Do Intellectual Capital and Corporate Reputation Matter to Firm Value Enhancement: The Mediating Role of Financial Performance

Authors

  • Dyah Febriantina Istiqomah Universitas Islam Negeri Maulana Malik Ibrahim Malang
  • Dyah Metha Nurfitriasih Politeknik Negeri Malang, Malang, Indonesia
  • Dela Dwi Candra Universitas Islam Negeri Maulana Malik Ibrahim Malang, Malang, Indonesia

DOI:

https://doi.org/10.38035/jafm.v5i4.794

Keywords:

Intellectual Capital, Corporate Reputation, Financial Performance, Firm Value

Abstract

This study examines the effect of intellectual capital and corporate reputation on firm value by mediating financial performance. Non-physical capital of the firm, such as intellectual capital and corporate reputation, that is considered good, becomes a positive signal for stakeholders so that it can affect the firm's high value through good financial performance. The research was conducted using a quantitative approach. The research analysis unit comprises food and beverage sector companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2022. The research sample of 23 companies was selected using the purposive sampling method, so the total research observations were 92 observations for four years. Data collection was carried out using documentation techniques, including data analysis using panel data regression analysis. The Sobel test was conducted to determine whether mediation occurred or not. The analytical tool used is Eviews 12 Enterprise software. The study's results provide evidence that intellectual capital and corporate reputation can indirectly affect firm value through the mediation of financial performance. The form of mediation that arises is full mediation.

References

Afifah, N., Astuti, S. W. W., & Irawan, D. (2021). Pengaruh Corporate Social Responsibility (Csr) Dan Reputasi Perusahaan Terhadap Nilai Perusahaan. EKUITAS (Jurnal Ekonomi dan Keuangan), 5(3). https://doi.org/10.24034/j25485024.y2021.v5.i3.4644

Agustin, E. D., Made, A., & Sari, A. R. (2022). Pengaruh Struktur Modal, Ukuran Perusahaan, Intellectual Capital Terhadap Nilai Perusahaan, Dengan Kinerja Keuangan sebagai Intervening (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Periode 2017–2019). 11(1).

Ali, S., Murtaza, G., Hedvicakova, M., Jiang, J., & Naeem, M. (2022). Intellectual capital and financial performance: A comparative study. Frontiers in Psychology, 13, 967820. https://doi.org/10.3389/fpsyg.2022.967820

Alvino, F., Di Vaio, A., Hassan, R., & Palladino, R. (2020). Intellectual capital and sustainable development: A systematic literature review. Journal of Intellectual Capital, 22(1), 76–94. https://doi.org/10.1108/JIC-11-2019-0259

Amalia, D. N., & Dalljono, D. (2021). Pengaruh Reputasi Perusahaan Terkait Emisi Gas Rumah Kaca Dan Tanggung Jawab Sosial Terhadap Nilai Perusahaan. Diponegoro Journal Ofaccounting, 10(1), 1–11.

Aminatuzzuhro, Indrawati, T., & Fitriani, N. (2024). Corporate Reputation, Available Slack, And Financial Distress Risk. Jurnal Akuntansi, 28(1), 125–146. https://doi.org/10.24912/ja.v28i1.1821

Anik, S., Chariri, A., & Isgiyarta, J. (2021). The Effect of Intellectual Capital and Good Corporate Governance on Financial Performance and Corporate Value: A Case Study in Indonesia. The Journal of Asian Finance, Economics and Business, 8(4), 391–402. https://doi.org/10.13106/JAFEB.2021.VOL8.NO4.0391

Belo, F., Gala, V. D., Salomao, J., & Vitorino, M. A. (2021). Decomposing firm value. Journal of Financial Economics.

Berzkalne, I., & Zelgalve, E. (2014). Intellectual Capital and Company Value. Procedia - Social and Behavioral Sciences, 110, 887–896. https://doi.org/10.1016/j.sbspro.2013.12.934

Endiana, I. D. M., & Suryandari, N. N. A. (2021). Opini Going Concern: Ditinjau Dari Agensi Teori Dan Pemicunya. EKUITAS (Jurnal Ekonomi dan Keuangan), 5(2). https://doi.org/10.24034/j25485024.y2021.v5.i2.4490

Ermawati, D., Nurcahyono, N., Sari, D. N., & Fakhruddin, I. (2023). The Dynamic Impact of Intellectual Capital on Firm Value: Evidence from Indonesia. In C. Wen-Hai & A. Mursid (Eds.), Proceedings of the International Conference on Business, Accounting, Banking, and Economics (ICBABE 2022) (Vol. 240, pp. 246–262). Atlantis Press International BV. https://doi.org/10.2991/978-94-6463-154-8_23

Fadillah, S. N., & Noormansyah, I. (2023). The Influence of Sustainability Report, Intellectual Capital, Liquidity, and Firm Size on Firm Value. Research of Finance and Banking, 1(1), 22–33. https://doi.org/10.58777/rfb.v1i1.33

Foster, B., Saputra, J., Johansyah, M. D., & Muhammad, Z. (2022). Do intellectual capital and environmental uncertainty affect firm performance? A mediating role of value chain. Uncertain Supply Chain Management, 10(3), 1055–1064. https://doi.org/10.5267/j.uscm.2022.2.006

Hall Jr., E. H., & Lee, J. (2014). Assessing the Impact of Firm Reputation on Performance: An International Point of View. International Business Research, 7(12), p1. https://doi.org/10.5539/ibr.v7n12p1

Jao, R., Kampo, K., & Lie, A. V. (2020). Peran Kinerja Keuangan Dalam Meningkatkan Reputasi Perusahaan (Studi Empiris Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia).

Kumala, L. K., Hariyanti, W., & Siddiq, F. R. (2023). The influence of intellectual capital on banking financial performance. Journal of Business and Information System (e-ISSN: 2685-2543), 5(1), 43–52. https://doi.org/10.36067/jbis.v5i1.163

Lestari, D. A. D., & Satyawan, M. D. (2018). Pengaruh Intellectual Capital Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi. Jurnal Akuntansi AKUNESA, 7(1).

Midiantari, P. N., & Agustia, D. (2020). Impact Of Intellectual Capital On Firm Value Through Corporate Reputation As A Mediating VariablE. Journal of Security and Sustainability Issues, 9(4). https://doi.org/10.9770/jssi.2020.9.4(7)

Natsir, K., & Bangun, N. (2021). The Role of Intellectual Capital in Increasing Company Value with Profitability as an Intervening Variable: Ninth International Conference on Entrepreneurship and Business Management (ICEBM 2020), Jakarta, Indonesia. https://doi.org/10.2991/aebmr.k.210507.016

Ni, Y., Cheng, Y.-R., & Huang, P. (2021). Do intellectual capitals matter to firm value enhancement? Evidences from Taiwan. Journal of Intellectual Capital, 22(4), 725–743. https://doi.org/10.1108/JIC-10-2019-0235

Nuryaman. (2015). The Influence of Intellectual Capital on The Firm’s Value with The Financial Performance as Intervening Variable. Procedia - Social and Behavioral Sciences, 211, 292–298. https://doi.org/10.1016/j.sbspro.2015.11.037

Oktavianus, L. C., Randa, F., Jao, R., & Praditha, R. (2022). Kinerja Keuangan Dan Reputasi Perusahaan: Studi Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. KRISNA: Kumpulan Riset Akuntansi, 13(2), 218–227. https://doi.org/10.22225/kr.13.2.2022.218-227

Ousama, A. A., Al-Mutairi, M. T., & Fatima, A. H. (2020). The relationship between intellectual capital information and firms’ market value: A study from an emerging economy. Measuring Business Excellence, 24(1), 39–51. https://doi.org/10.1108/MBE-01-2019-0002

Permatasari, S. P. (2023). Pengaruh Intellectual Capital, Good Corporate Governance, Dan Reputasi Perusahaan Terhadap Nilai Perusahaan Sektor Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia. Media Akuntansi dan Perpajakan Indonesia, 4(2), 121–142. https://doi.org/10.37715/mapi.v4i2.3711

Pratama, B. C., & Innayah, M. N. (2021). Can Family Ownership Strengthen the Relationship Between Intellectual Capital and Performance in ASEAN High-Tech Firms? International Journal of Business and Society, 22(3), 1102–1122. https://doi.org/10.33736/ijbs.4286.2021

Pulic, A. (2008). The principles of intellectual capital efficiency-A brief description. Croatian Intellectual Capital Center, Zagreb, 76.

Puspita, G., & Wahyudi, T. (2021). Modal Intelektual (Intellectual Capital) dan Nilai Perusahaan Pada Industri Manufaktur. Owner, 5(2), 295–306. https://doi.org/10.33395/owner.v5i2.471

Putra, G. H., & Marlina, M. (2021). The Influence of Intellectual Capital Disclosure and Profitability on Value Company. El-Barka: Journal of Islamic Economics and Business, 4(2), 209–231. https://doi.org/10.21154/elbarka.v4i2.3309

Putri, V. S., Hermawan, S., & Fitriyah, H. (2022). Can Managerial Ownership As a Moderating Variable On The Effect Of Intellectual Capital On Company Value? Evidence From Banking Companies In Southeast Asia. JURNAL AKUNTANSI, 11(1), 1–25. https://doi.org/10.37932/ja.v11i1.525

Salvi, A., Vitolla, F., Giakoumelou, A., Raimo, N., & Rubino, M. (2020). Intellectual capital disclosure in integrated reports: The effect on firm value. Technological Forecasting and Social Change, 160, 120228. https://doi.org/10.1016/j.techfore.2020.120228

Soewarno, N., & Tjahjadi, B. (2020). Measures that matter: An empirical investigation of intellectual capital and financial performance of banking firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085–1106. https://doi.org/10.1108/JIC-09-2019-0225

Suidah, Y. M., & Purbowati, R. (2019). Pengaruh Corporate Social Responsibility dan brand image terhadap nilai perusahaan dimoderasi kinerja keuangan. Management and Business Review, 3(2), 57–70. https://doi.org/10.21067/mbr.v3i2.4615

Susanti, N., Widajatun, V. W., Aji, M. B., & Nugraha, N. M. (2020). Implications Of Intellectual Capital Financial Performance And Corporate ValueS (Studies On Goods And Consumption Sector 2013- 2017 Period). 07.

Suyanto, S., & Bilang, C. N. (2023). The Impact Of Financial Performance, Firm Size And Capital Structure On Firm Value. Financial: Jurnal Akuntansi, 9(1), 75–89. https://doi.org/10.37403/financial.v9i1.508

Suzan, L., & Ramadhani, N. I. (2023). Firm Value Factors: The Effect Of Intellectual Capital, Managerial Ownership, And Profitability. Jurnal Akuntansi, 27(3), 401–420. https://doi.org/10.24912/ja.v27i3.1487

Tischer, S., & Hildebrandt, L. (2014). Linking corporate reputation and shareholder value using the publication of reputation rankings. Journal of Business Research, 67, 1007–1017.

Wicaksono, A. P. N. (2020). Apakah Reputasi Perusahaan Menghasilkan Laba Yang Berkualitas Di Indonesia? Journal of Applied Accounting and Taxation, 5(1), 95–100. https://doi.org/10.30871/jaat.v5i1.1811

Wulandari, A., & Purbawati, D. (2020). Pengaruh Intellectual Capital Terhadap Nilai Perusahaan Melalui Kinerja Keuangan Sebagai Variabel Intervening (Studi pada Perusahaan Sub Sektor Farmasi Yang Terdaftar di Bursa Efek. Jurnal Administrasi Bisnis, X(1), 2020.

Xu, J., & Li, J. (2022). The interrelationship between intellectual capital and firm performance: Evidence from China’s manufacturing sector. Journal of Intellectual Capital, 23(2), 313–341. https://doi.org/10.1108/JIC-08-2019-0189

Published

2024-09-15

How to Cite

Febriantina Istiqomah, D., Metha Nurfitriasih, D., & Dwi Candra, D. (2024). Do Intellectual Capital and Corporate Reputation Matter to Firm Value Enhancement: The Mediating Role of Financial Performance . Journal of Accounting and Finance Management, 5(4), 573–584. https://doi.org/10.38035/jafm.v5i4.794

Similar Articles

<< < 2 3 4 5 6 7 8 9 10 11 > >> 

You may also start an advanced similarity search for this article.