The Effect of Intellectual Capital, Institutional Ownership and Independent Commissioners on Firm Value: The Role of Financial Performance
DOI:
https://doi.org/10.59890/ijist.v3i2.251Keywords:
Intellectual Capital, Institutional Ownership, Independent Commissioners, Financial Performance and Firm ValueAbstract
This study aims to explore the influence of intellectual capital, institutional ownership, and independent board of commissioners on firm value, with financial performance as a mediating variable. The research analyzes 224 observational data points using a purposive sampling technique from companies listed in the Kompas 100 index during the 2020-2023 period. Data analysis employs path regression and the Sobel test to examine the ten proposed hypotheses. The results indicate that intellectual capital, institutional ownership, and the independent board of commissioners have a positive and significant effect on financial performance. However, intellectual capital and institutional ownership have a negative and significant impact on firm value, whereas the independent board of commissioners has a positive and significant effect on firm value. Financial performance is proven to mediate the relationship between intellectual capital, institutional ownership, and the independent board of commissioners with firm value. These findings provide valuable insights for companies in managing intellectual assets and corporate governance to enhance firm value.
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