Pengaruh Intellectual Capital, Non Performing Loan dan Inflasi terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intervening pada Perbankan di Bursa Efek Indonesia

Abstract

In the context of financial management, the objective of establishing a company includes a short term goal such as maximizing earnings by using the available resources and a long term goal such as increasing firm value which is a company's main standard of performance in managing now and in the future so that investors are willing to invest. The objective of the research was to find out how intellectual capital, non-performing loan, and inflation influenced firm value with financial performance as intervening variable. The samples were 39 banks listed in BEi (Indonesia Stock Exchange) in the period of 2017-2021. The research used descriptive quantitative method with data panel regression. It was found that the three elements establishing intellectual capital had negative and significant influence on financial performance in VACA form, positive influence in VAHU form, and negative and insignificant influence in VAHU, STVA form. Financial performance was influenced negatively and significantly by non­ performing loan and influenced by inflation positively and significantly. It was also found that the three elements establishing intellectual capital, VACA had negative but significant influence of firm value, VAHU had positive but insignificant influence statistically, and STVA had negative and insignificant influence statistically. Non-performing loan had negative and significant influence on firm value while inflation had positive and insignificant influence. Concerning the influence of financial performance on firm value, it was found that there was negative and significant influence between them. Financial performance could mediate the influence of VACA and VAHU on firm value, but financial performance could not mediate the influence of non-performing loan on firm value.