PENGARUH INTELLECTUAL CAPITAL DAN INTELLECTUAL CAPITAL DISCLOSURE TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING

Abstract

This research aims to examine the influence of Intellectual Capital and Intellectual Capital Disclosure on the company value with financial performance, and the test Financial Performance as an intervening variable on Intellectual Capital that influenced on the company value. And examine the influence of financial performance as intervening variable on Intellectual Capital Disclosure influence to the company value. The population in this research are pharmaceutical and cosmetics companies which is listed in Indonesia Stock Exchange (BEI) during the 2012-2016 period. The sample of this research was taken by using purposive sampling method with 3 criteria that have been determined and obtained a sample of 12 companies with a total of 60 firm years. The analysis method used is multiple regression analysis and Path Analysis test (Path Analysis). The results of this research indicates that Intellectual Capital has a positive influence on the financial performance. Intellectual Capital Disclosure has a positive influence on the financial performance. Intellectual Capital negatively influenced the company value. Intellectual Capital Disclosure has a positive influenced the company value. Financial performance has a positive influence on the company value. Financial performance is able to moderate Intellectual Capital to the company value. Financial performance is able to moderate Intellectual Capital Disclosure against the company value.
Keywords: Intellectual Capital (VAICTM), Intellectual Capital Disclosure Index (ICDit), Corporate Value (Tobin's Q), Financial Performance (ROE).