The Effect of Intellectual Capital and Capital Structure on Firm Value with Profitability as an Intervening Variable in SOE Companies Listed on the IDX

Abstract

This study aims to determine the effect of intellectual capital and capital structure on firm value and profitability as intervening variables. This research was conducted on publicly listed state-owned companies that have been and are still listed on the Indonesia Stock Exchange (IDX) for the 2015 -2019 period, namely 22 companies. Samples were taken using purposive sampling, so 17 companies were selected with 85 observations. Research data analysis techniques using path analysis techniques. The method used in this study is the random effect model panel data regression method. The study results show that Intellectual Capital, Capital Structure, and Profitability simultaneously affect Firm Value. Partially the Intellectual Capital and Capital Structure variables do not affect firm value, while Profitability has a positive and significant effect on firm value. Testing the second hypothesis shows that the variable Profitability cannot mediate the relationship between Intellectual Capital and Capital Structure on Firm Value. Keywords: intellectual capital, capital structure, profitability, firm value