The Effect of Intellectual Capital and Sustainability Report on Firm Value Mediated by Financial Performance
Keywords:
Intellectual Capital, Sustainability Report, Financial Performance, Firm Value
Abstract
The purpose of this study is to examine the impact of intellectual capital, as measured by the proxy VAIC (Value Added Intellectual Coefficient), and sustainability report, as measured by the proxy SRDI (Sustainability Report Disclosure Index), on firm value (Tobin's Q), as mediated by financial performance (ROA) in companies listed on the LQ45 Index from 2018 to 2022. This study employs quantitative methods. With a study sample of 15 firms, the purposive sampling approach was employed to choose samples. Secondary data taken from the company's annual report and sustainability report, obtained 75 processed data, was utilized. With the assistance of Eviews 12 software, this study employs path analysis and panel data regression. The results showed that partially intellectual capital and sustainability report have no effect on firm value, ROA has a positive effect on firm value, and simultaneously intellectual capital, sustainability report, and ROA have a significant effect on firm value. Furthermore, both partially and simultaneously intellectual capital and sustainability report have a positive effect on ROA. The results of this study also show that ROA is not able to mediate the relationship between intellectual capital and sustainability report on firm value.
Keywords: Intellectual Capital, Sustainability Report, Financial Performance, Firm Value
References
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Anna, Y. D., & Dwi R.T, D. R. (2019). Sustainability Reporting : Analisis Kinerja Keuangan dan Nilai Perusahaan. Jurnal ASET (Akuntansi Riset), 11(2), 238–255. https://doi.org/10.17509/jaset.v11i2.18804
Bontis, N. (1998). Intellectual capital: an exploratory study that develops measures and models. Management Decision, 36(2), 63–76. https://doi.org/10.1108/00251749810204142
Brooking, A. (1996). Intellectual Capital: Core Assets for the Third Millenium Enterprise. International Thompson Business Press. https://books.google.co.id/books?id=trzBnQAACAAJ
Chen, M., Cheng, S., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. Journal of Intellectual Capital, 6(2), 159–176. https://doi.org/10.1108/14691930510592771
Deegan, C., & Unerman, J. (2004). Financial Accounting Theory Critical Perspectives of Accounting.
Dewi, N., Kamaliah, K., & Silfi, A. (2019). Pengaruh Tata Kelola Perusahaan , Modal Intelektual dan Pengungkapan Laporan Keberlanjutan terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Mediasi (Studi pada Perusahaan yang Terdaftar di LQ 45 Periode 2014-2017 ). Jurnal Ekonomi, 27(2), 190–204. https://je.ejournal.unri.ac.id/index.php/JE/article/view/7904
Dewi, P. P., & Dewi, K. A. K. (2022). Pengungkapan Sustainability Reporting, Intellectual Capital, dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(12), 3761. https://doi.org/10.24843/eja.2022.v32.i12.p20
Dowling, J., & Pfeffer, J. (1975). Organizational Legitimacy: Social Values and Organizational Behavior. The Pacific Sociological Review, 18(1), 122–136. https://doi.org/10.2307/1388226
Elkington, J. (1997). John Elkington, Cannibals With Forks: The Triple Bottom Line of 21st Century Business. Journal of Business Ethics, 23(2), 229–231. https://doi.org/10.1023/A:1006129603978
Ermanda, M., & Puspa, D. F. (2022). Pengaruh Kepemilikan Institusional, Sustainability Report Dan Intellectual Capital Terhadap Nilai Perusahaan. Jurnal Kajian Akuntansi Dan Auditing, 17(2), 135–147. https://doi.org/10.37301/jkaa.v17i2.89
Fahmi, I. (2014). Pengantar manajemen keuangan: Teori dan soal jawab.
Fidhayatin, S. K., & Dewi, N. H. U. (2012). Analisis Nilai Perusahaan, Kinerja Perusahaan Dan Kesempatan Bertumbuh Perusahaan Terhadap Return Saham Pada Perusahaan Manufaktur Yang Listing Di Bei. The Indonesian Accounting Review, 2(02), 203. https://doi.org/10.14414/tiar.v2i02.96
Freeman, R. E., & McVea, J. (2005). A Stakeholder Approach to Strategic Management. Journal of Chemical Technology and Biotechnology, 77(6), 671–677. https://doi.org/10.1002/jctb.619
Hafni, A. F. (2015). Pengaruh Pengungkapan Sustainability Reporting Dan Intellectual Capital Terhadap Nilai Perusahaan Pada the Influence of Sustainability Reporting Disclosure and Intellectual. 1–13.
Hartawan, I. M. W., Werastuti, D. N. S., & Yuniarta, G. A. (2022). The Influence of Intellectual Capital and Sustainability Reporting on Company Value with Investment Opportunity Set as Moderating Variables. International Journal of Social Science and Business, 6(4), 512–518. https://doi.org/10.23887/ijssb.v6i4.49019
Husnan, S. (2015). Dasar-Dasar Teori Portofolio & Analisis Sekuritas (5th ed.). UPP STIM YKPN.
Keown, A. J. (2005). Manajemen Keuangan Prinsip-Prinsip dan Aplikasi. Jakarta: Pearson Education Inc.
Najib, P., Syafitri, Y., & Hadya, R. (2022). Pengaruh Pengungkapan Sustainabilty Reporting Dan Intellectual Capital Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan LQ-45 yang terdaftar di Bursa Efek Indonesia Periode 2016-2018). Pareso Jurnal, 4(3), 735–748.
Pulic, A. (1998). Measuring the Performance of Intellectual Potential (IP) in Knowledge Economy. https://www.bib.irb.hr/35384
Putra, Y. P., & Subroto, T. A. (2022). Pengaruh Pengungkapan Sustainability Report Terhadap Kinerja Keuangan Perusahaan. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 10(2), 60–71. https://doi.org/10.37676/ekombis.v10i2.2272
Randa, F., & Solon, S. A. (2012). Pengaruh Modal Intelektual Terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Indonesia Sosial Teknologi, 2(08), 1386–1402. https://doi.org/10.36418/jist.v2i8.208
Setyawati, E. J. (2022). Pengaruh Pengungkapan Sustainability Report Terhadap Nilai Perusahaan. Ilmu Dan Riset Akuntansi, 3(2), 1–9.
Simarmata, R., & Subowo, S. (2016). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Dan Nilai Perusahaan Perbankan Indonesia. Accounting Analysis Journal, 5. https://api.semanticscholar.org/CorpusID:156899177
Simetris, S. A., & Darmawan, A. (2019). Pengaruh Diversifikasi, Leverage, dan Profitablitas Terhadap Nilai Perusahaan (Studi pada Perusahaan industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2017). 74 No. 1. http://administrasibisnis.studentjournal.ub.ac.id/index.php/jab/article/view/2943
Sulistiyowati, L. N. (2021). Kinerja Keuangan Sebagai Variabel Moderasi Antara Faktor Modal Intelektual Dengan Nilai Perusahaan Manufaktur. Widya Cipta: Jurnal Sekretari Dan Manajemen, 5(2), 90–99. https://doi.org/10.31294/widyacipta.v5i2.10135
Suwardjono. (2014). Teori Akuntansi : Perekayasaan Pelaporan Keuangan Edisi Ketiga. BPFE Yogyakarta.
Triagustina, L., Sukarmanto, E., & Helliana. (2015). Pengaruh Return On Asset (ROA) Dan Return On Equity (ROE) Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Subsektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2010-2012. Prosiding Akuntansi, 28–34. http://karyailmiah.unisba.ac.id/index.php/akuntansi/article/view/1549
Ulum, I., Ghozali, I., & Chariri, A. (2008). Intellectual Capital Dan Kinerja Keuangan Perusahaan ; Suatu Analisis Dengan Pendekatan Partial Least Squares. Simposium Nasional Akuntansi XI, 19(19), 23–24.
Wahongan, L. (2019). Effects of Financial Performance and Corporate Social Responsibility on Company Values: Case of Banks Listed on the Indonesia Stock Exchange. Accountability, 8(2), 75. https://doi.org/10.32400/ja.24758.8.2.2019.75-84
Widarjo, W. (2011). Pengaruh Modal Intelektual Dan Pengungkapan Modal Intelektual Pada Nilai Perusahaan Yang Melakukan Initial Public Offering. Jurnal Akuntansi Dan Keuangan Indonesia, 8(2), 157–170. https://doi.org/10.21002/jaki.2011.10
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2024-07-20
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