PENGARUH INTELLECTUAL CAPITAL DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN YANG DIMODERISASI OLEH RISIKO PERUSAHAAN

Abstract

This research aimed to analyze the effect of intellectual capital and capital structure on firm value which was moderated by firm risks. The dependent variable was firm value which was measured by Price to Book Value (PBV). While, independent variables were intellectual capital which consisted of vaca, vahu and stva, also capital structure which was measured by Debt to Equity Ratio (DER). Moreover, firm risk was a moderating variable which was measured by Degree of Operating Leverage (DOL). The research was quantitative. Furthermore, the population was Property and Real Estate companies which were listed on Indonesia Stock Exchange 2015-2019. Additionally, the data collection technique used purposive sampling with 28 companies during 5 years observation. In total, there were 140 samples. The data were secondary. In addition, the data analysis technique used moderation regreeion with SPSS 23. The research result concluded that intellectual capital had a positive and significant effect on firm value. Likewise, capital structure had a positive and significant effect on firm value. In addition, firm risk did not moderate the relationship between intellectual capital and firm value. Meanwhile, firm risks were able to moderate the relationship between capital structure and firm value.