Good Corporate Governance, Intellectual Capital, And Operational Efficiency: Affect Company Value

Abstract

Purpose: As the best measure of company health, companies that have gone public often try to increase shareholder value. One of them is the company value because it describes the condition of the company. This study attempts to find out how corporate governance, intellectual capital, and operational efficiency affect company value. Methodology/approach: This study uses quantitative data from 15 companies in the IDX BUMN20 Stock Index for 2018–2021. Findings: The research findings show that institutional ownership and intellectual capital significantly and beneficially affect company value. Meanwhile, independent commissioners, audit committees, managerial ownership, and operational efficiency have no visible impact. This shows how institutional ownership is a component that can improve performance through supervision. At the same time, intellectual capital management is proven to maximize the company's value. Practical and Theoretical contribution/Originality: The implication is that companies that disclose intellectual capital and uphold institutional ownership will give a positive signal to investors in making investment decisions. Research Limitation: Future studies may be useful to compare firm values during and after the COVID-19 pandemic by using the factors examined in this research to provide a specific picture of how investors respond to the two conditions and their relation to signal theory.

Intellectual Capital And Firm Value: Moderating Roles Of Tax Incentives In R&D

“…Firms having employees with abundant knowledge will possess an advantage for innovation, and the excellent reputation, a part of goodwill for oriental firms, would encourage people to consume and invest more. In Indonesia, several studies showed that intellectual capital positively affects firm value in LQ45 companies (Appah et al, 2023), pharmaceutical companies (Marcellina et al, 2022), IT companies (Trisanti et al, 2023), banking companies (Oktaviani & Sukarmanto, 2023) and state-owned companies (Suzan & Ardiansyah, 2023). In the manufacturing sector, previous studies also showed that intellectual capital positively affects firm value (Astiti & Imbayani, 2022;Ayuningtyas et al, 2023;Wiryawati et al, 2022).…”

“…Previous studies on the effect of intellectual capital on firm value in Indonesia still yielded inconsistent results. Several studies suggested that intellectual capital positively affects the firm value, such as in pharmaceutical companies (Marcellina et al, 2022), IT companies (Trisanti et al, 2023), state-owned companies (Suzan & Ardiansyah, 2023) and LQ45 companies (Appah et al, 2023). Meanwhile, several studies also suggested that intellectual capital has no significant influence on a firm value, such as in the banking sector (Parimarma & Kufepaksi, 2023) and listed companies in IDX between 2011 and 2015 (Subaida et al, 2018).…”

Pengungkapan Manajemen Risiko: Good Corporate Governance, Dan Intellectual Capital Disclosure

“…Kepemilikan institusional dianggap sebagai mekanisme pengawasan yang berguna untuk setiap keputusan manajerial (Suzan & Ardiansyah, 2023). Ketika sebuah institusi memiliki saham dalam suatu bisnis, institusi tersebut akan lebih mampu mengawasi operasional dan meminta pertanggungjawaban manajemen atas keputusannya (Rahayu & Rusliati, 2019).…”