PENGARUH MODAL INTELEKTUAL DAN STRUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

Abstract

A very competitive business from time to time caused many firms need to maximalized their own firm strategies to keep their business up. Gradually, all the firm that counted as a labor based industries start to change and shift towards knowledge based industries to rise up their market value based on the implementation of knowledge based economy. The purpose of this study is to analyze the impact of intellectual capital and capital structure on firm value in property, real estate, and construction building sector companies during the year 2015 to 2017 with firm size as moderating variable.

These unit data are a secondary data that obtained from financial statements and annual reports of property, real estate, and construction building sector companies listed on Indonesia Stock Exchange. All companies sampled in the study were only companies which meet the sampling criteria through purposive sampling process, i.e 28 companies. Unit data was analyzed by a statistic computer program called SPSS 25. All hypotheses in this study are tested by multiple regression analysis and MRA (Moderated Regression Analysis) for moderating variable.

            The result of this study indicated that intellectual capital and structure capital on property, real estate, and construction building sector companies simultaneously have significant effect on firm value with significancy value 0,048. Meanwhile intellectual capital itself has significant effect on firm value with significancy value 0,027 and only capital structure that don’t have any significant effect on firm value with significancy value 0,259. Firm size stated can decreasing the impact of intellectual capital and capital structure on firm value.