PENGARUH STRUKTUR MODAL, RISIKO BISNIS, DAN INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN

Abstract

This research examines the effect of capital structure, business risks, and intellectual capital on firm value. The firm value was measured by Tobin’s Q ratio, capital structure was measured by Debt to Equity Ratio (DER), business risks were measured by Degree of Operating Leverage (DOL), and intellectual capital was measured by Value Added Intellectual Capital (VAIC). Furthermore, it determines how the three variables can increase investor perception towards firm value, especially in the Coal Mining sector. The population consists of 29 companies. Furthermore, the data collection technique used was purposive sampling. In line with that, 21 Coal Mining companies were taken as samples listed on the Indonesia Stock Exchange (IDX), with 5 years of observation (2019-2023). Therefore, 105 data samples were analyzed. Moreover, the research applies quantitatively. The data analysis technique used multiple linear regression.The result indicates that capital structure, business risks, and intellectual capital have a positive effect on firm value. These show how importance of efficient financial management, risk mitigation, and intangible assets to increase companies' interest to the investors