Modal Intelektual, Nilai Perusahaan, dan Manajemen Risiko sebagai Variabel Moderasi
Abstract
The purpose of this study was conducted to find out, analyze, and obtain empirical evidence regarding the effect of intellectual capital on firm value with risk management as a moderating variable and firm size as a control variable. The theory used in this research is signal theory and resource theory. The population used in this study are all banking companies that are registered and listed on the Indonesia Stock Exchange for the 2019-2021 period. The sampling technique used was purposive sampling method and the number of samples obtained was 69 observations. The data analysis technique used is Moderated Regression Analysis. The results of this study indicate that intellectual capital has a positive effect on firm value, risk management is able to strengthen the positive influence of intellectual capital on firm value.
Kata Kunci: Profitabilitas; Ukuran Perusahaan; Growth; CSR DisclosureKeywords: intellectual capital; firm value; risk management
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References
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Ariyani, N. K. S., & Wirakusuma, M. G. (2018). Pengaruh Modal Intelektual Pada Nilai Perusahaan dengan Kinerja Keuangan Sebagai Variabel Mediasi. E-Jurnal Akuntansi, 464.
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Chen, M. C., Cheng S.J, & Hwang Y. (2005). An Empirical Investigation of The Relationship between Intellectual Capital and Firms’ Market Value and Financial Performances. Journal Intellectual Capital, 6(2), 159–176.
Dwiastuti, D. S., & Juliana, V. (2019). Pengaruh Ukuran Perusahaan, Kebijakan Hutang, dan Profitabilitas Terhadap Nilai Perusahaan . Jurnal ASET (Akuntansi Riset), 11(1), 137–146.
Faisal, M., & Challen, A. E. (2021). Enterprise Risk Management and Firm Value: The Role of Board Monitoring. Asia Pacific Fraud Journal, 6(1), 182.
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Iatridis, G. E. (2018). Accounting discretion and executive cash compensation: An empirical investigation of corporate governance, credit ratings and firm value. Journal of International Financial Markets, Institutions and Money, 5(5), 29–49.
Irawan, D., & Kusuma, N. (2019). Pengaruh Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Aktual STIE Trisna Negara, 17(1), 66–81.
Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013. Asian Journal of Accounting Research, 3(2), 224–235.
Jang, S. H. (2013). The Offensive Framework of Resource Based View (RBV): Inhibiting Others from Pursuing Their Own Values. Journal of Management and Strategy, 4(1), 62–69.
Juliani, M., & Evani, S. (2022). Pengaruh Modal Intelektual, Rasio Utang, Ukuran Perusahaan dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan. Jurnal Akuntansi, 14(2), 275–288.
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Machfoedz, M. (1994). Financial Ratio Analysis and The Prediction of Earnings Changes in Indonesia (III, Vol. 7). Gajah Mada University Business Review.
Meliani, L. A., & Ariyanto, D. (2021). Kinerja Keuangan Memediasi Pengaruh Modal Intelektual dan Struktur Modal pada Nilai Perusahaan di Masa Pandemi Covid-19. E-Jurnal Akuntansi, 31(10), 2503.
Mention, A.-L., & Bontis, N. (2013). Intellectual Capital and Performance Within The Banking Sector of Luxembourg and Belgium. Journal of Intellectual Capital, 14(2), 286–309.
Nguyen, A. H., & Doan, D. T. (2020). The impact of intellectual capital on firm value: Empirical evidence from Vietnam. International Journal of Financial Research, 11(4), 74–85.
Nuryaman. (2015). The Influence of Intellectual Capital on The Firm’s Value with The Financial Performance as Intervening Variable. Procedia - Social and Behavioral Sciences, 211, 292–298.
Pulic. (2000). VAIC - An Accounting Tool for IC Management. International Journal of Technology Management, 20(5).
Puspitasari, D. P. (2020). Modal Intelektual, Ukuran Perusahaan, dan Struktur Modal terhadap Nilai Perushaaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Ilmu Dan Riset , 9(2), 1–24.
Rabaya, A. J. R., Saleh, N. M., & Hamzah, N. (2020). Intellectual Capital Performance and Firm Value: The Effect of MFRS 139. The South East Asian Journal of Management, 14(1).
Rahayu, Y. S., & Widiati, P. K. (2018). The Effect Of Intellectual Capital On Corporate Value. Management and Economics Journal, 2(1), 15–22.
Ramdhonah, Z., Solikin, I., & Sari, M. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan, Pertumbuhan Perusahaan, Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Riset Akuntansi Dan Keuangan, 7(1), 67–82.
Santiani, N. P. (2018). Pengaruh Intellectual Capital dan Struktur Modal Terhadap Nilai Perusahaan. Jurnal Akuntansi, 13(2), 69–78.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Suara.com. (2020). Ini Daftar 10 Saham Perbankan yang Terperosok Dihantam Corona. Https://Amp.Suara.Com/Bisnis/2020/03/23/150308/Ini-Daftar-10-Saham-Perbankan-Yang-Terperosok-Dihantam-Corona.
Suniari, I. A. M., & Suaryana, A. G. N. A. (2017). Pengaruh Umur dan Ukuran Perusahaan pada Pengungkapan Modal Intelektual dan Dampaknya Terhadap Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 21(2), 1549–1574.
Tye, J. (1980). The concept of risk management. In Education + Training (Vol. 22, Issue 4, pp. 127–128).
Wernerfelt, B. (1984). A Resource-Based View of the Firm. Strategic Management Journal, 5(2), 171–180.
Yohana, Intan, A. B., Kalbuana, N., & Cahyadi, C. I. (2021). Pengaruh Ukuran Perusahaan, Kebijakan Hutang, Profitabilitas Terhadap Nilai Perusahaan (Studi Kasus Perusahaan Properti Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016 – 2020). Jurnal Riset Akuntansi Politala, 4(2), 58–66.
Ahmed, A., Kashif Khurshid, M., Usman Yousaf, M., Coordinator, R., & Bank Faisalabad, A. (2019). Impact of Intellectual Capital on Firm Value: The 2 Moderating Role of Managerial Ownership 3. SMART Journal of Business Management Studies, 15(2), 28–37.
Albertini, E. (2021). What are the environmental capabilities, as components of the sustainable intellectual capital, that matter to the CEOs of European companies? Journal of Intellectual Capital, 22(5), 918–937.
Andiani, N. W. S., & Gayatri. (2018). Pengaruh Volume Perdagangan Saham, Volatilitas Laba, Dividend Yield, Dan Ukuran Perusahaan Pada Volatilitas Harga Saham. E-Jurnal Akuntansi Universitas Udayana, 24(3), 2148–2175.
Arini, Y., & Musdholifah, M. (2018). Pengaruh Intellectual Capital Dan Good Corporate Governance Terhadap Nilai Perusahaan Melalui Kinerja Keuangan. Jurnal Ilmu Manajemen, 6(3), 227–240.
Ariyani, N. K. S., & Wirakusuma, M. G. (2018). Pengaruh Modal Intelektual Pada Nilai Perusahaan dengan Kinerja Keuangan Sebagai Variabel Mediasi. E-Jurnal Akuntansi, 464.
Bontis, N. (1998). Intellectual capital: an exploratory study that develops measures and models. Management Decision, 36(2), 63–76.
Brigham, E. F., & Houston. (2006). Fundamental of Financial Management: Dasar-Dasar Manajemen Keuangan (10th ed.). Salemba Empat.
Chen, M. C., Cheng S.J, & Hwang Y. (2005). An Empirical Investigation of The Relationship between Intellectual Capital and Firms’ Market Value and Financial Performances. Journal Intellectual Capital, 6(2), 159–176.
Dwiastuti, D. S., & Juliana, V. (2019). Pengaruh Ukuran Perusahaan, Kebijakan Hutang, dan Profitabilitas Terhadap Nilai Perusahaan . Jurnal ASET (Akuntansi Riset), 11(1), 137–146.
Faisal, M., & Challen, A. E. (2021). Enterprise Risk Management and Firm Value: The Role of Board Monitoring. Asia Pacific Fraud Journal, 6(1), 182.
Faradina, I., & Gayatri. (2016). Pengaruh Intellectual Capital Dan Intellectual Capital Disclosure Terhadap Kinerja Keuangan Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 15(2), 1623–1653.
Fitriasari, N. M. A. D., & Ratna Sari, M. M. (2019). Pengaruh Intellectual Capital Pada Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening. E-Jurnal Akuntansi, 1717.
Gaol, G. A. L., Firmansyah, A., & Irawati, A. D. (2021). Intellectual Capital, Corporate Social Responsibility, And Firm Value In Indonesia’s Banking Industries. Jurnal Riset Akuntansi Terpadu, 14(1), 76–87.
Ginting, M. C., & Sagala, L. (2020). Pengaruh Modal Intelektual terhadap Nilai Perusahaan. Jurnal Manajemen, 6(2), 91–100. http://ejournal.lmiimedan.net
Gujarati, D. (2003). Ekonometri Dasar. Erlangga.
Halim, Y. R., & Wijaya, H. (2020). Pengaruh Modal Intelektual Terhadap Kinerja Perusahaan Dengan Manajemen Risiko Perusahaan Sebagai Moderasi. Jurnal Politeknik Caltex Riau, 13(2), 78–87.
Halimah, S. N., & Fidiana. (2020). Pengaruh Manajemen Risiko, Modal Intelektual dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 9(7), 1–17.
Iatridis, G. E. (2018). Accounting discretion and executive cash compensation: An empirical investigation of corporate governance, credit ratings and firm value. Journal of International Financial Markets, Institutions and Money, 5(5), 29–49.
Irawan, D., & Kusuma, N. (2019). Pengaruh Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Aktual STIE Trisna Negara, 17(1), 66–81.
Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013. Asian Journal of Accounting Research, 3(2), 224–235.
Jang, S. H. (2013). The Offensive Framework of Resource Based View (RBV): Inhibiting Others from Pursuing Their Own Values. Journal of Management and Strategy, 4(1), 62–69.
Juliani, M., & Evani, S. (2022). Pengaruh Modal Intelektual, Rasio Utang, Ukuran Perusahaan dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan. Jurnal Akuntansi, 14(2), 275–288.
Kurniawan, B. A., & Muslichah. (2019). Analisis Modal Intelektual Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Melalui Kinerja Perusahaan Sebagai Variabel Antara. Jurnal Akuntansi Dan Pajak, 20(01), 66–80.
Machfoedz, M. (1994). Financial Ratio Analysis and The Prediction of Earnings Changes in Indonesia (III, Vol. 7). Gajah Mada University Business Review.
Meliani, L. A., & Ariyanto, D. (2021). Kinerja Keuangan Memediasi Pengaruh Modal Intelektual dan Struktur Modal pada Nilai Perusahaan di Masa Pandemi Covid-19. E-Jurnal Akuntansi, 31(10), 2503.
Mention, A.-L., & Bontis, N. (2013). Intellectual Capital and Performance Within The Banking Sector of Luxembourg and Belgium. Journal of Intellectual Capital, 14(2), 286–309.
Nguyen, A. H., & Doan, D. T. (2020). The impact of intellectual capital on firm value: Empirical evidence from Vietnam. International Journal of Financial Research, 11(4), 74–85.
Nuryaman. (2015). The Influence of Intellectual Capital on The Firm’s Value with The Financial Performance as Intervening Variable. Procedia - Social and Behavioral Sciences, 211, 292–298.
Pulic. (2000). VAIC - An Accounting Tool for IC Management. International Journal of Technology Management, 20(5).
Puspitasari, D. P. (2020). Modal Intelektual, Ukuran Perusahaan, dan Struktur Modal terhadap Nilai Perushaaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Ilmu Dan Riset , 9(2), 1–24.
Rabaya, A. J. R., Saleh, N. M., & Hamzah, N. (2020). Intellectual Capital Performance and Firm Value: The Effect of MFRS 139. The South East Asian Journal of Management, 14(1).
Rahayu, Y. S., & Widiati, P. K. (2018). The Effect Of Intellectual Capital On Corporate Value. Management and Economics Journal, 2(1), 15–22.
Ramdhonah, Z., Solikin, I., & Sari, M. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan, Pertumbuhan Perusahaan, Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Riset Akuntansi Dan Keuangan, 7(1), 67–82.
Santiani, N. P. (2018). Pengaruh Intellectual Capital dan Struktur Modal Terhadap Nilai Perusahaan. Jurnal Akuntansi, 13(2), 69–78.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Suara.com. (2020). Ini Daftar 10 Saham Perbankan yang Terperosok Dihantam Corona. Https://Amp.Suara.Com/Bisnis/2020/03/23/150308/Ini-Daftar-10-Saham-Perbankan-Yang-Terperosok-Dihantam-Corona.
Suniari, I. A. M., & Suaryana, A. G. N. A. (2017). Pengaruh Umur dan Ukuran Perusahaan pada Pengungkapan Modal Intelektual dan Dampaknya Terhadap Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 21(2), 1549–1574.
Tye, J. (1980). The concept of risk management. In Education + Training (Vol. 22, Issue 4, pp. 127–128).
Wernerfelt, B. (1984). A Resource-Based View of the Firm. Strategic Management Journal, 5(2), 171–180.
Yohana, Intan, A. B., Kalbuana, N., & Cahyadi, C. I. (2021). Pengaruh Ukuran Perusahaan, Kebijakan Hutang, Profitabilitas Terhadap Nilai Perusahaan (Studi Kasus Perusahaan Properti Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016 – 2020). Jurnal Riset Akuntansi Politala, 4(2), 58–66.
Published
2023-11-30
How to Cite
PUTRI, Ni Komang Shinta Rani; WIRAJAYA, I Gde Ary.
Modal Intelektual, Nilai Perusahaan, dan Manajemen Risiko sebagai Variabel Moderasi.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 11, p. 3043-3055, nov. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/98477>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i11.p16.
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