Pengaruh Cash Holding dan Capital Structure terhadap Firm Value dengan Intellectual Capital sebagai Variabel Moderasi

Jenny, Jenny (2026) Pengaruh Cash Holding dan Capital Structure terhadap Firm Value dengan Intellectual Capital sebagai Variabel Moderasi. Sarjana (S1) thesis, STIE Tri Bhakti.

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Abstract

Purpose - This study aims to examine the effect of Cash Holding and Capital Structure on Firm Value, with Intellectual Capital as a moderating variable and Firm Age, Free Cash Flow, Asset Growth, and Business Risk as control variables. Design/Methodology/Approach - This study employed a quantitative research approach. The sample consisted of 52 companies listed in the IDX80 Index on the Indonesia Stock Exchange during the 2023–2025 period. The hypotheses were tested using panel data regression analysis with EViews 9 software. Based on the results of the Chow Test and Hausman Test, the Fixed Effect Model (FEM) was selected as the most appropriate estimation model for both Model 1 and Model 2. Findings - The results of Model 1 indicate that Cash Holding and Capital Structure have a significant negative effect on Firm Value, suggesting that excessive cash holdings and high debt levels are perceived by investors as signals of inefficient resource utilization and increased financial risk. Intellectual Capital has a significant positive effect on Firm Value, indicating that effective intellectual capital management creates value and strengthens a firm's competitive advantage. The results of Model 2 reveal that Intellectual Capital does not moderate the relationship between Cash Holding and Firm Value, nor the relationship between Capital Structure and Firm Value, indicating that intellectual capital has not become a determining factor in investors’ assessment of corporate cash management and financing decisions. Regarding the control variables, Firm Age has a significant negative effect on Firm Value, Free Cash Flow has a significant positive effect, while Asset Growth and Business Risk have no significant effect on Firm Value. Originality/Value - This study contributes to the existing literature by examining the effects of Cash Holding and Capital Structure on Firm Value with Intellectual Capital as a moderating variable and Firm Age, Free Cash Flow, Asset Growth, and Business Risk as control variables. Furthermore, this study focuses on companies listed in the IDX80 Index on the Indonesia Stock Exchange during the 2023–2025 period, providing empirical evidence from one of Indonesia's most liquid stock market indices.

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