Technology firm value: The role of intellectual capital, enterprise risk management, and sustainability reporting
Abstract
This study examines the impact of intellectual capital, enterprise risk management, and sustainability reporting on the value of technology firms listed on the Indonesia Stock Exchange. Furthermore, this study investigates the moderating effect of profitability on the relationships above. A purposive sampling technique was employed to select a sample of 20 technology companies. Secondary data was collected from 2021 to 2023, yielding 60 observations. Moderated regression analysis (MRA) within a panel data framework was adopted for data analysis in this study. The research findings indicate that only intellectual capital exhibits significant positive associations with firm value. Conversely, enterprise risk management and sustainability reporting do not substantially influence firm value. Profitability could not moderate the relationships between intellectual capital, sustainability reporting, and firm value. Nevertheless, it moderated the relationship between enterprise risk management and firm value. The implications of these findings are expected to enrich both the theoretical and practical knowledge of firm value.
Downloads
References
Amirullah, H. R., Dharma, F., & Putri, W. R. E. (2021). Pengaruh Intellectual Capital terhadap Nilai Perusahaan saat Pandemi Covid 19 dengan Profitabilitas sebagai Variabel Moderasi (Studi Empiris pada Perusahaan LQ45 yang terdaftar di Bursa Efek Indonesia). Jurnal Akuntansi Bisnis Dan Ekonomi, 7(2), 2039–2050.
Batistuta, I. U. B., Munandar, A., & Pratiwi, A. (2024). Pengaruh Profitabilitas, Leverage, Likuiditas, Ukuran Perusahaan dan Struktur Aset Terhadap Nilai Perusahaan. ECo-Buss, 7(1), 575–587. https://doi.org/10.32877/eb.v7i1.1517
Bursa Efek Indonesia. (2024a). IDX Index Fact Sheet: IDXTECHNO. https://idx.co.id/id/data-pasar/laporan-statistik/fact-sheet-index/
Bursa Efek Indonesia. (2024b). Klasifikasi Sektor dan Subsektor Produk Saham. https://www.idx.co.id/id/produk/saham/
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin’s q. Financial Management, 70–74.
Elamer, A. A., Ntim, C. G., & Abdou, H. A. (2020). Islamic Governance, National Governance, and Bank Risk Management and Disclosure in MENA Countries. Business & Society, 59(5), 914–955. https://doi.org/10.1177/0007650317746108
Hanun, N., Hanif, R., & Ningrum, A. (2023). Optimalisasi Nilai Perusahaan Melalui Moderasi Peran Good Corporate Governance. Jurnal Reviu Akuntansi Dan Keuangan, 13(3), 655–673. https://doi.org/10.22219/jrak.v13i3.28029
Herawati, S. W., & Riswandari, E. (2022). Pengaruh Enterprise Risk Management & Intellectual Capital terhadap Nilai Perusahaan yang Tercantum dalam Indeks LQ45 BEI. Jurnal Ilmu Akuntansi: ULTIMA ACCOUNTING, 14(2), 385–401. www.idx.co.id
Indah Sari, P., & Gantino, R. (2023). Pengaruh Intellectual Capital, Enterprise Risk Management, dan Good Corporate Governance terhadap Nilai Perusahaan. Jurnal E-Bis, 7(2), 727–742. https://doi.org/10.37339/e-bis.v7i2.1404
Judijanto, L. (2024). Implementation of Enterprise Risk Management (ERM) in The Indonesian Manufacturing Industry: Analysis of Factors Affecting Implementation and Disclosure. Journal of Management Science (JMAS), 7(3), 470–478. https://doi.org/10.35335/jmas.v7i3.521
Kristiani, Y. I. A., & Hadiprajitno, B. (2023). The Effect of Enterprise Risk Management (ERM) Disclosure on Firm Value Mediated by Profitability: Empirical Study on Banks Listed on the IDX 2018-2020. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 13(1), 167. https://doi.org/10.30588/jmp.v13i1.1521
Malini, H., Natalia, D., & Giriati, G. (2021). Corporate Governance and Company Value: A Manufacturing Industry Case Study. INOBIS: Jurnal Inovasi Bisnis Dan Manajemen Indonesia, 4(4), 450–461.
Muasiri, A. H., & Sulistyowati, E. (2021). Pengaruh Intellectual Capital dan Corporate Governance terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. Jurnal Ekonomi Dan Bisnis (EK Dan BI), 4(1), 426–436. https://doi.org/10.37600/ekbi.v4i1.255
Munawwaroh, A. F., Fatoni, N., & Warno, W. (2021). Pengaruh Pengungkapan Enterprise Risk Management terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. Eksos, 17(2), 81–93.
Muslim, R. Y., Minovia, A. F., & Putri, N. A. (2024). Sustainability Report, Intellectual Capital dan Nilai Perusahaan. Jurnal Praktik Akuntansi Modern, 6(1).
Nopagia, N., Suripto, S., & Holiawati, H. (2024). The Influence of Good Corporate Governance, Intellectual Capital, and Investment Opportunity Set on Company Value. Jurnal Ekonomi, 13(03), 1880–1893. https://doi.org/10.54209/ekonomi.v13i03
Novia, R., & Halmawati, H. (2022). Ukuran Perusahaan Memoderasi Pengaruh CSR, Tax Avoidance, dan Sustainability Reporting terhadap Nilai Perusahaan. Jurnal Eksplorasi Akuntansi, 4(1), 40–58. https://doi.org/10.24036/jea.v4i1.471
Nugrahani, T. S., Kusuma, H., Arifin, J., & Muhammad, R. (2023). Determinants of Sustainability Report Quality in Indonesian Public Companies: An Isomorphism Theory Approach. International Journal of Sustainable Development & Planning, 18(12). https://doi.org/10.18280/ijsdp.181222
Pamungkas, N. B., & Meini, Z. (2023). The Effects of Sustainability Reporting and Intellectual Capital Disclosure on Firm Value, with Profitability as a Moderator. Jurnal Ekonomi, 12(01), 327–334.
Perangin-angin, N., & Ginting, E. S. (2021). Analysis of The Influence Of Firm Size, Liquidity, Leverage And Profitability On Firm Value Consumer Goods Industry On Stock Exchange Indoonesia (IDX). Journal of Management Science (JMAS), 4(4), 101–105. https://doi.org/10.35335/jmas.v4i4.113
Pertiwi, S. P., & Suhartini, D. (2022). Pengaruh Diversifikasi Pendapatan, Modal Intelektual, dan Pengungkapan Manajemen Risiko terhadap Nilai Perusahaan: Studi Empiris pada Bank Umum Konvensional yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2020. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(7), 1082–1094. https://doi.org/10.32670/fairvalue.v4i7.1179
Petricia, M., & Sakti, I. M. (2024). Apakah Ukuran Memoderasi Pengaruh Enterprise Risk Management dan Good Corporate Governance pada Nilai Perusahaan? Nominal Barometer Riset Akuntansi Dan Manajemen, 13(1), 1–15. https://doi.org/10.21831/nominal.v13il.58160
Pramudita, N. A., & Budiwitjaksono, G. S. (2024). Pengaruh Environmental Social Governance dan Intellectual Capital terhadap Nilai Perusahaan: Peran Moderasi Profitabilitas. Journal of Economic, Business and Accounting (COSTING), 7(4), 8875–8889. https://doi.org/10.31539/costing.v7i4.10631
Prasetyo, I. B. (2024). Pengaruh Sustainability Report terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. Jurnal Manajemen Dan Profesional, 5(1), 142–157. https://doi.org/10.32815/jpro.v5i1.2219
Pratama, B. C., Sasongko, K. M., & Innayah, M. N. (2020). Sharia Firm Value: The Role of Enterprise Risk Management Disclosure, Intellectual Capital Disclosure, and Intellectual Capital. Shirkah: Journal of Economics and Business, 5(1), 101–124. https://doi.org/10.22515/shirkah.v5i1.302
Pratama, M. F. G. P., Purnamawati, I., & Sayekti, Y. (2019). Analisis Pengaruh Kinerja Lingkungan dan Pengungkapan Sustainability Reporting terhadap Nilai Perusahaan. Jurnal Akuntansi Universitas Jember, 17(2), 110–122. https://doi.org/10.19184/jauj.v17i2.12517
Pulić, A. (1998). Measuring the Performance of Intellectual Potential in the Onowledge Economy. The 2nd" World Congress on the Management of Intellectual Capital", disk.
Puspita, G., & Wahyudi, T. (2021). Modal Intelektual (Intellectual Capital) dan Nilai Perusahaan Pada Industri Manufaktur. Owner: Riset Dan Jurnal Akuntansi, 5(2), 295–306. https://doi.org/10.33395/owner.v5i2.416
Puspita, N., & Jasman, J. (2022). Pengaruh Laporan Keberlanjutan (Sustainability Report) terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. KRISNA: Kumpulan Riset Akuntansi, 14(1), 63–69. https://doi.org/10.22225/kr.14.1.2022.63-69
Putri, N. K. S. R., & Wirajaya, I. G. A. (2023). Modal Intelektual, Nilai Perusahaan, dan Manajemen Risiko sebagai Variabel Moderasi. E-Jurnal Akuntansi, 33(11). https://doi.org/10.24843/eja.2023.v33.i11.p16
Rahmi, N. U., & Wijaya, V. V. (2022). Pengaruh Enterprise Risk Management, Corporate Social Responsibility, Free Cash Flow dan Leverage Terhadap Nilai Perusahaan pada Perusahaan Sektor Consumer Goods yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2019. Owner: Riset Dan Jurnal Akuntansi, 6(3), 2712–2720. https://doi.org/10.33395/owner.v6i3.853
Raihan, A. (2024). A Review of The Potential Opportunities and Challenges of The Digital Economy for Sustainability. Innovation and Green Development, 3(4), 100174. https://doi.org/10.1016/j.igd.2024.100174
Saleh, M. (2020). Does Corporate Sustainability Create Long-term Shareholder Value? Evidence from Public Listed Companies in Indonesia. International Journal of Business and Applied Social Science, 6(12), 40–48. https://doi.org/10.33642/ijbass.v6n12p5
Saleh, M. (2023). Investasi Modal Manusia dan Nilai Perusahaan Publik di Indonesia. JURNAL DIMENSI, 12(1), 296–324. https://doi.org/10.33373/dms.v12i1.5291
Silvia Indrarini, M. M. (2019). Nilai Perusahaan Melalui Kualitas Laba: (Good Governance dan Kebijakan Perusahaan). Scopindo Media Pustaka.
Sugiyono. (2021). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Yanti, L. D., & Ferdinan, T. (2024). Analisis Faktor-faktor yang Mempengaruhi Penilaian Nilai Perusahaan. ECo-Buss, 7(1), 125–135. https://doi.org/10.32877/eb.v7i1.1271
