PENGARUH INTELLECTUAL CAPITAL DAN KEBIJAKAN HUTANG TERHADAP FINANCIAL PERFORMANCE DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI

Abstract

This research aims to determine the influence of intellectual capital (VAIC) and debt policy (DER) on financial performance (Tobins'Q) with good corporate governance as a moderation variable. The population in this research are company that works on food and beverages which listed in Indonesia Stock Exchange (BEI) in 2012-2016. Determination of the sample is done by using purposive sampling technique that obtained 73 companies in 2012-2016.Based on the results of data analysis and discussion can be concluded that: (1) intellectual capital has a positive and significant influence on financial performance. (2) debt policy has a positive and significant influence on financial performance. (3) good corporate governance has no significant influence on financial performance. Good corporate governance is not considered by investors.(4) good corporate governance has not been able to moderate the relationship of intellectual capital to financial performance. (5) good corporate governance is able to moderate the debt policy relation to financial performance. The company will make a decision through external funding that is debt that will influenced on net income is greater so that will influenced the company's performance.
Keywords: Intellectual capital, debt policy, GCG, Tobin's Q