Pengaruh Intellectual Capital terhadap Financial Leverage melalui Risiko Perusahaan dan Profitabilitas pada Bank Umum Konvensional Devisa di Bursa Efek Indonesia

Abstract

This research determines the effects of intellectual capital projected in VAIC consisting of VACA,VAHU, STVA on financial leverage (DER) with business risk (Z-index) and profitability (ROA) as mediating variables in the conventional forex banks listed on Indonesia Stock Exchange. This causal associative testing research aims at identifying the causal relationships among variables. It uses quantitative time series and cross-sectional data. These data are collected through literature study and documentation on the annual financial statements of the conventional foreign exchange banks listed on Indonesia Stock Exchange in the period 2016- 2020. A total of 29 sample are taken from the whole population. This research method consists of descriptive data and partial regression analysis (partial least squares) using SmartPLS 3.2.9 software. The results of the research demonstrate that only VACA or physical capital or VAIC indicator has effects on shaping the value ofintellectual capital. The intellectual capital provided by VAIC has negative and significant effects on financial leverage. Intellectual capital has positive and significant effects on business risk. Intellectual capital has positive and significant effects on profitability. Business risk and profitability fail to mediate the effects of intellectual capital and financial leverage. Business risk has positive and insignificant effects on financial leverage. Profitability has positive and significant effects on financial leverage.