Effect of Intellectual Capital, Corporate Sustainability Disclosure, and Corporate Governance To The Value of The Company: Empirical Study on Registered SOE in Indonesia Stock Exchange

Kenny Ardillah

doi:10.35384/jime.v10i2.75

Abstract

The main purpose of the company's operation today is to maximize the value of the company. Corporate value is not only influenced by economic performance, but can come from performance derived from social activities. But in reality, it eventually leads to a conflict of interest that occurs within the company, so that necessary to implement mechanisms to reduce the conflict. The purpose of this research to provide evidence to determine effect of intellectual capital, corporate sustainability disclosure, and corporate governance to corporate values with company size and leverage as control variables. This research can provide benefits as knowledge related to how wide the company pursues intellectual capital, corporate social responsibility, and corporate governance in increasing the value of the company. This research samples is focused on state-owned enterprises listed in Indonesia Stock Exchange for period 2013 – 2016 with total 48 data used in this research. This research use multiple regression to test the hypothesis. The result of this research is intellectual capital and corporate sustainability disclosure have positively influence towards corporate values. Corporate governance has no influence towards corporate values. For control variables, company size has no influence towards corporate values and leverage has negatively influence towards corporate values.

Highlights

Abstrak Tujuan utama dari operasi perusahaan saat ini adalah untuk memaksimalkan nilai perusahaan
This study aims to prove empirically the influence of individually intellectual capital, corporate sustainability disclosure, and corporate governance on corporate value controlled by firm size and leverage
The average corporate sustainability disclosure value of BUMN companies in 2013-2016 is 0.3784. This indicates that the average corporate sustainability disclosure disclosure rate of less than 50% indicates that the State-Owned Enterprises (SOEs) company has not paid attention to the disclosure of corporate sustainability disclosure widely because of its mandatory disclosure and disclosure that have not effectively impacted firm value

Summary

Introduction

Abstrak Tujuan utama dari operasi perusahaan saat ini adalah untuk memaksimalkan nilai perusahaan. Tujuan penelitian ini untuk memberikan bukti untuk mengetahui pengaruh modal intelektual, pengungkapan keberlanjutan perusahaan, dan tata kelola perusahaan terhadap nilai-nilai perusahaan dengan ukuran perusahaan dan leverage sebagai variabel kontrol. Penelitian ini dapat memberikan manfaat sebagai pengetahuan yang berkaitan dengan seberapa luas perusahaan mengejar modal intelektual, tanggung jawab sosial perusahaan, dan tata kelola perusahaan dalam meningkatkan nilai perusahaan. Hasil dari penelitian ini adalah intellectual capital dan corporate sustainability disclosure berpengaruh positif terhadap nilai-nilai perusahaan. The value of the company becomes an indication of the company’s success rate in increasing investor investment confidence. This is reflected in the increase in the company’s stock price. The concept of sustainable development of improving the quality of life is the main focus of today’s countries

Objectives

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Conclusion