Pengaruh Intellectual Capital dan Struktur Modal terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening pada Perusahaan BUMN yang Terdaftar di BEI

Abstract

This research aims to investigate effects of intellectual capital and capital structure on firm value using profitability as an intervening variable. It carries out purposive sampling to determine 17 companies out of 22 State-owned Enterprises (SOEs) listed on Indonesia Stock Exchange during 2015-2019, by implementing 85 of total observation. The path analysis is performed to analyse the data which are collected by using Random Effect data Panel Regression Model. The result of the research indicate that partially the variable of Intellectual Capital and Capital Structure have no effect on firm value. On the other hand, profitability positively and significantly affect firm value. The second hypothesis test depicts how variable of profitability is not able to accommodate the correlation of intellectual capital and capital structure on firm value.