PENGARUH INTELLECTUAL CAPITAL DAN KEBIJAKAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI PEMODERASI

Abstract

This research aimed to find out the effect of Good Corporate Governance (GCG) as a moderating variable in the effect of Intellectual Capital (IC) and companies’ policy on firm value. The GCG was measured by index of GCG, IC was measured by VAIC, companies’ policy which consisted of dividend policy was measured by DPR (Dividend Per Ratio), debts policy was measured by DER (Debt Equity to Ratio, investment policy was measured by PER (Price Earning Ratio), and firm value was measured Q. The population was manufacturing companies which were listed on Indonesia Stock Exchange (IDX) 2015-2019. Moreover, the data collection technique used purposive sampling with 210 companies as the sample. Furthermore, the data analysis technique used Moderating Regression Analysis (MRA). The research result concluded that GCG, VAIC, and PER had a positive effect on firm value. On the other hand, DPR as well as DER did not affect firm value. Therefore, from the second model result, GCG was able to moderate the effect of VAIC and and PER on firm value. In addition, GCG was not able to moderate the effect of DPR and DER on firm value.