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All Journal International Journal of Economics Development Research (IJEDR)
Tubagus Ismail
Universtitas Terbuka
Economics, Econometrics & Finance Social Sciences

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Intellectual Capital and Firm Value with Managerial Ownership as Moderating Role: Indonesia case Hatta Aditya Utama; Tubagus Ismail; Andi Harmoko Arifin
International Journal of Economics Development Research (IJEDR) Vol. 7 No. 3 (2026): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/szx4qv65

Abstract

This paper investigates how intellectual capital impacts firm value, with managerial ownership as a moderating factor. The empirical data comprises companies listed on the Indonesia Stock Exchange (IDX) over the 2020–2024 period, marked by post-pandemic economic recovery and escalating geopolitical conflicts between Russia and Ukraine. Using a purposive sampling technique, 108 firms yielding 540 observations were chosen from an initial population of 951 companies. The examination was conducted with multiple linear regression implemented via EViews 13. The findings show that intellectual capital significantly influences firm value. However managerial ownership fails to moderate the impact of intellectual capital on firm value significantly. Theoretically, this study adds to the Resource-Based View and Agency Theory. It shows that intellectual capital directly increases firm value, even when managers hold very few shares in emerging markets. Practically, these findings highlight the need for management to enhance intellectual capital through Knowledge Management practices and urge companies to improve transparency by disclosing intangible assets using integrated reporting frameworks.
Co-Authors Andi Harmoko Arifin Hatta Aditya Utama