The Influence of Intellectual Capital on Firm Value with Profitability as an Intervening Variable: A Study of Healthcare Companies Listed on the Indonesian Stock Exchange from 2019 to 2023

Authors

  • Sri Sulasmiyati Business Administration Department, Universitas Brawijaya, Malang
  • ‎ Hafna Business Administration Department, Universitas Brawijaya, Malang
  • Thongvanh Sirivanh Department of Business, Faculty of Economics and Business Management, National University of Laos

DOI:

https://doi.org/10.18502/kss.v10i13.18976

Keywords:

intellectual capital, firm value, profitability

Abstract

Historically, economists have focused on physical and human capital as the primary resources enabling companies to drive productive and economic activities. However, over time, knowledge has come to be recognized as a valuable asset, making Intellectual Capital (IC) a crucial determinant of a company’s value. This study aims to evaluate the impact of IC on the value of healthcare companies listed on the Indonesia Stock Exchange, with profitability acting as a mediating variable. The research is explanatory and adopts a quantitative approach, with a sample of nine companies. The exogenous variable, VAICTM, measures IC, while Firm Value is represented by Tobin’s Q as the endogenous variable, and profitability, as measured by Return on Assets (ROA), is the intervening variable. The sampling method used is purposive sampling, covering a 5-year period from 2019 to 2023. Path analysis, facilitated by SPSS for Windows 26, was employed for data analysis. The results suggest that VAICTM has a positive influence on Tobin’s Q, though the impact is not statistically significant, while it significantly impacts ROA in a positive direction. Profitability, represented by ROA, positively and significantly influences Tobin’s Q and serves as a crucial mediator in the relationship between VAICTM and Tobin’s Q.

References

[1] Rohaeni N, Hidayat S, Fatimah I. Nilai Perusahaan Manufaktur Di Bursa Efek Indonesia Ditinjau Dari Perspektif Kebijakan Deviden Dan Kebijakan Hutang. Jurnal Bisnis Teori dan Implementasi. 2018 Oct;9(2):1–6. https://doi.org/10.18196/bti.92103. DOI: https://doi.org/10.18196/bti.92103

[2] He Q, Guijarro-Garcia M, Costa-Climent J. Impact of knowledge-based capital on firm productivity: the contingent effect of ownership. J Bus Res. 2022 Feb;140:85–94. DOI: https://doi.org/10.1016/j.jbusres.2021.11.088

[3] Ulum I, Ghozali I, Purwanto A. Intellectual Capital Performance of Indonesian Banking Sector: A Modified VAIC (M-VAIC) Perspective. Asian Journal of Finance & Accounting. 2014 Sep;6(2):103. DOI: https://doi.org/10.5296/ajfa.v6i2.5246

[4] Ulum I. Intellectual Capital: Model Pengukuran, Framework Pengungkapan & Kinerja Organisasi. Malang: UMM Press; 2017.

[5] Mukaro CT, Deka A, Rukani S. The influence of intellectual capital on organizational performance. Future Business Journal. 2023 Jul 12;9(1). https://doi.org/10.1186/s43093-023-00208-1. DOI: https://doi.org/10.1186/s43093-023-00208-1

[6] Whiting RH, Woodcock J. Firm characteristics and intellectual capital disclosure by Australian companies. Journal of Human Resource Costing & Accounting. 2011 Jun;15(2):102–26. DOI: https://doi.org/10.1108/14013381111157337

[7] Smith KG, Collins CJ, Clark KD. Building And Exploiting Intellectual Capital: The Role Of Social, Human And Physical Resources [Internet]. 2001. Available from: https://www.researchgate.net/publication/242437077

[8] Bontis N. Intellectual capital: an exploratory study that develops measures and models. Manage Decis. 1998;36(2):63–76. DOI: https://doi.org/10.1108/00251749810204142

[9] Appah TR, Yuniarti S, Sisharini N, Sunarjo S, Yahya N. Does Profitability Matter In The Relationship Between Intellectual Capital And Firm Value? Media Ekonomi dan Manajemen. 2023 Jan;38(1):57–70. https://doi.org/10.56444/mem.v38i1.3255. DOI: https://doi.org/10.56444/mem.v38i1.3255

[10] Pulic A. VAIC TM-an accounting tool for IC management. Volume 20. Int. J. Technology Management; 2000. DOI: https://doi.org/10.1504/IJTM.2000.002891

[11] Pulic A. Intellectual capital – does it create or destroy value? Meas Bus Excell. 2004 Mar;8(1):62–8. DOI: https://doi.org/10.1108/13683040410524757

[12] Pulic A. The Principles of Intellectual Capital Efficiency-A Brief Description. 2008.

[13] Mujiburrahman T, Tarmizi. The Effect of Intellectual Capital on Financial Performance in Manufacturing Companies Listed on the Indonesia Stock Exchange [IJER]. Indonesian Journal Economic Review. 2022 Oct;2(2):53–62. DOI: https://doi.org/10.35870/ijer.v2i2.106

[14] Sulasmiyati S, Adila FD. The Effect of Human Capital on Profitability with Productivity as Intervening Variable. In 2022. p. 154–65. DOI: https://doi.org/10.2991/978-94-6463-240-8_19

[15] Kasmir. Analisis Laporan Keuangan. Edisi Pertama. Jakarta: PT Raja Grafindo Persada; 2019.

[16] Ulum I. Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan Perbankan Di Indonesia [Semarang]Universitas Diponegoro; 2007.

[17] Gitman LJ. Principles of Managerial Finance. 10th ed. Boston: Pearson Education; 2006.

[18] Agrawal A, Knoeber C. Firm Performance and Mechanisms to Control Agency Problems between Managers and. Vol. 31, Source. J Financ Quant Anal. 1996;31(3):377. DOI: https://doi.org/10.2307/2331397

[19] Ozkan N, Cakan S, Kayacan M. Intellectual capital and financial performance: A study of the Turkish Banking Sector. Borsa Istanbul Review. 2017 Sep;17(3):190–8. DOI: https://doi.org/10.1016/j.bir.2016.03.001

[20] Donaldson T, Preston LE. The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications [Internet]. Vol. 20, Source: The Academy of Management Review. 1995. Available from: https://www.jstor.org/stable/258887 DOI: https://doi.org/10.2307/258887

[21] Barney J. Firm resources and sustained competitive advantage. J Manage. 1991;17(1):99–120. DOI: https://doi.org/10.1177/014920639101700108

[22] Sayyidah U, Saifi M. Pengaruh Intellectual Capital Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi (Studi Pada Perusahaan Sub Sektor Property Dan Real Estate Di Bursa Efek Indonesia Periode 2013-2015) [Malang]Universitas Brawijaya; 2017.

[23] Margareta CR, Prasetyo K. Financial performance as an intervening variable in the relationship between intellectual capital and firm value. Cuad Econ. 2020 Sep;43(123):428–34.

[24] Kazhimy AF, Sulasmiyati S. Pengaruh Intellectual Capital terhadap Profitabilitas Perusahaan (Studi pada Sektor Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2015-2017) [ JAB]. Jurnal Administrasi Bisnis. 2019;72(2):30– 9.

[25] Chen MC, Cheng SJ, Hwang Y. An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. J Intellect Cap. 2005 Jun;6(2):159–76. DOI: https://doi.org/10.1108/14691930510592771

[26] Putri IA. The effect of growth, intellectual capital, financial performance on firm value [ Jurnal Penelitian Pendidikan Indonesia]. JPPI. 2023;9(4):250–6. DOI: https://doi.org/10.29210/020233026

[27] Khalifaturofi’ah SO, Setiawan R. Profitability’s impact on firm value in Indonesia’s real estate firms: a panel data investigation. Property Management; 2024. DOI: https://doi.org/10.1108/PM-08-2023-0082

[28] Imam G. Aplikasi Analisis Multivariate dengan Program SPSS. Analisis Multivariate dengan Program SPSS. Semarang: Badan Penerbit UNDIP; 2016.

[29] Sugiyono. Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta; 2017.

[30] Salma NR, Sulasmiyati S. Pengaruh Faktor Internal Dan Eksternal Terhadap Nilai Perusahaan (Studi Pada Perusahaan Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2013-2019). [Malang]: Universitas Brawijaya; 2021.

[31] Sobel ME. Asymptotic Confidence Intervals for Indirect Effects in Structural Equation Models. Sociol Methodol. 1982;13:290–312. DOI: https://doi.org/10.2307/270723

[32] Subaida I, Mardiati NE. Effect of Intellectual Capital and Intellectual Capital Disclosure on Firm Value. JAM: Jurnal Aplikasi Manajemen [Internet]. 2018;16. Available from: http://dx.doi.org/ https://doi.org/10.21776/ub.jam.2018.016.01.15. DOI: https://doi.org/10.21776/ub.jam.2018.016.01.15

[33] Edvinsson L, Malone MS. Intellectual capital: realizing your company’s true value by finding its hidden roots. Harper Business. New York (New York): Harper Business; 1997.

[34] Hsu YH, Fang W. Intellectual capital and new product development performance: the mediating role of organizational learning capability. Technol Forecast Soc Change. 2009;76(5):664–77. DOI: https://doi.org/10.1016/j.techfore.2008.03.012

Downloads

Published

2025-06-25

How to Cite

Sulasmiyati, S., Hafna, ‎, & Sirivanh, T. (2025). The Influence of Intellectual Capital on Firm Value with Profitability as an Intervening Variable: A Study of Healthcare Companies Listed on the Indonesian Stock Exchange from 2019 to 2023. KnE Social Sciences, 10(13), 416–431. https://doi.org/10.18502/kss.v10i13.18976

Issue

Vol. 10 No. 13 (2025): Brawijaya International Conference on Business Administration, Taxation, and Tourism (BICBATT 2024)

Section

Articles

License

Copyright (c) 2025 Sri Sulasmiyati, ‎ Hafna, Thongvanh Sirivanh

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.