Kinerja Keuangan Memediasi Pengaruh Modal Intelektual dan Struktur Modal pada Nilai Perusahaan di Masa Pandemi Covid-19
Abstract
This study examines the effect of intellectual capital and capital structure on firm value with financial performance as a mediating variable. The sample was selected by purposive sampling technique. Data were analyzed using path analysis. The results of the analysis show that intellectual capital has no effect on financial performance, but has a positive effect on firm value. Capital structure has a positive effect on financial performance, but has no effect on firm value. Financial performance has a negative effect on firm value. The relationship between capital structure and firm value is successfully mediated by financial performance, however, financial performance does not mediate the relationship between intellectual capital and firm value. This research has implications for those who need information about company value in pharmaceutical sub-sector companies by considering the factors that influence it, especially during the Covid 19 pandemic.
Keywords: Intellectual Capital; Capital Structure; Firm Value; Financial Performance.
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References
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Nurfauzia, A. (2018). Pengaruh Intellectual Capital Pada Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening (Studi pada Industri Barang Konsumsi yang terdaftar di Bursa Efek Indonesia Tahun 2010-2016 ). Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis.
Nurhasanah, A., Zusan, L. and Muslih, M. (2017). Pengaruh Intellectual Capital terhadap Kinerja Keuangan Perusahaan (Studi Pada Sub Sektor Perdagangan Besar yang Listing di Bursa Efek Indonesia Periode 2012 - 2016). Jurnal Telkom University, 4(3), pp. 2811–2820.
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Rajah, R., & Grenville, S. (2020). Keeping Indonesia ’ s economy afloat through the COVID-19 pandemic. In Sydney: Lowy Institute Policy Brief (Issue July).
Rashid, H. A. et al. (2020). Analyzing The Impact od Intellectual Capital on Financial Performance of Food & Personal Care and Textile Sectors: A Comparative Analysis. Pakistan Economic and Social Review, 58, No. 1(June), pp. 35–60.
Rizki, A., Lubis, A. F., & Sadalia, I. (2018). The Influence of Capital Structure to the Firm Value with Profitability As Intervening Variables. in The 2018 International Conference of Organizational Innovation, KnE Social Sciences, pages 220–230. DOI 10.18502/kss.v3i10.3375
Rizkyanti, R., Andriana, I. and Widiyanti, M. (2020) ‘Intellectual Capital on Financial Performance in Sharia Banks in Indonesia’, International Research Journal of Management, IT & Social Sciences, 7(September 2020), pp. 109–116.
Sidharta, I., & Affandi, A. (2016). The empirical study on intellectual capital approach toward financial performance on rural banking sectors in Indonesia. International Journal of Economics and Financial Issues, 6(3), 1247–1253.
Smriti, N., & Das, N. (2017). Impact of Intellectual Capital on Business Performance: Evidence from Indian Pharmaceutical Sector. Polish Journal of Management Studies, 15(1), 232–243. https://doi.org/ 10.17512/pjms. 2017.15.1.22
Suria, E. S. (2019). Pengaruh modal intelektual, tata kelola, dan struktur modal terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel intervening pada perusahaan properti di BEI periode 2014-2017. Thesis. Universitas Tarumanagara.
Tan, H. P., Plowman, D. and Hancock, P. (2007). Intellectual capital and financial returns of companies. Journal of Intellectual Capital. 8(1), pp. 76–95. doi: 10.1108/14691930710715079.
Tjandrakirana, H. R. and Monika, M. (2014). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Manajemen dan Bisnis Sriwijaya. Vol.12 No.(Maret 2014), pp. 1–16. doi: 10.37751/parameter.v4i1.31.
Ulum (2008). Intellectual Capital Performance Sektor Perbankan di Indonesia. Jurnal Akuntansi dan Keuangan. 10(2), pp. 77–84. doi: 10.9744/jak.10.2.PP.77-84.
Uzliawati, L., Yuliana, A., Januarsi, Y., & Santoso, M. I. (2018). Optimisation of Capital Structure and Firm Value. European Research Studies Journal Volume XXI, Issue 2, 2018. pp.705–713.
Vinh, X., & Ellis, C. (2017). An empirical investigation of capital structure and firm value in Vietnam. Finance Research Letters journal. 22, pp.90–94. https://doi.org/10.1016 /j.frl.2016 .10.014.
Wahyudi, R., & Martha, L. (2019). Analisis Modal Intelektual dan Kinerja Keuangan serta Pengaruhnya terhadap Nilai Perusahaan. INA-Rxiv, August 1, 1–14. https://doi.org/https://doi.org/10.31227/osf.io/j5e9u.
Ahmed, A. et al. (2019). Impact of Intellectual Capital on Firm Value: The Moderating Role of Managerial Ownership, SMART Journal of Business Management Studies, 15(2), p. 28. doi: 10.20944/preprints201901.0318.v1.
Al-fisah, M. C. (2016). Profitabilitas Memediasi Pengaruh Struktur Modal Terhadap Nilai Perusahaan Properti yang Terdaftar di BEI. Jurnal Ilmu Dan Riset Manajemen ISSN : 2461-0593, 5(Mei 2016)
Ariyani, N. K. S. and Wirakusuma, M. G. (2018). ‘Pengaruh Modal Intelektual Pada Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Mediasi’, E-jurnal Akuntansi Universitas Udayana, 25(1 Oktober 2018), pp. 464–496. doi: https://doi.org/10.24843/EJA.2018.v25.i01.p18.
Chen, M. C., S. J. Cheng, Y. Hwang. (2005). An Empirical Investigation of The Relationship between Intellectual Capital and Firms’ Market Value and Financial Performances. Journal Intellectual Capital. Vol. 6 No. 2. pp. 159 – 176.
Febry, I. H. (2018). Pengaruh Modal Intelektual terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intervening. Jurnal Manajemen Bisnis Indonesia Edisi 3 Tahun 2018. Universitas Negeri Yogyakarta. https://doi.org/10.24843/eja.2018.v25.i01.p18
Firer, S. and Mitchell Williams, S. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348–360. https://doi.org/10.1108/14691930310487806
Hadiwijaya, R. C. and Rohman, A. (2016). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Dengan Competitive Advantage Sebagai Variabel Intervening. Jurnal Ilmu & Riset Akuntansi, 5(6), 1–19.
Hamidy, R. R. et al. (2015). Pengaruh Struktur Modal terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening pada Perusahaan Properti dan Real Estate di Bursa Efek Indonesia. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 10(4.10), 665-682 ISSN: 2337-3067.
Hermawan S., Nurul M., A., (2014). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Pemoderasi. Jurnal Dinamika Akuntansi. Vol. 6, No. 2, September 2014,pp.103-118.ISSN2085-4277. http//journal.unnes.ac.id/nju/index.php/jda.
Juwita, R. and Angela, A. (2016). Pengaruh Intellectual Capital Terhadap Nilai Perusahaan pada Perusahaan Indeks Kompas 100 di Bursa Efek Indonesia. Jurnal Akuntansi, 8(1), 1–15.
Kristianti, I. P. (2018). Analisis Pengaruh Struktur Modal terhadap Kinerja Keuangan Perusahaan. Akuntansi Dewantara.Vol. 2 No. 1 April 2018. 2(1), 56–68. e-ISSN: 2549-9637. https://doi.org/10.29230/ad.v2i1.2222.
Lin, D. jyun, Yu, W. der, Wu, C. ming, & Cheng, T. ming. (2018). Correlation between intellectual capital and business performance of construction industry–an empirical study in Taiwan. International Journal of Construction Management, 18(3), 232–246. https://doi.org/10.1080/15623599.2017.1315528
Maditinos, D., Šević, Ž. and Tsairidis, C. (2010). Intellectual capital and business performance: An empirical study for the Greek listed companies. European Research Studies Journal, 13(3), 145–167. https://doi.org/10.35808/ersj/291
Martikarini, N. (2013). Pengaruh Profitabilitas, Kebijakan Hutang, Dan Dividen Terhadap Nilai Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2009-2011. Journal of Chemical Information and Modeling, 53(9), pp. 1689–1699. doi: 10.1017/CBO9781107415324.004.
Muliani, L. E., Yuniarta, G. A. and Sinarwati, K. (2014). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility Sebagai Variabel Pemoderasi. Jurnal Dinamika Akuntansi, pp. 103–118. doi: 10.15294/jda.v6i2.3250.
Mustikasari, S. A. (2018). Pengaruh Modal Intelektual Pada Nilai Perusahaan dengan Kinerja Keuangan Sebagai Variabel Mediasi. Tesis. doi: 10.24843/eja.2018.v25.i01.p18.
Isanzu, J. (2015). Impact of Intellectual Capital on Financial Performance of Banks in Tanzania. Journal of International Business Research and Marketing, 1(1), pp. 17–24. doi: 10.18775/jibrm.1849-8558.2015.11.3002.
Nurfauzia, A. (2018). Pengaruh Intellectual Capital Pada Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening (Studi pada Industri Barang Konsumsi yang terdaftar di Bursa Efek Indonesia Tahun 2010-2016 ). Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis.
Nurhasanah, A., Zusan, L. and Muslih, M. (2017). Pengaruh Intellectual Capital terhadap Kinerja Keuangan Perusahaan (Studi Pada Sub Sektor Perdagangan Besar yang Listing di Bursa Efek Indonesia Periode 2012 - 2016). Jurnal Telkom University, 4(3), pp. 2811–2820.
Petty, R. and Guthrie, J. (2000). Intellectual capital literature review Measurement, reporting and management. Emerald Journal Library. 4425 LNCS(2), pp. 581–588. doi: 10.1007/978-3-540-71496-5_54.
Rajah, R., & Grenville, S. (2020). Keeping Indonesia ’ s economy afloat through the COVID-19 pandemic. In Sydney: Lowy Institute Policy Brief (Issue July).
Rashid, H. A. et al. (2020). Analyzing The Impact od Intellectual Capital on Financial Performance of Food & Personal Care and Textile Sectors: A Comparative Analysis. Pakistan Economic and Social Review, 58, No. 1(June), pp. 35–60.
Rizki, A., Lubis, A. F., & Sadalia, I. (2018). The Influence of Capital Structure to the Firm Value with Profitability As Intervening Variables. in The 2018 International Conference of Organizational Innovation, KnE Social Sciences, pages 220–230. DOI 10.18502/kss.v3i10.3375
Rizkyanti, R., Andriana, I. and Widiyanti, M. (2020) ‘Intellectual Capital on Financial Performance in Sharia Banks in Indonesia’, International Research Journal of Management, IT & Social Sciences, 7(September 2020), pp. 109–116.
Sidharta, I., & Affandi, A. (2016). The empirical study on intellectual capital approach toward financial performance on rural banking sectors in Indonesia. International Journal of Economics and Financial Issues, 6(3), 1247–1253.
Smriti, N., & Das, N. (2017). Impact of Intellectual Capital on Business Performance: Evidence from Indian Pharmaceutical Sector. Polish Journal of Management Studies, 15(1), 232–243. https://doi.org/ 10.17512/pjms. 2017.15.1.22
Suria, E. S. (2019). Pengaruh modal intelektual, tata kelola, dan struktur modal terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel intervening pada perusahaan properti di BEI periode 2014-2017. Thesis. Universitas Tarumanagara.
Tan, H. P., Plowman, D. and Hancock, P. (2007). Intellectual capital and financial returns of companies. Journal of Intellectual Capital. 8(1), pp. 76–95. doi: 10.1108/14691930710715079.
Tjandrakirana, H. R. and Monika, M. (2014). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Manajemen dan Bisnis Sriwijaya. Vol.12 No.(Maret 2014), pp. 1–16. doi: 10.37751/parameter.v4i1.31.
Ulum (2008). Intellectual Capital Performance Sektor Perbankan di Indonesia. Jurnal Akuntansi dan Keuangan. 10(2), pp. 77–84. doi: 10.9744/jak.10.2.PP.77-84.
Uzliawati, L., Yuliana, A., Januarsi, Y., & Santoso, M. I. (2018). Optimisation of Capital Structure and Firm Value. European Research Studies Journal Volume XXI, Issue 2, 2018. pp.705–713.
Vinh, X., & Ellis, C. (2017). An empirical investigation of capital structure and firm value in Vietnam. Finance Research Letters journal. 22, pp.90–94. https://doi.org/10.1016 /j.frl.2016 .10.014.
Wahyudi, R., & Martha, L. (2019). Analisis Modal Intelektual dan Kinerja Keuangan serta Pengaruhnya terhadap Nilai Perusahaan. INA-Rxiv, August 1, 1–14. https://doi.org/https://doi.org/10.31227/osf.io/j5e9u.
Published
2021-10-27
How to Cite
MELIANI, Luh Ayu; ARIYANTO, Dodik.
Kinerja Keuangan Memediasi Pengaruh Modal Intelektual dan Struktur Modal pada Nilai Perusahaan di Masa Pandemi Covid-19.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 10, p. 2503-2517, oct. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/67400>. Date accessed: 24 apr. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i10.p08.
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