THE EFFECT OF INTELLECTUAL CAPITAL ON FIRM VALUE MODERATED BY GOOD CORPORATE GOVERNANCE
Keywords:
Intellectual Capital, GCG, Firm Value
Abstract
This research aims to assess the effect of Intellectual Capital on firm value, along with the mediating role of GCG. The sample consists of banking firms listed on the Indonesia Stock Exchange over the 2022-2024 period. Data were examined using the PLS-SEM approach. The outcome demonstrate that Intellectual Capital has no statistically significant effect on firm value. In addition, GCG is not found to mediate the association among Intellectual Capital and firm value. This research offers significant insights for organizations to enhance governance quality and adopt a more strategic approach to managing intellectual capital in order to foster the development of sustainable corporate value.
References
Ammann, M., Oesch, D., & Schmid, M. M. (2011). Corporate governance and firm value: International evidence. Journal of Empirical Finance, 18(1), 36–55.
Auwa, H., Syamni, G., & Muchtar, D. (2024). FIRM VALUE IN IDX: EFFECT OF GREEN BANKING DISCLOSURE, EARNING QUALITY AND INTELLECTUAL CAPITAL. Journal of Accounting Research, Utility Finance and Digital Assets, 3(1), 40–46.
Bleoca, L. (2016). The Usefulness of Innovation and Intellectual Capital in Business Performance: The Financial Effects of Knowledge Management vs. Disclosure. Frederiksberg: Copenhagen Business School (CBS).
Carnini Pulino, S., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG disclosure influence firm performance? Sustainability, 14(13), 7595.
Christa, U. (2011). Pengaruh Human Capital, Structural Capital, Relational Capital Terhadap Kinerja Layanan Bank dan Kepuasan Pelanggan.(Studi pada Industri Jasa Bank Umum di Kalteng). Universitas Brawijaya.
Cuozzo, B., Dumay, J., Palmaccio, M., & Lombardi, R. (2017). Intellectual capital disclosure: a structured literature review. Journal of Intellectual Capital, 18(1), 9–28.
Effendi, E., Ak, S. E., & Ridho Dani Ulhaq, S. E. (2021). Pengaruh Audit Tenur, Reputasi Auditor, Ukuran Perusahaan dan Komite Audit. Penerbit Adab.
Engelman, R., Fracasso, E. M., Muller Neto, H., & Schmidt, S. (2021). The influence of intellectual capital on absorptive capacity and product innovation.
Fullerton, R. R., Kennedy, F. A., & Widener, S. K. (2013). Management accounting and control practices in a lean manufacturing environment. Accounting, Organizations and Society, 38(1), 50–71.
Gantino, R., Ruswanti, E., Widodo, A. M., & Iskandar, D. (2022). The Comparison Models of Earning Management, CSR, and Intellectual Capital on Firm Value Moderated by Performance. Journal of Accounting Research, Organization and Economics, 5(2), 191–209.
Hamdani, M. (2016). Good corporate governance (GCG) from an agency theory. Semnas Fekon, 2016, 279–283.
Hanun, N. R., Hanif, A., & Ningrum, S. (2023). Optimalisasi Nilai Perusahaan Melalui Moderasi Peran Good Corporate Governance. Jurnal Reviu Akuntansi Dan Keuangan, 13(3), 655–673.
Hermanto, Y. B., Lusy, L., & Widyastuti, M. (2021). How financial performance and state-owned enterprise (SOE) values are affected by good corporate governance and intellectual capital perspectives. Economies, 9(4), 134.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs, and ownership structure. Jurnal Ekonomi Keuangan, 3(4), 305–360.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate governance (pp. 77–132). Gower.
Kalkan, A., Bozkurt, Ö. Ç., & Arman, M. (2014). The impacts of intellectual capital, innovation and organizational strategy on firm performance. Procedia-Social and Behavioral Sciences, 150, 700–707.
Kusmayadi, D., Rudiana, D., & Badruzaman, J. (2015). Good corporate governance. Tasikmalaya: LPPM Universitas Siliwangi.
Limijaya, A., Hutagaol-Martowidjojo, Y., & Hartanto, E. (2021). Intellectual capital and firm performance in Indonesia: the moderating role of corporate governance. International Journal of Managerial and Financial Accounting, 13(2), 159–182.
Maesaroh, T. M., Faidah, F., & Karatri, R. H. (2023). PENGARUH INTELLECTUAL CAPITAL DAN GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN YANG DIMEDIASI OLEH PROFITABILITAS PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BEI TAHUN 2018-2022. Journal of Social and Economics Research, 5(2), 2181–2191.
Makhfiyah, M., & Suwarno, S. (2023). Pengaruh kualitas audit, struktur kepemilikan manajerial dan profitabilitas terhadap manajemen laba dengan intellectual capital sebagai variabel moderating. Economics and Digital Business Review, 4(2), 256–271.
MAS’UD, R., Khotmi, H., & Azizurrohman, M. (2023). Determining Company Value with Good Corporate Governance as Moderating Variable in Jakarta Islamic Index. Quality-Access to Success, 24(192).
Nurlita, M. I., & Gunarsih, T. (2021). Analysis of The Effect of Dividend Policies on Corporate Value With Good Corporate Governance (GCG) as Moderating Variables. International Journal of Business, Humanities, Education and Social Sciences (IJBHES), 3(1), 12–17.
Octavio, D. Q., & Soesetio, Y. (2019). Intellectual capital and bank profitability: Evidence from conventional and Islamic bank in Indonesia. Jurnal Keuangan Dan Perbankan, 23(2), 191–205.
Pangestuti, D. C., Muktiyanto, A., & Geraldina, I. (2022). Role of profitability, business risk, and intellectual capital in increasing firm value. Journal of Indonesian Economy and Business, 37(3), 311–338.
Pedron, C. D., & Caldeira, M. (2011). Customer relationship management adoption: using a dynamic capabilities approach. International Journal of Internet Marketing and Advertising, 6(3), 265–281.
Pratiti, D. (2024). Audit Quality Moderates Corporate Social Responsibility and Good Corporate Governance Relations on Firm Value. International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC), 2(5), 1583–1599.
Pulic, A. (2000). VAICTM–an accounting tool for IC management. International Journal of Technology Management, 20(5–8), 702–714.
Puspitasari, D., & Suryawati, B. N. (2019). Pengaruh Profitabilitas Terhadap Nilai Perusahaan dengan Good Corporate Governance Sebagai Variabel Moderasi pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2014-2017. Jurnal Sosial Ekonomi Dan Humaniora, 5(1), 17–26.
Saddam, M., Ali, O., & Ali, J. (2021). Pengaruh profitabilitas terhadap nilai perusahaan:(Studi empiris pada perusahaan sektor industri barang konsumsi di Bursa Efek Indonesia tahun 2017-2019). Jurnal Neraca Peradaban, 1(2), 128–135.
Salvatore, D. (2005). Managerial Economics (Fifth). Singapore: Thomson Learning.
Santoso, P. W., Tambunan, M. E., & Kumullah, E. R. (2020). The role of moderating audit quality relationship between corporate characteristics and financial distress in the Indonesian mining sector. Investment Management and Financial Innovations, 17(2), 88–100.
Saputra, A., Ghofur, R. A., & Sisdianto, E. (2024). Influence of islamic corporate social responsibility and intellectual capital on firm value, a study of companies listed on the jakarta islamic index for the 2019-2022 period. Digital Business: Tren Bisnis Masa Depan, 15(3), 165–172.
Saraswati, R. S., Yadiati, W., Suharman, H., & Soemantri, R. (2024). Corporate governance, intellectual capital, and organizational culture: their influence on lean manufacturing and firm value. Cogent Business & Management, 11(1), 2382335.
Sayyidah, U., & Saifi, M. (2017). Pengaruh Intellectual Capital terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. Jurnal Administrasi Bisnis, 46(1).
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.
Sofia, I. P. (2024). Influence Of Working Capital And Intellectual Capital On Firm Value With Gcg As Moderating Variable. Proceeding International Economic Conference of Business and Accounting, 2(01), 290–300.
Subaida, I., Nurkholis, N., & Mardiati, E. (2018). Effect of intellectual capital and intellectual capital disclosure on firm value. Jurnal Aplikasi Manajemen, 16(1), 125–135.
SUKMA, P. M., & WIJANA, A. P. I. N. (2020). Pengaruh faktor internal dan faktor eksternal terhadap nilai perusahaan. E-Jurnal Akuntansi, 30(6), 1397.
Sumardani, E. S., & Handayani, R. S. (2019). The effect of risk disclosure on the cost of equity capital and firm value (An empirical study of manufacturing companies listed on the Indonesia Stock Exchange period 2015-2017). The Indonesian Accounting Review, 9(2), 133–141.
Suwarno, S., & Syaiful, S. (2025). Does Intellectual Capital Influence Sustainability Reporting in Indonesia’s Energy and Mining Industry? Moderating Role of Audit Committee. Journal of Enterprise and Development (JED), 7(3), 466–476.
Teece, D. J. (2018). Business models and dynamic capabilities. Long Range Planning, 51(1), 40–49.
Terver, U. T. (2025). Intellectual Capital Disclosure and the Value of Listed Financial Services Companies in Nigeria. International Journal of Accounting, Finance and Administrative Research, 2(1), 88–102.
Trisnajuna, M., & Sisdyani, E. A. (2015). Pengaruh aset tidak berwujud dan biaya penelitian dan pengembangan terhadap nilai pasar dan kinerja keuangan perusahaan. E-Jurnal Akuntansi, 13(3), 888–915.
Tulcanaza-Prieto, A. B., Lee, Y., & Anzules-Falcones, W. (2024). The moderating role of corporate governance in the relationship between leverage and firm value: Evidence from the Korean market. Risks, 12(1), 11.
Ulum, I. (2017). INTELLECTUAL CAPITAL: Model Pengukuran, Framework Pengungkapan& Kinerja Organisasi. UMMPress.
Wahyuni, S., Yuliusman, Y., & Rahayu, R. (2025). THE INFLUENCE OF INTELLECTUAL CAPITAL AND CORPORATE SOCIAL RESPONSIBILITY ON FIRM VALUE WITH CORPORATE REPUTATION AS AN INTERVENING VARIABLE. Journal of Management: Small and Medium Enterprises (SMEs), 18(1), 551–563.
Wijayani, D. R. (2017). Pengaruh intellectual capital terhadap kinerja keuangan perusahaan publik di Indonesia. Jurnal Riset Akuntansi Dan Bisnis Airlangga, 2(1), 97–116.
Wulandari, H. D., & Suwarno, S. (2025). Pengaruh Sustainability Reporting, Intellectual Capital Terhadap Nilai Perusahaan Dengan Komite Audit Sebagai Moderasi. Journal of Culture Accounting and Auditing, 4(1), 165–179.
Wulandari, W. F., & Wahidahwati, W. (2022). Pengaruh Intellectual Capital Dan Kebijakan Perusahaan Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Pemoderasi. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 11(10).
Zhu, X., & Lin, Y. (2017). Does lean manufacturing improve firm value? Journal of Manufacturing Technology Management, 28(4), 422–437.
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Auwa, H., Syamni, G., & Muchtar, D. (2024). FIRM VALUE IN IDX: EFFECT OF GREEN BANKING DISCLOSURE, EARNING QUALITY AND INTELLECTUAL CAPITAL. Journal of Accounting Research, Utility Finance and Digital Assets, 3(1), 40–46.
Bleoca, L. (2016). The Usefulness of Innovation and Intellectual Capital in Business Performance: The Financial Effects of Knowledge Management vs. Disclosure. Frederiksberg: Copenhagen Business School (CBS).
Carnini Pulino, S., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG disclosure influence firm performance? Sustainability, 14(13), 7595.
Christa, U. (2011). Pengaruh Human Capital, Structural Capital, Relational Capital Terhadap Kinerja Layanan Bank dan Kepuasan Pelanggan.(Studi pada Industri Jasa Bank Umum di Kalteng). Universitas Brawijaya.
Cuozzo, B., Dumay, J., Palmaccio, M., & Lombardi, R. (2017). Intellectual capital disclosure: a structured literature review. Journal of Intellectual Capital, 18(1), 9–28.
Effendi, E., Ak, S. E., & Ridho Dani Ulhaq, S. E. (2021). Pengaruh Audit Tenur, Reputasi Auditor, Ukuran Perusahaan dan Komite Audit. Penerbit Adab.
Engelman, R., Fracasso, E. M., Muller Neto, H., & Schmidt, S. (2021). The influence of intellectual capital on absorptive capacity and product innovation.
Fullerton, R. R., Kennedy, F. A., & Widener, S. K. (2013). Management accounting and control practices in a lean manufacturing environment. Accounting, Organizations and Society, 38(1), 50–71.
Gantino, R., Ruswanti, E., Widodo, A. M., & Iskandar, D. (2022). The Comparison Models of Earning Management, CSR, and Intellectual Capital on Firm Value Moderated by Performance. Journal of Accounting Research, Organization and Economics, 5(2), 191–209.
Hamdani, M. (2016). Good corporate governance (GCG) from an agency theory. Semnas Fekon, 2016, 279–283.
Hanun, N. R., Hanif, A., & Ningrum, S. (2023). Optimalisasi Nilai Perusahaan Melalui Moderasi Peran Good Corporate Governance. Jurnal Reviu Akuntansi Dan Keuangan, 13(3), 655–673.
Hermanto, Y. B., Lusy, L., & Widyastuti, M. (2021). How financial performance and state-owned enterprise (SOE) values are affected by good corporate governance and intellectual capital perspectives. Economies, 9(4), 134.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs, and ownership structure. Jurnal Ekonomi Keuangan, 3(4), 305–360.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate governance (pp. 77–132). Gower.
Kalkan, A., Bozkurt, Ö. Ç., & Arman, M. (2014). The impacts of intellectual capital, innovation and organizational strategy on firm performance. Procedia-Social and Behavioral Sciences, 150, 700–707.
Kusmayadi, D., Rudiana, D., & Badruzaman, J. (2015). Good corporate governance. Tasikmalaya: LPPM Universitas Siliwangi.
Limijaya, A., Hutagaol-Martowidjojo, Y., & Hartanto, E. (2021). Intellectual capital and firm performance in Indonesia: the moderating role of corporate governance. International Journal of Managerial and Financial Accounting, 13(2), 159–182.
Maesaroh, T. M., Faidah, F., & Karatri, R. H. (2023). PENGARUH INTELLECTUAL CAPITAL DAN GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN YANG DIMEDIASI OLEH PROFITABILITAS PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BEI TAHUN 2018-2022. Journal of Social and Economics Research, 5(2), 2181–2191.
Makhfiyah, M., & Suwarno, S. (2023). Pengaruh kualitas audit, struktur kepemilikan manajerial dan profitabilitas terhadap manajemen laba dengan intellectual capital sebagai variabel moderating. Economics and Digital Business Review, 4(2), 256–271.
MAS’UD, R., Khotmi, H., & Azizurrohman, M. (2023). Determining Company Value with Good Corporate Governance as Moderating Variable in Jakarta Islamic Index. Quality-Access to Success, 24(192).
Nurlita, M. I., & Gunarsih, T. (2021). Analysis of The Effect of Dividend Policies on Corporate Value With Good Corporate Governance (GCG) as Moderating Variables. International Journal of Business, Humanities, Education and Social Sciences (IJBHES), 3(1), 12–17.
Octavio, D. Q., & Soesetio, Y. (2019). Intellectual capital and bank profitability: Evidence from conventional and Islamic bank in Indonesia. Jurnal Keuangan Dan Perbankan, 23(2), 191–205.
Pangestuti, D. C., Muktiyanto, A., & Geraldina, I. (2022). Role of profitability, business risk, and intellectual capital in increasing firm value. Journal of Indonesian Economy and Business, 37(3), 311–338.
Pedron, C. D., & Caldeira, M. (2011). Customer relationship management adoption: using a dynamic capabilities approach. International Journal of Internet Marketing and Advertising, 6(3), 265–281.
Pratiti, D. (2024). Audit Quality Moderates Corporate Social Responsibility and Good Corporate Governance Relations on Firm Value. International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC), 2(5), 1583–1599.
Pulic, A. (2000). VAICTM–an accounting tool for IC management. International Journal of Technology Management, 20(5–8), 702–714.
Puspitasari, D., & Suryawati, B. N. (2019). Pengaruh Profitabilitas Terhadap Nilai Perusahaan dengan Good Corporate Governance Sebagai Variabel Moderasi pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2014-2017. Jurnal Sosial Ekonomi Dan Humaniora, 5(1), 17–26.
Saddam, M., Ali, O., & Ali, J. (2021). Pengaruh profitabilitas terhadap nilai perusahaan:(Studi empiris pada perusahaan sektor industri barang konsumsi di Bursa Efek Indonesia tahun 2017-2019). Jurnal Neraca Peradaban, 1(2), 128–135.
Salvatore, D. (2005). Managerial Economics (Fifth). Singapore: Thomson Learning.
Santoso, P. W., Tambunan, M. E., & Kumullah, E. R. (2020). The role of moderating audit quality relationship between corporate characteristics and financial distress in the Indonesian mining sector. Investment Management and Financial Innovations, 17(2), 88–100.
Saputra, A., Ghofur, R. A., & Sisdianto, E. (2024). Influence of islamic corporate social responsibility and intellectual capital on firm value, a study of companies listed on the jakarta islamic index for the 2019-2022 period. Digital Business: Tren Bisnis Masa Depan, 15(3), 165–172.
Saraswati, R. S., Yadiati, W., Suharman, H., & Soemantri, R. (2024). Corporate governance, intellectual capital, and organizational culture: their influence on lean manufacturing and firm value. Cogent Business & Management, 11(1), 2382335.
Sayyidah, U., & Saifi, M. (2017). Pengaruh Intellectual Capital terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. Jurnal Administrasi Bisnis, 46(1).
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.
Sofia, I. P. (2024). Influence Of Working Capital And Intellectual Capital On Firm Value With Gcg As Moderating Variable. Proceeding International Economic Conference of Business and Accounting, 2(01), 290–300.
Subaida, I., Nurkholis, N., & Mardiati, E. (2018). Effect of intellectual capital and intellectual capital disclosure on firm value. Jurnal Aplikasi Manajemen, 16(1), 125–135.
SUKMA, P. M., & WIJANA, A. P. I. N. (2020). Pengaruh faktor internal dan faktor eksternal terhadap nilai perusahaan. E-Jurnal Akuntansi, 30(6), 1397.
Sumardani, E. S., & Handayani, R. S. (2019). The effect of risk disclosure on the cost of equity capital and firm value (An empirical study of manufacturing companies listed on the Indonesia Stock Exchange period 2015-2017). The Indonesian Accounting Review, 9(2), 133–141.
Suwarno, S., & Syaiful, S. (2025). Does Intellectual Capital Influence Sustainability Reporting in Indonesia’s Energy and Mining Industry? Moderating Role of Audit Committee. Journal of Enterprise and Development (JED), 7(3), 466–476.
Teece, D. J. (2018). Business models and dynamic capabilities. Long Range Planning, 51(1), 40–49.
Terver, U. T. (2025). Intellectual Capital Disclosure and the Value of Listed Financial Services Companies in Nigeria. International Journal of Accounting, Finance and Administrative Research, 2(1), 88–102.
Trisnajuna, M., & Sisdyani, E. A. (2015). Pengaruh aset tidak berwujud dan biaya penelitian dan pengembangan terhadap nilai pasar dan kinerja keuangan perusahaan. E-Jurnal Akuntansi, 13(3), 888–915.
Tulcanaza-Prieto, A. B., Lee, Y., & Anzules-Falcones, W. (2024). The moderating role of corporate governance in the relationship between leverage and firm value: Evidence from the Korean market. Risks, 12(1), 11.
Ulum, I. (2017). INTELLECTUAL CAPITAL: Model Pengukuran, Framework Pengungkapan& Kinerja Organisasi. UMMPress.
Wahyuni, S., Yuliusman, Y., & Rahayu, R. (2025). THE INFLUENCE OF INTELLECTUAL CAPITAL AND CORPORATE SOCIAL RESPONSIBILITY ON FIRM VALUE WITH CORPORATE REPUTATION AS AN INTERVENING VARIABLE. Journal of Management: Small and Medium Enterprises (SMEs), 18(1), 551–563.
Wijayani, D. R. (2017). Pengaruh intellectual capital terhadap kinerja keuangan perusahaan publik di Indonesia. Jurnal Riset Akuntansi Dan Bisnis Airlangga, 2(1), 97–116.
Wulandari, H. D., & Suwarno, S. (2025). Pengaruh Sustainability Reporting, Intellectual Capital Terhadap Nilai Perusahaan Dengan Komite Audit Sebagai Moderasi. Journal of Culture Accounting and Auditing, 4(1), 165–179.
Wulandari, W. F., & Wahidahwati, W. (2022). Pengaruh Intellectual Capital Dan Kebijakan Perusahaan Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Pemoderasi. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 11(10).
Zhu, X., & Lin, Y. (2017). Does lean manufacturing improve firm value? Journal of Manufacturing Technology Management, 28(4), 422–437.
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Published
2026-01-17
How to Cite
Anjani, N., & Suwarno, S. (2026). THE EFFECT OF INTELLECTUAL CAPITAL ON FIRM VALUE MODERATED BY GOOD CORPORATE GOVERNANCE. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 10(1), 86-99. https://doi.org/10.31955/mea.v10i1.7211
Section
Articles
Copyright (c) 2026 Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
