Pengaruh Intellectual Capital dan Earnings Management terhadap Firm Value dengan Managerial Ownership dan Dividend Policy sebagai Variabel Pemoderasi

Lestari, Brigita Puji (2026) Pengaruh Intellectual Capital dan Earnings Management terhadap Firm Value dengan Managerial Ownership dan Dividend Policy sebagai Variabel Pemoderasi. Sarjana (S1) thesis, STIE Tri Bhakti.

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Abstract

Purpose - This study aims to obtain empirical evidence on the ffects of Intellectual Capital and Earnings Management on Firm Value, with Managerial Ownership and Dividend Policy as moderating variables, and Profitability, Solvency, Activity, and Leverage as control variables. Design/Methodology/Approach - This study employs a quantitative research approach. The sample comprises 157 companies in the basic materials, consumer non-cyclicals, and infrastructure sectors listed on the Indonesia Stock Exchange during the 2023–2025 period. The hypotheses were tested using multiple regression analysis with EViews 9. Based on a series of model specification tests, namely the Chow test and the Hausman test, the Fixed Effects Model (FEM) was selected as the most appropriate estimation model for both Model 1 and Model 2. Findings - The results indicate that Intellectual Capital has no significant effect on Firm Value because its economic benefits have not been fully recognized by investors, whereas Earnings Management has a positive effect on Firm Value, indicating that the use of accounting discretion can shape investors’ positive perceptions of corporate performance and future prospects. Managerial Ownership and Dividend Policy have no significant effects on Firm Value and do not strengthen the effects of Intellectual Capital or Earnings Management on Firm Value. These findings may be attributed to the relatively low proportion of Managerial Ownership and the fact that profit allocation decisions are largely influenced by operational requirements, investment needs, liquidity conditions, and corporate growth considerations. Originality/Value : This study provides an original contribution by examining the effects of Intellectual Capital and Earnings Management on Firm Value, with Managerial Ownership and Dividend Policy as moderating variables, while incorporating Profitability, Solvency, Activity, and Leverage as control variables. The study focuses on companies in the basic materials, consumer non-cyclicals, and infrastructure sectors listed on the Indonesia Stock Exchange during the 2023–2025 period.

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