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All Journal Jurnal Manajemen Bisnis Indonesian Journal of Business and Entrepreneurship (IJBE) EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Pendas : Jurnah Ilmiah Pendidikan Dasar Owner : Riset dan Jurnal Akuntansi BULETIN AL-RIBAATH JURNAL PRODUKTIVITAS J-Dinamika: Jurnal Pengabdian Kepada Masyarakat JURNAL PENDIDIKAN MIPA Reviu Akuntansi dan Bisnis Indonesia Jurnal Inovasi Pengabdian Masyarakat Pendidikan JURNAL ECONOMINA Economics and Business Journal Jurnal Sadewa: Publikasi Ilmu Pendidikan, Pembelajaran dan Ilmu Sosial IIJSE Advances in Economics & Financial Studies IECON: International Economics and Business Conference JESH: Journal of Economics, Social, and Humanities
Heni Safitri
Universitas Muhammadiyah Pontianak
Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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The Effect Of Intellectual Capital, Return On Equity, And Debt- To-Equity Ratio On Firm Value With Firm Size As An Intervening Variable In Infrastructure Companies Listed On The Indonesia Stock Exchange Irena Aprilia; Dedi Hariyanto; Heni Safitri
JURNAL ECONOMINA Vol. 5 No. 8 (2026): JURNAL ECONOMINA, Agustus 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/economina.v5i8.3704

Abstract

This study aimed to analyze the effects of Intellectual Capital, Return on Equity, and Debt-to-Equity Ratio on Firm Value, with Firm Size as an intervening variable, among infrastructure-sector companies listed on the Indonesia Stock Exchange during 2022-2024. The study employed a quantitative approach with an associative research design. The sample comprised 49 companies selected through purposive sampling, yielding 147 firm-year observations. Secondary data were obtained from the companies' annual financial statements and analyzed using path analysis. Equation I produced the following model: Firm Size = 23.261 + 0.208X₁ + 0.018X₂ + 0.018X₃ + e. The results showed that Intellectual Capital and Debt-to-Equity Ratio had positive and significant effects on Firm Size, whereas Return on Equity did not have a significant effect. Equation II produced the following model: Firm Value = 661.043 + 47.166X₁ + 4.069X₂ - 1.301X₃ - 2.046Y₁ + e. Intellectual Capital had a positive and significant effect on Firm Value, Debt-to-Equity Ratio had a negative and significant effect, while Return on Equity and Firm Size did not have significant effects. Simultaneously, the models in Equations I and II were significant, with significance values of 0.001 and 0.000, respectively. The coefficients of determination were 20.3% for Equation I and 28.8% for Equation II. The path analysis results indicated that Firm Size did not mediate the effects of Intellectual Capital, Return on Equity, or Debt-to-Equity Ratio on Firm Value.
Co-Authors Aam Amrulloh Afriani Ali Yusuf Altikari Ambo Anas Ananda Shalsa Qirani Andika Fahruzzi Anggi Berlian Safitri Anisa Dinda Rizky Aprianti, Rika Aris Sanjaya Bayu Adi Wijaya Chandra Purna Irawan Cindyros Cindyros Dea Sri Rahayu Dedi Hariyanto Dedi Haryanto Dessi Aprilyani Devi Yasmin Deviyanti Deviyanti Dwi Desi Wulansari Edy Suryadi Edy Suryadi Eka Fitryani Elsa Mayangsari Equeza Ermulyawati Faaiza Soraya Khalida Fadhilah, Raudhatul Fajar Arwadi Fienda Putri Galih Puji Widodo Giriati Giriati Heru Niurmiaswari Irena Aprilia Istifani Sucimanah Iza Zakiah Balqis Jestica Arifani Dilla Hardanti Kristina Hesti Hesti Kurnyanti Bela Laksmi Dewi Leni Suharni Lisa Amalia Mahardika Agung Madepo Maulida Maulida Maulidya Syafira Mega Rizki Hasanawati Miea Sari Muhammad Faturinaldi Mustaruddin Mustaruddin Mustika Mustika Nada Wulantika Nadiyyah, Khoirotun Nia Aprianti Nirmalasari Nirmalasari Nur Hikmah Okka Andy Cahyono Pebriyanti Rian Sofiani Ridwansyah Ridwansyah Rismita Romi Ferdian Rudi Alfian Salsa Seprilla Rizki Samsul Bahari Sarinah Sarinah Selly Septiana Silvia Dwi Prastiwi Siti Khatijah Sofi Zulfarida Sukhesy Eka Putri Supeno Supeno Syifa Azizah Tassha Eddryawati Tiara Febria Tina Ardianti Titi Chandrawati Titin Hestri Pustika Tri Nanda Aulia Tria Ardika Tuti Purwoningsih Vebriani Vebriani Virani Mbere Wahyu Darmawan Wendy Widiasih Winda Sibleni Windi Craudia Windi Rati Fritiwi Yusawinur Barella Zakirman