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Exploring The Relationship between Intellectual Capital and Firm Value: The Moderating Role of Corporate Governance Dewi, Sukma; Nazaina, Nazaina; Bensaadi, Iswadi; Faliza, Nur
Journal of International Conference Proceedings Vol 6, No 5 (2023): 2023 UICEB Papua Proceeding
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v6i5.2992

Every company has a goal to maximize performance. The capital market's supply and demand combine to generate firm value, which is a reflection of the performance of the company. The purpose of this study is to investigate how intellectual capital affects corporate value, and the role of corporate governance as a moderating variable. The population is Food and Beverage companies listed on the IDX 2019-2022. The populations are 21 companies. Sampling obtained census technique. The analysis data uses Moderating Regression Analysis with Eviews. The findings showed that intellectual capital positively and significantly affects corporate value. Firm value is positively and significantly impacted by corporate governance, and corporate governance can moderate the effect of intellectual capital on Firm Value. It is recommended that companies optimize intellectual capital to increase firm value. Investors are advised to consider intellectual capital, and corporate governance that can influence the firm value.

Exploring The Relationship between Intellectual Capital and Firm Value: The Moderating Role of Corporate Governance Dewi, Sukma; Nazaina, Nazaina; Bensaadi, Iswadi; Faliza, Nur
Journal of International Conference Proceedings Vol 6, No 5 (2023): 2023 UICEB Papua Proceeding
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v6i5.2992

Every company has a goal to maximize performance. The capital market's supply and demand combine to generate firm value, which is a reflection of the performance of the company. The purpose of this study is to investigate how intellectual capital affects corporate value, and the role of corporate governance as a moderating variable. The population is Food and Beverage companies listed on the IDX 2019-2022. The populations are 21 companies. Sampling obtained census technique. The analysis data uses Moderating Regression Analysis with Eviews. The findings showed that intellectual capital positively and significantly affects corporate value. Firm value is positively and significantly impacted by corporate governance, and corporate governance can moderate the effect of intellectual capital on Firm Value. It is recommended that companies optimize intellectual capital to increase firm value. Investors are advised to consider intellectual capital, and corporate governance that can influence the firm value.Â

The U-Shaped Effects of Financial Leverage and Firm Size on Cash Holding in Indonesia Bensaadi, Iswadi
Journal of Economics, Business, and Accountancy Ventura Vol. 27 No. 3 (2025): December 2024 - March 2025
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v27i3.4380

This study examines the impact of financial leverage and firm size on cash holdings in Indonesia and explores how these effects differ before and during the COVID-19 crisis. The research utilizes unbalanced panel data, comprising 209 firm-year observations from 2018 to 2020. The findings reveal that financial leverage and firm size exhibit a U-shaped relationship with cash holdings. Specifically, in companies with low finan-cial leverage and small firm size, both financial leverage and firm size negatively affect cash holdings. Conversely, in companies with high financial leverage and large firm size, these factors positively influence cash holdings. The study also finds that financial leverage, regardless of whether it is low or high, has a consistent effect on cash hold-ings across the pre- and during-COVID-19 periods. However, the impact of firm size on cash holdings differs between small and large companies when comparing the pre-COVID-19 and during-COVID-19 periods. This research contributes to the literature on cash holdings by analyzing the U-shaped effects of financial leverage and firm size in manufacturing companies in Indonesia, employing a static random effects model.

The U-Shaped Effects of Financial Leverage and Firm Size on Cash Holding in Indonesia Bensaadi, Iswadi
Journal of Economics, Business, and Accountancy Ventura Vol. 27 No. 3 (2025): December 2024 - March 2025
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v27i3.4380

This study examines the impact of financial leverage and firm size on cash holdings in Indonesia and explores how these effects differ before and during the COVID-19 crisis. The research utilizes unbalanced panel data, comprising 209 firm-year observations from 2018 to 2020. The findings reveal that financial leverage and firm size exhibit a U-shaped relationship with cash holdings. Specifically, in companies with low finan-cial leverage and small firm size, both financial leverage and firm size negatively affect cash holdings. Conversely, in companies with high financial leverage and large firm size, these factors positively influence cash holdings. The study also finds that financial leverage, regardless of whether it is low or high, has a consistent effect on cash hold-ings across the pre- and during-COVID-19 periods. However, the impact of firm size on cash holdings differs between small and large companies when comparing the pre-COVID-19 and during-COVID-19 periods. This research contributes to the literature on cash holdings by analyzing the U-shaped effects of financial leverage and firm size in manufacturing companies in Indonesia, employing a static random effects model.

CORPORATE GOVERNANCE, INSTITUTIONAL OWNERSHIP, FREE CASH FLOW AND INVESTMENT EFFICIENCY: EVIDENCE OF INDONESIAN AGRICULTURE FIRM Muchtar, Darmawati; Bensaadi, Iswadi; Husein, Ratna; Abdul Gani, Azhari
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 1 No. 2 (2021): December
Publisher : CV. Radja Publika

The purpose of this study is to examine the determinants of investment efficiency with focuses on corporate governance, ownership structure, audit committee and free cash flow as the main factor. The 17 firms of Agriculture sector were selected as the sample from 2007 to 2019, hence this study have an unbalance panel data with total of 178 observations. The listed firm of Agriculture sector still slightly compared to others sectors in Indonesia Stock Exchange. Panel fixed effect model estimation was employed to test the relationship and hypotheses developed. The results show that board size has positive and significant effect on investment efficiency and contrary result to board of commissioners, it has negative insignificant. This indicates that large board size lead to increase the investment decision at optimal level. Moreover, the Audit committee and institutional ownership seem to have negative effect and significantly on investment efficiency. This means that when firms increase the number of audit committee and also the portion of share is owned by institution would lead to decrease investment efficiency. However, free cash flow have positive and significantly affect investment efficiency. This finding supports the expected hypothesis, which is increase the FCF lead to increase the investment efficiency and in this case, the managers act to maximize the firm value.

Profitability and Leverage: Different Effects of Negative Profits? Bensaadi, Iswadi; Adnan, Adnan; Albra, Wahyuddin
Journal of Accounting Research, Organization and Economics Vol 6, No 2 (2023): JAROE Vol. 6 No. 2 August 2023
Publisher : Universitas Syiah Kuala

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jaroe.v6i2.31825

Objective This study aims to examine the effect of profitability on leverage in firms with negative profits and the sensitivity of the COVID-19 pandemic in explaining the effect of profitability on leverage.Design/Methodology This study uses unbalanced panel data for 660 firm-year observations over 4 (four) years from 2018 to 2021 on non-financial service firms. Two-stage least square regression was utilized to examine the effect of profitability on leverage.Results Consistent with several previous studies, this study indicates that profitability negatively affects leverage and has similar results in firms with negative profits. Another finding is that the COVID-19 pandemic is not sensitive to explaining the effect of profitability on leverage. Both the pre-COVID-19 pandemic and during the COVID-19 pandemic, profitability has a similar effect on leverage.Research limitations/implications This study is conducted over a short period, only four years. The study provides a new perspective on the effect of profitability on leverage in companies with negative profits and the pecking order theory in explaining the relationship between profitability and leverage in the Indonesian context.Novelty/Originality This study examines the effect of profitability on leverage in firms with negative and positive profits using a two-stage least square (2SLS) in the Indonesian context.

THE MARKET VALUE OF NON-FAMILY FIRMS: A STUDY ON OWNERSHIP CONCENTRATION, FINANCIAL POLICY, AND PROFITABILITY Muchtar, Darmawati; Alias, Norazlan; Bensaadi, Iswadi
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol 12, No 1 (2023): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis, UNTAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v12i1.59559

This study investigates the market valuation effect of ownership concentration, financial policy, and profitability in a sample of 109 non-family from 2012 to 2019. We used balance panel data to investigate the market values and possible effects of the variables identified using the General Method of Moment (GMM) estimator. The market value is dynamic, which means that last year's market value significantly affects the current market value. Even though the majority shareholder is not a family member, the ownership concentration still has a significant negative effect on the market value. The financial decision shows that leverage has a positive and significant effect. At the same time, investment and dividend policy seems to have a negative effect on market value, although the investment is insignificant. Lastly, profitability has positive and significant effects on market value. This study contributes to non-family firm literature and provides new empirical findings and policy implications for regulators to enhance the market value. JEL: G11, G30, G32.

Blockchain-Based Credentialing for Teachers: A Systematic Literature Review on Transparency and Trust in Educational Management Marnita, Marnita; Safarati, Nanda; Bensaadi, Iswadi; Taufiq, M.
Proceedings of The International Conference on Computer Science, Engineering, Social Science, and Multi-Disciplinary Studies Vol. 1 (2025)
Publisher : CV Raskha Media Group

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64803/cessmuds.v1.6

This study presents a systematic literature review (SLR) of blockchain applications in educational credentialing, with a particular emphasis on teacher professional development and governance. While most existing research focuses on higher education credentials, this review highlights the limited exploration of blockchain in teacher credentialing, despite its significant potential to address persistent challenges such as credential fraud, data fragmentation, and slow verification processes. Guided by the PRISMA 2020 framework, the review synthesizes 27 peer-reviewed studies published between 2019 and 2025. The findings reveal that blockchain’s core features —immutability, verifiability, and decentralization —can transform credential governance from a “trust-by-institution” model to a “trust-by-design” system. This paradigm shift enables tamper-resistant records, cross-institutional verification, and transparent audit trails, thereby enhancing accountability. The study makes three key contributions. Theoretically, it extends the literature by systematically consolidating knowledge on the role of blockchain in teacher credentialing, offering a novel perspective on its governance implications. Practically, it provides concrete recommendations for policymakers, institutions, teachers, and technology developers, with relevance for developing countries. In the Indonesian context, blockchain integration with systems such as SIMPKB, SISTER, and PDDikti is proposed as a pathway toward more transparent, accountable, and competency-based teacher management. Finally, the review identifies future research directions, including empirical pilot studies, cross-country comparisons, ethical frameworks for data privacy, and cost-benefit analyses of adoption in resource-constrained settings. Overall, this study highlights blockchain not only as a technological innovation but also as a governance strategy that can strengthen trust, accountability, and transparency in teacher credentialing systems.

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