstract


The “objective of this study is to investigate the effect of profitability on firm value with intellectual capital as an intervening variable in manufacturing companies listed on the Indonesia Stock Exchange. The population are manufacturing companies that have published Corporate Governance Reports until 2018. However, some companies do not publish regularly during the observation period from 2012 to 2018. This study uses population requirements, companies do not issue Corporate Governance Reports for a maximum of 1 year. In order to obtain a population of 14 companies, all of which were used as research samples (saturated samples) with 98 observations. The analysis method used path analysis. The results demonstrated that profitability has a direct effect on firm value and profitability has an indirect effect on firm value. Intellectual capital acts as a mediating variable in this relationship. The increase in intellectual capital has an impact on increasing the value of the company. In addition, profitability can improve company performance and corporate image internally and externally, thereby increasing investor confidence, and companies have the opportunity to increase intellectual capital. The increase in intellectual capital has an impact on increasing the value of the” company.

 

Keywords: Profitability, Intellectual Capital, Firm Value


Full Text:

PDF

References


Afzal, Arie, and Rohman, Abdul. (2012). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan. Jurnal Akuntansi, 1(2). Semarang : Universitas Diponegoro

Allayannis, G., and Weston, J. P. (2001). The Use of Foreign Currency Derivatives and Firm Market Value. The Review of Financial Studies, 14(1), 243-276.

Bartram, S. M., Brown, G. W. and Conrad, J. (2011). The Effects of Derivatives on Firm Risk and Value. Journal of Financial and Quantitative Analysis, 46, 967-999.

Bontis, N., Keow, W.C.C., and Richardson, S. (2000). Intellectual Capital and Business Performance in Malaysian Industries. Journal of Intellectual Capital, 1(1), 85-100.

Bontis, N. (2001). Assessing Knowledge Assets: A Review of The Models Used to Measure Intellectual Capital. International Journal of Management Reviews, 39(1), 41-60.

Brigham, Eugene F, and Houston, Joel F. (2006). Fundamental of Financial Management: Dasar-Dasar Manajemen Keuangan. Edisi 10. Jakarta: Salemba Empat.

Brigham, Eugene F, and Houston, Joel F. (2011). Manajemen Keuangan. Jakarta: Erlangga.

Cerbioni, F., and Parbonetti, A. (2007). Exploring The Effects of Corporate Governance on Intellectual Capital Disclosure: An Analysis of European Biotechnology Companies. European Accounting Review 16(4), 791-826.

Cheng, Meng-Yuh, Jer-Yan, Lin, and Tzy-Yih Hsiao. (2010). Invested Resource, Competitive Intellectual Capital and Corporate Performance. Journal of Intellectual Capital,11(4), 433-450.

Chung, Kee H, and Pruit, Stephen W. (1994). A Simple Approximation of Tobin's Q.

Financial Management, 23(3), 70-74.

Fakhruddin, M and Hadianto, M. (2001). Perangkat dan Model Analisis Investasi di Pasar Modal. Jakarta: Gramedia

Hermuningsih, Sri. (2013). Profitability, Growth Opportunity, Capital Structure and The Firm Value. Bulletin of Monetary, Economics and Banking.115-135.

Johanson, V., Koga, C., Almqvist, R and Skoog, M (2009). Breaking Taboos’: Implementing Intellectual Assets-Based Management Guidelines. Journal of Intellectual Capital, 10 (4), 520-538.

Kodongo, Odongo, Mokoaleli-Mokoteli, Thabang, and Maina, Leonard. (2014). Capital Structure, Profitability And Firm Value: Panel Evidence Of Listed Firms In Kenya. Munic Personal RePEc Archive. 1-19.

Lev, Baruch, and Gu, Feng. (2016). The End of Accounting and the Path Forward for Investors and Managers.

Maditinos, Dimitrios, Chatzoudes, Dimitrios, Tsairidis, Charalampos, and Theriou, Georgios. (2011). The Impact of Intellectual Capital on Firms' Market Value and Financial Performance. Journal of Intellectual Capital, 12(1), 132-151.

Munawir. (2007). Analisis Laporan Keuangan. Edisi Empat. Yogyakarta : Liberty.

Naito, J., and Laux, J. (2011). Derivatives Usage: Value-Adding or destroying?. Journal of Business and Economics Research, 9, 41-50.

Petrash, G. (2006). Dow’s Journey to a Knowledge Value Management Culture.

European Management Journal, 14(4), 365-373.

Riduwan, M. B. A. Belajar mudah penelitian untuk guru-karyawan dan peneliti pemula. Bandung: Alfabeta. 2006

Santika, IBM dan Ratnawati, Kusuma. (2002). Pengaruh Struktur Modal, Faktor Internal, dan Faktor Eksternal terhadap Nilai Perusahaan Industri yang Masuk Bursa Efek Jakarta. Jurnal Strategi Bisnis, 10, 27-43.

Soliha, E., dan Taswan (2002). Pengaruh Kebijakan Hutang terhadap Nilai Perusahaan serta Beberapa Faktor yang Mempengaruhinya. Jurnal Bisnis dan Ekonomi, 9 (2),149-163.

Starovic, D, and Marr, B. (2004). Understanding Corporate Value : Managing and

Reporting Intellectual Capital. Chartered Institute of Management Accountant

Sucuahi, William, and Cambarihan, Jay Mark. (2016). Influence of Profitability to the Firm Value of Diversified Companies in the Philippines. Accounting and Finance Research 5(2).149-153.

Sudana, I Made. 2011. Manajemen Keuangan Perusahaan Teori dan Praktek. Jakarta: Erlangga.

Sudarma, M. (2004). Pengaruh Struktur Kepemilikan Saham, Faktor Intern dan Faktor Ekstern terhadap Struktur Modal dan Nilai Perusahaan. Dissertation (unpublished), PPSUB Universitas Brawijaya, Malang.

Suharli, Michell. (2006). Studi Empiris Terhadap Faktor yang mempengaruhi Nilai Perusahaan Go Public di Indonesia. Jurnal Maksi, 6(1), 23-41

Sujoko and Soebiantoro, Ugy. (2007). Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Exstern terhadap Nilai Perusahaan. Jurnal Manajemen dan Kewirausahaan, 9 (1).

Sunyoto, D. Konsep dasar riset pemasaran dan perilaku konsumen. Yogyakarta: CAPS, 2012.

Tandelilin, Eduardus. (2010). Portofolio dan Investasi Teori dan Aplikasi (Edisi Pertama). Yogyakarta: Kanisius.

Ulum, I. (2009). Intellectual Capital : Konsep dan Kajian Empiris. Yogyakarta : Graha Ilmu




DOI: https://doi.org/10.32535/jicp.v5i2.1722

Refbacks

  • There are currently no refbacks.


Copyright (c) 2022 Elly Lestari, Moeljadi Moeljadi, Sumiati Sumiati, Djumahir Djumahir

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Flag Counter

Published by: 

AIBPM Publisher

Editorial Office:

JL. Kahuripan No. 9 Hotel Sahid Montana, Malang, Indonesia
Phone: +62 341 366222
Email: journal.jicp@gmail.com
Website: http://ejournal.aibpmjournals.com/index.php/JICP

Supported by: Association of International Business & Professional Management 

If you are interested to get the journal subscription you can contact us at admin@aibpm.org.

ISSN 2622-0989 (Print)
ISSN 2621-993X (Online)

DOI: Prefix 10.32535 by CrossREF

Journal of International Conference Proceedings (JICP) INDEXED:

   

In Process


This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.