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All Journal JAM : Jurnal Aplikasi Manajemen JURNAL MANAJEMEN MOTIVASI JPM (Jurnal Pemberdayaan Masyarakat) Jesya (Jurnal Ekonomi dan Ekonomi Syariah) PEDULI: Jurnal Imiah Pengabdian Pada Masyarakat Jurnal ABDIKU Idea Pengabdian Masyarakat International Journal of Applied Finance and Business Studies eMBeJi : Manajemen dan Bisnis Jurnal Formosa Journal of Applied Sciences (FJAS) Asian Journal of Community Services (AJCS) Journal of Finance and Business Digital (JFBD) Jurnal Pengabdian Sosial Indonesia Jurnal Pengabdian Sosial
Yayuk Ngesti Rahayu
Universitas Wisnuwardhana Malang
Religion Humanities Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Dentistry Economics, Econometrics & Finance Education Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Nursing Public Health Social Sciences Other

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The Effect Of Liquidity And Intellectual Capital On Company Value Mediated By Profitability (Study of Advertising Printing Media Sub-sector Companies Registered on the IDX.) Ariyanto, Eko; Rahayu, Yayuk Ngesti; Rokhman, M. Taufiq Noor
JURNAL MANAJEMEN MOTIVASI Vol 21 No 1 (2025): Jurnal Manajemen Motivasi
Publisher : Universitas Muhammadiyah Pontianak

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29406/jmm.v21i1.7772

Abstract

This study investigates the impact of liquidity and intellectual capital on company value, with profitability serving as a mediating variable, in the context of the Advertising, Printing, and Media sub-sector of the creative industry listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Drawing on Signaling Theory and the Resource-Based View (RBV), this research explores how internal financial and intangible assets influence investor perceptions and company valuation. Using secondary data and a purposive sampling method, 19 companies were analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM). Liquidity was measured by the Current Ratio (CR), intellectual capital by Value Added Human Capital (VAHU), profitability by Return on Equity (ROE), and company value by Price to Book Value (PBV). The results reveal that liquidity significantly and positively affects company value, while intellectual capital exhibits a weak and insignificant impact. Profitability, surprisingly, shows a negative and significant effect on company value, and fails to mediate the relationship between liquidity and intellectual capital with company value. These findings highlight the centrality of liquidity in investor valuation decisions within this sub-sector, while also indicating a need for better strategic communication and optimization of intellectual capital to enhance company value. The study contributes to the literature by challenging the assumption of profitability as a consistent mediator and underscores the limited market appreciation for intangible assets in the creative industry. Future research is encouraged to explore additional mediators and conduct cross-sectoral analyses to enrich the understanding of value creation mechanisms in dynamic industries.
Co-Authors Achmad Taufik Ayu Agus Tya Ningsih Ayu Agustya Ningsih Eko Ariyanto Eko Yuniarto Firmanto, Yuki Fransisca, Herlinda Harmadji, Dwi Ekasari Imroatul Mufidah, Imroatul Kuswanto, Didik Heri Lein, Maria Anita Goreti M. Taufik Noor Rokhman M. Taufiq Noor Rokhman Muhammad Baidawi Novi Trisnawati Ratnawati Ratnawati Ratnawati Ratnawati Rohman, Taufik Noor Rohman, Taufiq Noor ropii, imam Suharto Suharto Sulis Rahayu Yandono, Prayuda Eri