Pengaruh Intellectual Capital, Enterprise Risk Management dan Kebijakan Dividen terhadap Nilai Perusahaan

Lindawati Lindawati

doi:10.37481/sjr.v8i3.1211

Authors

Lindawati Lindawati Universitas Pamulang

DOI:

https://doi.org/10.37481/sjr.v8i3.1211

Keywords:

Intellectual Capital, Firm Value, Enterprise Risk Management, Dividend Policy, Real Estate

Abstract

In today's competitive and dynamic business environment, intangible assets such as intellectual capital and effective risk management have become essential in driving firm value, particularly in the property and real estate sector. Companies are expected not only to manage physical assets but also to optimize knowledge, innovation, and strategic financial policies. This study aims to analyze and provide empirical evidence on the influence of intellectual capital, enterprise risk management (ERM), and dividend policy on firm value. The research was conducted on property and real estate companies listed on the Indonesia Stock Exchange (IDX) during the period 2018–2022. A purposive sampling technique was applied, resulting in a sample of 7 companies over 5 years, totaling 35 data observations. The data were analyzed using panel data regression with EViews version 9. The results show that simultaneously, intellectual capital, ERM, and dividend policy have a significant impact on firm value. However, when tested partially, only intellectual capital has a significant positive influence, while ERM and dividend policy do not significantly affect firm value. These findings suggest that firms should prioritize the development of intellectual capital as a key driver of value creation, while also revisiting their risk management and dividend distribution strategies.

References

Alfina, S. A., & Pramudena, A. R. (2020). Pengaruh Leverage, Ukuran Perusahaan, dan Profitabilitas terhadap Nilai Perusahaan Sektor Properti. Jurnal Ekonomi dan Bisnis, 8(1), 23–32.

Andriani, D., & Fadila, R. (2021). The Effect of Intellectual Capital Disclosure on Firm Value with Profitability as a Moderating Variable. Journal of Accounting and Business Education, 6(2), 139–150.

Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management (15th ed.). Cengage Learning.

Gitman, L. J., & Zutter, C. J. (2015). Principles of Managerial Finance (14th ed.). Pearson Education.

Hakim, A. R., Susanto, Y. K., & Nugraha, R. A. (2022). The Effect of Enterprise Risk Management Disclosure on Firm Value: The Role of Good Corporate Governance. Jurnal Ilmu dan Riset Akuntansi, 11(6), 1–16.

Irianti, M., & Meiranto, W. (2018). Pengaruh Intellectual Capital terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Mediasi. Diponegoro Journal of Accounting, 7(2), 1–10.

Latifah, N., & Hidayat, R. R. (2021). The Effect of Enterprise Risk Management Disclosure on Firm Value with Corporate Governance as a Moderating Variable. Jurnal Riset Akuntansi dan Keuangan, 9(2), 215–226.

Lestari, I. A., & Anisah, S. (2021). Pengaruh Pengungkapan Intellectual Capital terhadap Nilai Perusahaan: Studi Empiris pada Perusahaan Non-Keuangan. Jurnal Ilmu Akuntansi, 14(1), 45–54.

Nurhayati, A., & Rahmawati, R. (2020). Intellectual Capital Disclosure dan Nilai Perusahaan pada Perusahaan Manufaktur. Jurnal Akuntansi dan Keuangan Kontemporer, 2(2), 88–98.

Pranoto, D., & Yuliansyah, Y. (2021). Risk Disclosure and Its Impact on Firm Value: Evidence from Indonesia. International Journal of Financial Research, 12(3), 231–240.

Putri, R. D., & Haryanto, H. (2023). Intellectual Capital Disclosure and Its Impact on Firm Value in Indonesian Listed Companies. Jurnal Akuntansi dan Keuangan Indonesia, 20(1), 25–39.

Rahmawati, R., & Siregar, S. V. (2020). Pengaruh Pengungkapan Manajemen Risiko terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Mediasi. Jurnal Akuntansi dan Keuangan Indonesia, 17(2), 150–166.

Sartono, R. A. (2016). Manajemen Keuangan Teori dan Aplikasi (4th ed.). Yogyakarta: BPFE-Yogyakarta.

Septiani, M., Iramani, R., & Andriana, E. (2019). Pengaruh Keputusan Keuangan terhadap Nilai Perusahaan. Jurnal Ilmu Manajemen, 7(3), 305–312.

Setiyani, R., & Handayani, S. R. (2022). The Role of Intellectual Capital and Financial Performance on Firm Value. International Journal of Business, Economics and Law, 28(1), 34–41.

Tandelilin, E., Hidayat, R. R., & Nugroho, R. (2020). Dividend Policy, Risk Disclosure and Firm Value: Evidence from Indonesia. Asian Journal of Business and Accounting, 13(1), 145–171.

Utami, W., & Wardhani, R. (2019). Enterprise Risk Management Disclosure, Firm Value and Good Corporate Governance: Indonesian Evidence. Jurnal Keuangan dan Perbankan, 23(1), 89–102. https://doi.org/10.26905/jkdp.v23i1.3105

Widarjo, W., & Setiawan, D. (2020). Intellectual Capital Disclosure dan Dampaknya terhadap Nilai Perusahaan: Studi pada Perusahaan Sektor Teknologi. Jurnal Riset Akuntansi dan Keuangan, 8(3), 442–453.

Yuliana, R., & Mulyani, S. (2021). Pengaruh Ukuran Perusahaan, Profitabilitas, dan Keputusan Keuangan terhadap Nilai Perusahaan. Jurnal Riset Ekonomi dan Bisnis, 14(1), 11–21.

Zahro, A. A., & Chabachib, M. (2019). Pengaruh Kebijakan Dividen terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. Diponegoro Journal of Management, 8(3), 1–13.