PENGARUH KINERJA KEUANGAN DAN INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN DENGAN DIMODERASI GOOD CORPORATE GOVERNANCE

Abstract

This research aimed to examine that: (1) the effect of financial performance on firm value measured by ROA, (2) the effect of intellectual capital on firm value measured by Vaic-Tm, (3) the effect of financial performance on firm value which moderated by GCG measured by Corporate Governance, (4) the effect of intellectual capital on firm value which moderated by GCG. The research was quantitative, the data technique used purposive sampling i.e.a sample selection with determined criteria. In line that, there were 40 samples from 8 companies. The population was pharmaceutical companies listed on IDX 2017-2021. Additionally, data analysis technique used moderated and multiple linear regression. Result showed that (1) ROA had a negative effect on firm value. It meant company able to improve assets without increase of company’s profit; (2) Intellectual capital had a negative effect on firm value. This meant companies had not given knowledge assets to employees; (3) the disclosure of GCG as moderated variable could strengthen the effect of ROA on firm value. It meant managerial ownership had affected its role; (4) the disclosure of GCG as the moderated variable could strengthen the effect of intellectual capital on firm value. Therefore, the capacity of intellectual became developed.