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All Journal Jurnal Management Risiko dan Keuangan
Kesuma, Satrio Fajar
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Decision Sciences, Operations Research & Management

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The Influence of Intellectual Capital on Firm Value: The Mediating Role of Profitability Kesuma, Satrio Fajar; Ratnawati, Kusuma
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to analyze the effect of intellectual capital on firm value with profitability as a mediating variable. The focus is on both direct and indirect effects between these variables. The research method employed is explanatory research with a quantitative approach, using path analysis and Sobel test to examine the hypotheses. The sample consists of 100 observations selected through purposive sampling based on specific criteria during the period from 2019 to 2023. The analysis results indicate that intellectual capital has a significant direct effect on firm value. However, no direct effect was found between intellectual capital and profitability, nor between profitability and firm value. Therefore, profitability does not mediate the relationship between intellectual capital and firm value. These findings suggest that the role of intellectual capital in enhancing firm value is not dependent on profitability performance but can have a direct impact through other strategic elements embedded in intellectual assets
Co-Authors Kusuma Ratnawati