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PENGARUH MODAL INTELEKTUAL, PENGUNGKAPAN MODAL INTELEKTUAL DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN
The purpose of this study is to examine (a) the influence of intellectual capital on firm value with firm performance as intervening variable, (b) intellectual capital disclosure influence to firm value with firm performance as intervening variable. This study uses secondary data and the sample in this study is a manufacturing company listed in Indonesia Stock Exchange (BEI) within the range of 2011-2015. The sample of research is as many as 44 companies with 220 observations. Data analysis using multiple linear regression analysis with Product Of Coefficient test. The results of this study indicate that intellectual capital has a positive and significant impact on financial performance. Intellectual capital has a negative and significant effect on firm value. Disclosure of intellectual capital has no significant effect on financial performance. Disclosure of intellectual capital and financial performance have a positive and significant impact on firm value. Financial performance is able to mediate the relationship between intellectual capital to value. Financial performance is unable to mediate the relationship between intellectual capital disclosure to firm value.
Keywords: intellectual capital, disclosure of intellectual capital, financial performance, firm value.
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