The Influence of Intellectual Capital and Sustainability Reporting on Company Value with Investment Opportunity Set as Moderating Variables

I Made Widi Hartawan; Desak Nyoman Sri Werastuti; Gede Adi Yuniarta

doi:10.23887/ijssb.v6i4.49019

Authors

I Made Widi Hartawan Universitas Pendidikan Ganesha, Singaraja, Indonesia
Desak Nyoman Sri Werastuti Universitas Pendidikan Ganesha, Singaraja, Indonesia
Gede Adi Yuniarta Universitas Pendidikan Ganesha, Singaraja, Indonesia

DOI:

https://doi.org/10.23887/ijssb.v6i4.49019

Keywords:

Intellectual Capital, Sustainability Reporting, Firm Value, Investment Opportunity Set

Abstract

Currently, countries in the world are entering the era of the industrial revolution 4.0, where information technology is growing and making everything borderless. In this era, innovations and significant changes fundamentally changed the existing system. Change from a system that focuses on empowering the workforce in running a business to a system that focuses on science in running a business. Companies are competing to keep up with the changes that occur to increase the company's value amid growing competition. This study aims to analyze the effect of intellectual capital and sustainability reporting on firm value with the investment opportunity set as a moderating variable in companies that are members of the LQ45 index during the 2018-2020 periods. The sampling method used purposive sampling and obtained a sample of 20 companies with 60 observations. The research data come from annual reports and sustainability reports that companies have published on the Indonesia Stock Exchange and related company websites. The data analysis method uses multiple regression analysis with the help of the Stata 12.0 application. The results showed that intellectual capital had no positive and significant effect on firm value, sustainability reporting had no positive and significant effect on firm value, investment opportunity set was unable to moderate intellectual capital on firm value, and investment opportunity set was unable to moderate sustainability reporting on firm value.

References

Adnan, F., & Sudiman, J. (2019). Penggunaan Value Added Intellectual Capital (VAICTM) Sebagai Prediktor Nilai dan Kinerja Ke- uangan Perusahaan (Studi Empiris Pada Per- usahaan di Sektor Miscellaneous, Consumer Goods Property, Real Estate & Building Construction dan Infrastructure. Utilities. Jurnal Pasar Modal Dan Bisnis, 1(2), 127–144. https://garuda.kemdikbud.go.id/documents/detail/1685930. DOI: https://doi.org/10.37194/jpmb.v1i2.26

Afsari, N., Artinah, B., & Mujenah. (2021). Pengaruh Pengungkapan Sustainability Report Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Investment Opportunity Set Sebagai Variabel Moderating. Jurnal Ilmiah Bisnis Dan Keuangan, 10(2), 86–96. http://journal.stiei-kayutangi-bjm.ac.id/index.php/jibk/article/view/774.

Agustia, D., Permatasari, Y., Fauzi, H., & Sari, M. N. A. (2020). Research and development intensity, firm performance, and green product innovation. Journal of Security and Sustainability Issues, 9(3), 1039–1049. https://doi.org/10.9770/jssi.2020.9.3(27). DOI: https://doi.org/10.9770/jssi.2020.9.3(27)

Andaswari, S., Pitono, H., & Hardianto, A. (2017). Analisis Pengaruh Investment Opportunity Set (IOS) terhadap Kebijakan Dividen serta Implikasinya pada Nilai Perusahaan Konstruksi yang terdaftar di Bursa Efek. Prosiding Seminar Nasional Manajemen Dan Ekonomi Bisnis, 1(3), 483–492. https://doi.org/10.29264/prosiding%20snmeb.v0i0.3112.

Anna, Y. D., & Dwi R.T, D. R. (2019). Sustainability Reporting : Analisis Kinerja Keuangan Dan Nilai Perusahaan. Jurnal ASET (Akuntansi Riset), 11(2), 238–255. https://doi.org/10.17509/jaset.v11i2.18804. DOI: https://doi.org/10.17509/jaset.v11i2.18804

Baek, S., Mohanty, S. K., & Glambosky, M. (2020). COVID-19 and stock market volatility: An industry level analysis. Finance Research Letters, 37(August), 101748. https://doi.org/10.1016/j.frl.2020.101748. DOI: https://doi.org/10.1016/j.frl.2020.101748

Caya, O., & Mosconi, E. (2022). Citizen behaviors, enterprise social media and firm performance. Information Technology and People, 1. https://doi.org/10.1108/ITP-07-2020-0514. DOI: https://doi.org/10.1108/ITP-07-2020-0514

Farooq, Aisha and Sajid, M. (2015). Factors Affecting Investment Decision Making: Evidence from Equity Fund Managers and Individual Investors in Pakistan. Research Journal of Finance and Accounting ISSN 2222 - 1697 (Paper) ISSN 2222 - 2847 (Online) Vol. 6, No. 9, pp. 135-141.

Fitriyah, & Asyik, N. F. (2019). Pengaruh Sustainability Report dan Profitabilitas Terhadap Nilai Perusahaan dengan Investment Opportunity Set Sebagai Variabel Moderating. Ilmu Dan Riset Akuntansi, 8(8). http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/2317.

Gandasari, D., Dwidienawati, D., & Sarwoprasodjo, S. (2020). Discourse analysis: The impact of industrial revolution 4.0 and society 5.0 in Indonesia. International Journal of Advanced Science and Technology, 29(3), 5189–5199. https://doi.org/10.30880/ijast.2020.10.01.009.

Gantino, R., & Alam, L. R. (2020). Pengaruh Intellectual Capital dan Corporate Social Responsibility terhadap Nilai Perusahaan dimoderasi oleh Kinerja. Jurnal Bisnis Dan Manajemen, 10(2), 215–230. https://doi.org/10.15408/ess.v10i2.18858. DOI: https://doi.org/10.15408/ess.v10i2.18858

Giriati. (2016). Free Cash Flow, Dividend Policy, Investment Opportunity Set, Opportunistic Behavior and Firm’s Value: (A Study About Agency Theory). Procedia - Social and Behavioral Sciences, 219, 248–254. https://pdfs.semanticscholar.org/4c96/fe1e20f5869fa7e39f20f31a7e81d664fd11.pdf. DOI: https://doi.org/10.1016/j.sbspro.2016.05.013

Gunawan, Y., & Mayangsari, S. (2015). Pengaruh Sustainability Reporting Terhadap Nilai Perusahaan Dengan Investment Opportunity Set Sebagai Variabel Moderating. Jurnal Akuntansi Trisakti, 2(1), 1. https://doi.org/10.25105/jat.v2i1.4828. DOI: https://doi.org/10.25105/jat.v2i1.4828

Handoko, C. E. C. (2021). Pengaruh Sustainability Disclosure , Investment Opportunity Set dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 10(2), 1–20. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/3814.

Hutauruk, M. R. (2021). Dampak Situasi Sebelum dan Sesudah Pandemi COVID-19 Terhadap Volatilitas Harga Saham LQ45. 9(2), 241–252. https://www.researchgate.net/profile/Martinus-Robert-Hutauruk/publication/354234373_Dampak_Situasi_Sebelum_dan_Sesudah_Pandemi_COVID-19_Terhadap_Volatilitas_Harga_Saham_LQ45/links/612d8c092b40ec7d8bd59068/Dampak-Situasi-Sebelum-dan-Sesudah-Pandemi-COVID-19-Terhadap-Volatilitas-Harga-Saham-LQ45.pdf.

Iberahim, S., & Artinah, B. (2020). Pengaruh Sustainability Report Terhadap Nilai Perusahaan Dan Investment Opportunity Set Sebagai Variabel Moderating. Jurnal Ilmiah Bisnis Dan Keuangan, 9(2), 11–18. https://doi.org/10.22216/jbe.v5i2.5313.

Iswati, W. (2020). Pengaruh Pengungkapan Laporan Keberlanjutan Perusahaan terhadap Nilai Perusahaan dengan Mediasi Kinerja Keuangan. Universitas Airlangga.

Maya Damayanti, S., & Wicaksana, P. (2021). Financial Literacy and Risk Profile: an Extensive Observation on Bank Employees. Jurnal Aplikasi Manajemen, 19(1), 175–186. https://doi.org/10.21776/ub.jam.2021.019.01.16. DOI: https://doi.org/10.21776/ub.jam.2021.019.01.16

Mutohhari, F., Sofyan, H., & Nurtanto, M. (2021). Technological Competencies: A Study on the Acceptance of Digital Technology on Vocational Teachers in Indonesia. Proceedings of the 1st International Conference on Law, Social Science, Economics, and Education, ICLSSEE 2021, 1–11. https://doi.org/10.4108/eai.6-3-2021.2305971. DOI: https://doi.org/10.4108/eai.6-3-2021.2305971

Nasution, D. A. D., Erlina, & Muda, I. (2020). Dampak Pandemi Covid-19 Terhadap Perekonomian Indonesia. Journal of Education, Psychology and Counseling, 5(2), 212–224. https://doi.org/10.22216/jbe.v5i2.5313. DOI: https://doi.org/10.22216/jbe.v5i2.5313

Padgett, R. C., & Galan, J. I. (2010). The effect of R&D intensity on corporate social responsibility. Journal of Business Ethics, 93(3), 407–418. https://doi.org/10.1007/s10551-009-0230-x. DOI: https://doi.org/10.1007/s10551-009-0230-x

Pramita, M., M, A., & Desmiwerita. (2021). Pengaruh Pengungkapan Sustainability Reporting dan Intellectual Capital Terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Sektor Pertambagan yang Terdaftar di Bursa Efek Indonesia (BEI) Periode Tahun 2014-2019). Pareso Jurnal, 3(1), 173–188. http://www.ejurnal-unespadang.ac.id/index.php/PJ/article/view/292.

Purwanto, A., Bernarto, I., Absari, M., Wijayanti, L. M., & Hyun, C. C. (2020). The Impacts Of Leadership And Culture On Work Performance In Service Company And Innovative Work Behavior As Mediating Effects. Journal of Reseacrh in Business, Economics, and Education, 2(1), 216–227. https://www.neliti.com/publications/322932/the-impacts-of-leadership-and-culture-on-work-performance-in-service-company-and.

Revinka, S. (2021). Pengaruh pandemi Covid-19 terhadap nilai perusahaan pada sebelas sektor di Bursa Efek Indonesia (BEI). Jurnal Acitya Ardana, 1(2), 145–163. https://jurnal.pknstan.ac.id/index.php/JAA/article/view/1334. DOI: https://doi.org/10.31092/jaa.v1i2.1334

Rizal, M., Afrianti, R., & Abdurahman, I. (2021). Dampak kebijakan pemberlakuan pembatasan kegiatan masyarakat (PPKM) bagi pelaku bisnis coffe shop pada masa pandemi terdampak COVID-19 di Kabupaten Purwakarta. Jurnal Inspirasi, 12(1), 96–105. http://inspirasi.bpsdm.jabarprov.go.id/index.php/inspirasi/article/view/198.

Rori, A., M., M., & Maramis, J. B. (2021). Reaksi Pasar Modal Terhadap Pengumuman Pembatasan Sosial Berskala Besar (PSBB) Akibat Covid-19 Pada Industri Telekomunikasi di BEI. Jurnal EMBA, 9(1), 851–858. https://doi.org/10.35794/emba.v9i1.32620.

Shalihin, M. Y., Suharman, H., & Hasyir, D. A. (2020). Impact of Corporate Sustainability on Firm Value: Indonesian Context. Journal of Accounting Auditing and Business, 3(1), 102. https://doi.org/10.24198/jaab.v3i1.25834. DOI: https://doi.org/10.24198/jaab.v3i1.25834

Siregar, N. Y., & Safitri, T. A. (2019). Pengaruh Pengungkapan Enterprise Risk Management , Intellectual Capital, Corporate Social Responsibility, Dan Sustainability Report Terhadap Nilai Perusahaan. Jurnal Bisnis Darmajaya, 5(2), 53–79. https://doi.org/10.30873/jbd.v5i2.1589. DOI: https://doi.org/10.22225/we.19.2.1956.79-90

Wardani, D. K., & Juliani. (2018). The Effect Of Tax Avoidance On Company Value With Corporate Governance As Moderating Variables. Jurnal Nominal, 7(2), 47–61. https://doi.org/10.21831/nominal.v7i2.21349. DOI: https://doi.org/10.21831/nominal.v7i2.21349

Werastuti, D. N. S. (2014). Model Moderasi dalam Hubungan antara Intellectual Capital Discloure, Nilai Perusahaan, dan Financial Performance. Jurnal Keuangan Dan Perbankan, 18(1), 14–28. https://doi.org/10.26905/jkdp.v18i1.768.