Pengaruh Intellectual Capital dan Earnings Management terhadap Nilai Perusahaan dengan Kepemilikan Manajerial sebagai Variabel Moderasi

Laut, Prastya Adjie Herlambang (2026) Pengaruh Intellectual Capital dan Earnings Management terhadap Nilai Perusahaan dengan Kepemilikan Manajerial sebagai Variabel Moderasi. Sarjana (S1) thesis, STIE Tri Bhakti.

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Abstract

Purpose – This research aims to obtain empirical evidence on the influence of intellectual capital and earnings management on company value, with managerial ownership as a moderating variable and profitability, solvency, activity, and leverage as control variables. This study was motivated by the phenomenon of fluctuations in company value and inconsistencies in previous studies (research gaps) regarding the factors that influence company value. Design/methodology/approach – This research uses a quantitative approach. The sample in this study consists of 156 companies in the basic materials, consumer non-cyclicals, and infrastructure sectors listed on the Indonesia Stock Exchange in 2022-2024. The analysis technique used to test the hypothesis is multiple regression analysis using Eviews 9 software. Based on a series of model tests (Chow Test, Hausman Test, and Lagrange Multiplier Test), the Random Effect Model (REM) was selected as the best estimation model in models 1 and 2. Findings – The result of this study found that intellectual capital does not affect company value. Earnings management does not affect company value, and managerial ownership affects company value. Furthermore, managerial ownership strengthens the effect of intellectual capital on company value, as well as the relationship between earnings management and company value. Together, the variables of intellectual capital, earnings management, and managerial ownership are able to explain 1.6% of the variation in company value (Tobin's Q), while the rest is explained by other factors outside the scope of this study. Originality/value – This research is original because it examines the influence of intellectual capital and earnings management on company value with managerial ownership as a moderating variable and profitability, solvency, activity, and leverage as control variables. This study focuses on companies in the basic materials, consumer non-cyclicals, and infrastructure sectors listed on the Indonesia Stock Exchange from 2022 to 2024.

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