Catching Up the Effect between Corporate Governance, Profitability, Company Size, and Firm Value with Intellectual Capital as a Mediation ...
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PSYCHOLOGY AND EDUCATION (2021) 58(5), ISSN 1553 - 6939
Article Received: 22th November, 2020; Article Revised: 26th March, 2021; Article Accepted: 26th April, 2021
Catching Up the Effect between Corporate Governance, Profitability,
Company Size, and Firm Value with Intellectual Capital as a Mediation
Variables in Indonesia Stock Exchange
Elly Lestari1 , Moeljadi2 , Sumiati3, Djumahir4
1
Doctorate Student of Management Department, Faculty of Economics and Busi-ness, Universitas Brawijaya, Malang, Indonesia.
Lecturer at Universitas Tribhu-wana Tunggadewi, Malang, Indonesia, lestariellz@yahoo.co.id
2
Professor of Management Department, Faculty of Economics and Business, Uni-versitas Brawijaya, Malang, Indonesia.
moeljadip@yahoo.com
3
Doctor of Management Department, Faculty of Economics and Business, Univer-sitas Brawijaya, Malang, Indonesia.
sumiati_atiek@yahoo.com
4
Doctor of Management Department, Faculty of Economics and Business, Univer-sitas Brawijaya, Malang, Indonesia.
djumahir@fe.unibraw.ac.id
Corresponding Author: Elly Lestari e-mail address: lestariellz@yahoo.co.id
Introduction 2013). The number of investors on the IDX (stock
price) is still small compared to the total
The development of share prices during 2010 to population of Indonesia, as shown in Figure 1.
2019 fluctuated, and did not match some The number of investors on the Indonesia Stock
expectations of shareholders. This stock price Exchange in 2019 who had Single Investor
development does not indicate an increase in firm Identification (SID) was 2,478,243 people. Single
value, even though a high firm value is an Investor Identification (SID) is a single investor
expectation for shareholders. Firm value is also identity, which used to carry out activities on the
important in order to increase investor confidence, Indonesian capital market, from transactions to
especially domestic investors on the IDX (stock settlement. This Single Investor Identification is
exchange). Domestic investors have a big role to issued by PT.Indonesian Central Securities
play in strengthening the domestic stock market, Depository (KSEI). The phenomenon of
so the stock price index (IHSG) is stable. fluctuating firm value requires corporate
Movement of the composite stock price index governance to increase investor confidence,
(IHSG) fluctuating, the role of domestic investors especially domestic investors. The role of
is very important. In holding back the fluctuation domestic investors is needed so that dependence
of the economic crisis, the number of domestic on foreign investors can be reduced and stock
investors also plays an important role (Nabhani, price fluctuations can be controlled.
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Article Received: 22th November, 2020; Article Revised: 26th March, 2021; Article Accepted: 26th April, 2021
Source: PT. Kustodian Sentral Efek Indonesia, of the Republic of Indonesia together with the
www.ksei.co.id International Monetary Fund (IMF). This was
followed by the formation of the National
Figure 1. Single Investor Identification (SID) Committee on Corporate Governance Policy
Growth 2012 – 2019 (KNKCG) in 1999 and a code of ethics for its
The importance of firm value and how to implementation a year later (Lukviarman, 2016).
maximize firm value encourages re-searchers to The Chairman of the Board of Commissioners of
examine firm value in public companies in the Financial Services Authority (OJK) said that
Indonesia, especially companies have the application of the principles of good corporate
implemented corporate governance. Discussions governance (GCG) in Indonesia is relatively
about the rela-tionship between corporate behind compared to neighboring countries. The
governance and firm value can be explained by implementation of corporate governance does not
agen-cy theory. Agency theory stated that when appear to be as expected. Indonesia's corporate
the principal employs an agent (man-agement) to governance score is in the last rank in ASEAN
manage the company, it will have the potential to countries for 2012 to 2018 as shown in Table 1.
create agency con-flicts, because the agent's This research needs to be considering that
personal interests are different (Jensen and corporate governance, which is needed to increase
Meckling, 1976). Internal devices have been firm value. Meanwhile, the development of the
formed by companies, such as corporate gov- corporate governance ranking of public companies
ernance structures, can control agency problems in Indonesia is still low in Asia.
efficiently (Fama, 1980). The opinion of Tricker
(2009) as quoted by Lukviarman (2016) explained Table 1. Corporate Governance Score 2010 - 2018
that the issue of corporate governance arises when
a corporate entity, which is formed or established
and the ownership of the entity is separated from
the management who will manage the corporation.
Corporate governance controls the company with
a mechanism that is in the form. The company's
financial performance in-creases with the
implementation of corporate governance, thereby
increasing in-vestor confidence and having an
impact on increasing firm value (Singhal, 2014).
This is important for companies to implement
corporate governance in increasing firm value,
because an increase in financial performance can
increase firm value. Source: Asian Corporate Governance Association
(ACGA, 2020)
The corporate governance system in Indonesia
stems from a proposal to improve listing Market confidence in company performance has
regulations on the Indonesia Stock Exchange results in fluctuating stock prices (Brigham and
which regulates regulations for issuers listed on Daves, 2011). Profitability information is part of
the Indonesia Stock Exchange which oblige to the company's financial statements, which
appoint inde-pendent commissioners and form an important information for management and other
audit committee, after that legally formally, parties who need it, such as investors (Brigham
starting with the signing of a memorandum of and Houston, 2011).
understanding. Letter of intent by the government
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Article Received: 22th November, 2020; Article Revised: 26th March, 2021; Article Accepted: 26th April, 2021
Figure 2. Development of Average Share Prices of Companies Implementing Corporate Governance
Source: www.idx.co.id
Several previous studies examining the used by BUMN organizations to increase business
relationship between corporate governance and success and corporate accountability in order to
firm value have been conducted in several realize long-term shareholder value while still
countries, including Indonesia, Taiwan, India, paying attention to stakeholder interests, based on
Russia, Canada, Turkey, Spain, England, laws and ethical values”.
America, and Malaysia with mixed results.
Several corporate governance proxies are used in A corporate governance is the process of decision
research, including the corporate governance making and the process by which decisions are
index, institutional ownership, ownership implemented in large businesses is known as
structure, independent commissioners, shareholder Corporate Governance. There are various theories
rights, and director composition. The results which described by the relationship between
shown that corporate governance increases firm various stakeholders of the business, while
value (Connelly et al., 2012; Singhal, 2014; carrying out the activity of the business.
Villanueva-Villar et al., 2016). The results of
research by Ammann et al. (2011) who examined Shleifer & Vishny (1997) stated that corporate
22 developed countries also showed the same governance as “the ways in which suppliers of
results, corporate governance can increase firm finance to corporations assure themselves of
value. Furthermore, Mitton (2002) was examined getting a return on their investment”. OECD in
five East Asian countries during the Asian crisis. 1999 was defined by corporate governance as a
It was founded corporate governance had a system, which business corporations are directed
positive effect on company performance. Klapper and controlled”.
and Love (2002) examined 14 developing
countries and found that corporate governance Corporate governance is the broad term described
increases the company's profitability and market with some processes, customs, policies; laws and
value. institutions, that direct the organizations and
corporations in the way, they act administer and
Theoretical control their operations. Corporate governance is a
set of regulations and the corporate governance
Corporate Governance has traditionally specified the rules of business
The definition of corporate governance based on decision making that apply to the internal
the Decree of the Minister of SOEs Number Kep- mechanisms of companies (Bostan & Grosu,
117 / M-MBU / 2002 is: "A process and structure 2010; Güler & David, 2010).
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Article Received: 22th November, 2020; Article Revised: 26th March, 2021; Article Accepted: 26th April, 2021
performance of the company because large
Profitability companies have a further perspective, so they
participate more in grown the company's social
Munawir (2007) said that profitability is a performance”.
company's ability to generate profits". According
to Sudana (2011) stated that a profitability is "the The fundamental understanding in this theory is
ability of a company to generate profits by using firm size with the determinant by the market's
owned sources such as assets, capital, or company size. Additionally, it is understood that the focus
sales. is on the firm's specialization in that larger firms
are supported by larger markets, which in turn
A profitability of a company shown that the ratio enhances their specialization.
between profit and assets or capital with produces
this profit. In other words, profitability is an A theory of the firm was consists of a number on
ability of a company to achieve profit. The economic theories that explain and predict the
profitability of a company will affect to the nature of the firm, company, or corporation,
policies of investors on the investment made. including its existence, behavior, structure, and
relationship to the market.
An ability of a company to generate profits will be
able to attract investors to invest their funds in In simplified terms, the theory of the firm aims to
order to expand their business, on the other hand, answer these questions:
a low level of profitability will cause investors to 1. Existence. Why do firms emerge? Why are
withdraw their funds. As for the company itself, not all transactions in the economy
profitability can be used as an evaluation of the mediated over the market?
effectiveness for management on the business 2. Boundaries. Why is the boundary between
entity. firms and the market located exactly there
with relation to size and output variety?
Company profitability is one of the bases for Which transactions are performed
assessing the condition of a company, that we internally and which are negotiated on the
need an analytical tool to be able to assess it. market?
Thus, every business entity will always try to 3. Organization. Why are firms structured in
increase its profitability, because the higher the such a specific way, for example as to
level of profitability of a business entity, the hierarchy or decentralization? What is the
survival of the business entity will be more secure. interplay of formal and informal
relationships?
According to R. Agus Sartono (2010, 122) 4. Heterogeneity of firm
[2]
discussed that a profitability is the company's actions/performances. What drives
ability to earn profits in relation to sales, total different actions and performances of
assets, and own capital. According to Sutrisno firms?
(2009, 16) said that a profitability is the ability of 5. Evidence. What tests are there for respective
a company to generate profits with all the working theories of the firm?
capital in it. According to Sofyan Syafri Harahap
(2009, 304) preferred that profitability described Firms exist as an alternative system to the market-
with the company's ability to earn profits through price mechanism when it is more efficient to
all existing capabilities and resources such as sales produce in a non-market environment. For
activities, cash, capital, number of employees, example, in a labor market, it might be very
number of company branches, and so on. difficult or costly for firms or organizations to
engage in production when they have to hire and
Company Size fire their workers depending on demand/supply
conditions. It might also be costly for employees
According to Consoladi et al., in Oktaviani (2014) to shift companies every day looking for better
stated that: "company size can affect a social alternatives. Similarly, it may be costly for
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Article Received: 22th November, 2020; Article Revised: 26th March, 2021; Article Accepted: 26th April, 2021
companies to find new suppliers daily. Thus, firms of intellectual capital, such as human capital,
engage in a long-term contract with their structural capital, and customer capital.
employees or a long-term contract with suppliers
to minimize the cost or maximize the value of Methodology
property rights The type of data is quantitative data with
Firm Value secondary data, which is taken from the annual
reports of public companies in Indonesia from
According to Sujoko and Soebiantoro (2007) in 2012 to 2019. The company's annual reports
Hermuningsih (2009) discussed that firm value is include: annual reports, corporate governance
an investor's perception of a company's success reports, and financial reports. All data is taken
rate, which is closely related to its share price. from ICMD publications, the Indonesia Stock
High stock prices create high firm value, and Exchange website, company websites, and other
increase market confidence not only in the media (http://finance.yahoo.com and
company's current performance, but also in the http://ticmi.com). The research approach used is
company's future prospects. The stock price has Partial Least Square (PLS) with analysis using the
been used closing price, and occurs when the WarpPLS software.
shares are traded on the market (Fakhruddin and
Hadianto, 2001). This population was all publicly traded companies
in Indonesia, with the population criteria as
The value of the company (Value Of The Firm) is follows:
a certain condition that has been achieved by a
company as a reflection of public trust in the a. The company is listed on the Indonesian Stock
company after going through a process of activity Exchange (IDX) until 2019.
for several years, such from the time a company b. Publish a corporate governance report
was founded until now. contained in the annual report for 2012 - 2019 and
can be accessed through the Indonesia Stock
Firm value is very important for investors. Sujoko Exchange (IDX) website and the company's
and Soebiantoro (2007) suggested that firm value official website.
is the investor's perception of the company's c. The company presents complete financial
success rate which is often associated with stock reports for 2012 - 2019 in rupiah currency, this
prices. Therefore, before making a decision to buy criterion is intended, researchers do not make
shares, generally an investor will look for an adjustments that are feared to cause
estimate of the company's value (Tandelilin, 2010: miscalculations and interpretations.
363).
Table 2. Research Sample Selection
Results
Intellectual Capital
Noted Company
Johanson et al., (2009) stated that intellectual Amount
capital can relate to other disciplines such as
corporate strategy and production of measurement The company is listed on the 612
tools. From a strategic perspective, intellectual Indonesian Stock Exchange until 2018
capital can be used to create and use knowledge to
expand other companies. On the other hand, the The company did not publish a (566)
measurement side focuses on how a new reporting corporate governance report until
mechanism can be developed that can measure 2018
non-financial, qualitative information, and items Number of sample companies 46
of intellectual capital in addition to traditional
quantification of financial data. Many models of Number of data / company 322
intellectual capital are used by researchers, but in observations (2012 - 2018)
general researchers identify three main constructs
Source: BEI, April 2021 and company website
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Article Received: 22th November, 2020; Article Revised: 26th March, 2021; Article Accepted: 26th April, 2021
Mediation analysis using PLS of corporate governance and corporate social
responsibility on firm value. PLS can be used to
Solimun (2011) was examined with the testing of test the causal relationship of research variables
mediating or intervening variables. In mediation that have not much theoretical support or the
testing, some researchers use SEM or PLS research is explanatory (Ghozali and Latan, 2014).
analysis techniques (Hair et al., 2014). Testing for
mediation is not sufficient only if it is based on a
model analysis involving the mediating variable.
The results of this analysis indicate a variable as a
mediating variable, but it is not necessarily true. Another reason is that PLS is able to analyze
constructs with reflective and formative indicators
Data Analysis Method (Hair et al., 2014).
Descriptive Statistics Sobel test is a tool in mediation analysis testing.
Descriptive statistics are used in this study to From the results of the PLS analysis, the path
describe the characteristics of the research coefficient a along with the standard error and the
variables, so that they are easy to understand and path coefficient a (or called sa) are obtained, and
interpret. This analysis is used to analyze data by the path coefficient b (or called sb) is obtained.
describing or describing the collected data as is The Sobel test will produce a standard error of the
without the intention of making general or indirect effect of X on Y through the mediation of
generalized conclusions, which include maximum, M, namely the coefficient ab, with the standard
minimum, and average values. Based on the value deviation of ab as follows:
obtained, then an analysis is carried out which
aims to reveal the phenomena contained in each
variable used in this study, namely corporate
governance, profitability, company size, From the T count value, the p value is obtained. If
intellectual capital and firm value. the p-value < 0.05 indicated that the mediating
effect of the M variable on testing the relationship
Inferential statistics between X and Y.
This study uses inferential statistical analysis,
which is an analysis conducted to test the research Results
hypotheses that have been formulated. The
approach used is Partial Least Square (PLS) with Description of Research Variables
analysis using the WarpPLS software. The reason This study was used with five latent variables with
for using Partial Least Square (PLS) is that there a total of nine indicators and to measure the latent
are several hypotheses that do not have a solid variables. The following shown the results of a
theoretical basis. The research hypothesis is description of the research variables using the
related to the mediating variables in the influence average value and standard deviation.
Table 3. Results of the descriptions of research variables
N Minimum Maximum Mean Std. Deviation
HPS 322 .3 1.0 .909 .1186
PAPS 322 .5 1.0 .827 .1172
PPK 322 .5 1.0 .909 .1252
PnT 322 .5 1.0 .829 .0798
TJDnD 322 .0 .9 .791 .1027
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P 322 -.1 .7 .096 .1065
C 322 28.3 34.8 31.222 1.3463
322 -.9 16.3 3.307 1.8253
Intellectual Capital
TobinsQ 322 .5 27.7 2.513 3.4882
322
Valid N (listwise)
deviation of 0.1065. The company size variable is
measured using one indicator. The results in the
Source: Research Data Processed (2021) company size also obtained an average of 31.222
with a standard deviation of 1.3463. The
The corporate governance variable was measured intellectual capital variable was measured using
with five indicators, such as Shareholder Rights one indicator. The results of Intellectual Capital
(HPS), Fair Treatment for Shareholders (PAPS), were obtained an average of 3.307 with a standard
Stakeholder Roles (PPK), Disclosure and deviation of 1.8253. The firm value variable is
Transparency (P&T), and Responsibilities of the measured using one indicator, such Tobins Q. The
Board of Commissioners and Directors (TJD & results of the description of Tobins Q obtained an
D). The results of the description of Shareholder average of 2.513 with a standard deviation of
Rights (HPS) was obtained an average of 0.909 3.4882.
with a standard deviation of 0.1186, a description
of the Fair Treatment for Shareholders (PAPS),
obtained an average of 0.827 with a standard
deviation of 0.1172, description The Role of Outer Model Test Results
Stakeholders (PPK) obtained an average of 0.909 The results of the outer model test for formative
with a standard deviation of 0.1252, the measurements were carried out using the
description of Disclosure and Transparency (P&T) convergent validity test and the discriminant
obtained an average of 0.829 with a standard validity test. Convergent validity testing is shown
deviation of 0.0798, and a description of the from the p-value of each indicator, provided that
Responsibilities of the Board of Commissioners the p-value is less than 0.05 (p-value < 0.05)
and Directors (TJD & D). obtained an average of indicated that the indicator is valid. The
0.791 with a standard deviation of 0.1027. discriminant validity test is shown from the
multicollinearity test of each indicator, provided
The results of the description of the profitability that the VIF value is less than 5 (VIF < 5), there is
were obtained an average of 0.096 with a standard no multicollinearity problem between indicators.
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Article Received: 22th November, 2020; Article Revised: 26th March, 2021; Article Accepted: 26th April, 2021
Table 4. Outer Model Test Results
*********************
* Indicator weights *
*********************
Corporate Governance P C Intellectual Capital Firm Value Type (a SE P value VIF
WLS ES
HPS 0.211 0.000 0.000 0.000 0.000 Formati 0.054PSYCHOLOGY AND EDUCATION (2021) 58(5), ISSN 1553 - 6939
Article Received: 22th November, 2020; Article Revised: 26th March, 2021; Article Accepted: 26th April, 2021
Table 5. Model Fit Test
Average path coefficient (APC)=0.219, PPSYCHOLOGY AND EDUCATION (2021) 58(5), ISSN 1553 - 6939
Article Received: 22th November, 2020; Article Revised: 26th March, 2021; Article Accepted: 26th April, 2021
Table 7. Hypothesis Testing Results
EFFECT BETWEEN Coefficien
No. P-value Results
VARIABLES t
Corporate Governance → Firm
1 -0.160 0.002 Accepted
Value
2 Profitability → Firm Value 0.832 0.000 Accepted
3 Company Size → Firm Value -0.009 0.439 Rejected
Intellectual Capital → Firm
4 -0.154 0.003 Accepted
Value
Corporate Governance →
5 -0.159 0.005 Accepted
Intellectual Capital
Profitability → Intellectual
6 0.563 0.000 Accepted
Capital
Company Size → Intellectual
7 -0.158 0.001 Accepted
Capital
Corporate Governance →
8 Intellectual Capital → Firm 0.024 0.046 Accepted
Value
Profitability → Intellectual
9 -0.087 0.007 Accepted
Capital → Firm Value
Company Size → Intellectual
10 0.024 0.045 Accepted
Capital → Firm Value
Source: Research Data Processed (2021)
Based on testing the latent variable model, it was the development of a hypothetical model, which is
grouped into two groups, such as exogenous theoretically supported by empirical data. Testing
variables and endogenous variables. The the results of the analysis with Partial Least
exogenous variables are corporate governance, Square (PLS) in known the effect between
profitability, and company size. Endogenous variables in full can be seen in the following
variables such as the intellectual capital and firm figure:
value variables. The model is said to be good if
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Figure 3. Research Model with Partial Least value. These results indicated that the hypothesis
Square is accepted.
The results of hypothesis testing are presented H3: company size has an impact to firm value
as follows: A hypothesis of the effect between company size
variable and firm value variable obtained a path
H1: corporate governance affects to firm value coefficient of -0.009 with a p-value of 0.439 (p >
A hypothesis for the effect between corporate 0.05), because the company size variable has a
governance variable and firm value variable negative but not significant effect on the firm
obtained a path coefficient of -0.160 with a p- value variable, means that the higher the company
value of 0.002 (p < 0.05), so the corporate size is not will affect to firm value. These results
governance variable has a significant negative indicated that the hypothesis is rejected.
effect on firm value variable, means that the
higher corporate governance will affect the lower H4: intellectual capital has an impact to firm
of firm value. These results indicated that the value
hypothesis is accepted. A hypothesis for the effect between intellectual
capital variable on the firm value variable
H2: profitability has an impact to firm value obtained a path coefficient of -0.154 with a p-
A hypothesis of the effect between profitability value of 0.003 (p < 0.05), so the intellectual
variable and firm value variable obtained a path capital variable has a significant negative effect on
coefficient of 0.832 with a p-value of 0.000 (p < the firm value variable, means that the higher
0.05), so the profitability variable has a significant intellectual capital will have an effect on the lower
positive effect on the firm value variable, means the firm value. These results indicated that the
that if profitability will be high, so increase a firm hypothesis is accepted.
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H5: corporate governance has an impact to H9: Profitability has an impact to firm value
intellectual capital through intellectual capital
A hypothesis for the effect between corporate A hypothesis for the effect between profitability
governance variables and the intellectual capital variable on the firm value variable through
variable obtained a path coefficient of -0.159 with intellectual capital obtained a path coefficient of -
a p-value of 0.005 (p < 0.05), so the corporate 0.087 with a p-value of 0.000 (p < 0.05), so
governance variable has a significant negative profitability variable has a significant negative
effect on the intellectual capital variable, means effect on the firm value variable through
that the higher corporate governance will have an intellectual capital, means that higher the
effect on the lower the intellectual capital. These profitability. It will be affect the lower firm value
results indicated that the hypothesis is accepted. through intellectual capital. These results
indicated that the hypothesis is accepted.
H6: profitability has an impact to intellectual
capital H10: company size affects firm value through
A hypothesis for the effect between profitability intellectual capital
variable and intellectual capital variable obtained A hypothesis for the effect between the company
a path coefficient of 0.563 with a p-value of 0.000 size variable and firm value variable through
(p < 0.05), so profitability variable has a intellectual capital obtained a path coefficient of
significant positive effect on the intellectual 0.024 with a p-value of 0.045 (p < 0.05). So, the
capital variable, means that the higher the company size variable has a significant positive
profitability will have an effect to the higher the effect on the firm value variable and intellectual
intellectual capital. These results indicated that the capital, means that it is higher. Company size will
hypothesis is accepted. have an effect on the higher firm value through
intellectual capital. These results indicated that the
H7: company size has an impact to intellectual hypothesis is accepted.
capital
A hypothesis for the effect between the company Conclusion
size variable on the intellectual capital variable
Corporate governance and company size have a
obtained a path coefficient of -0.158 with a p-
significant negative effect on intellectual capital,
value of 0.001 (p < 0.05), so a company size
which indicated that a higher the corporate
variable has a significant negative effect on the
governance and the company size, the lower the
intellectual capital variable, means that the higher
intellectual capital of the company. While, a
the company size will have an effect on the lower
profitability has a significant positive effect on
the intellectual capital. These results indicated that
intellectual capital, which shown that a higher the
the hypothesis is accepted.
profitability, the more impact it will be high
H8: Corporate governance has an impact to intellectual capital of the company.
firm value through intellectual capital Corporate governance and intellectual capital have
A hypothesis for the effect between corporate a significant negative effect on firm value, which
governance variables on the firm value variable indicated that higher the corporate governance and
through intellectual capital obtained a path intellectual capital, the lower the firm value, while
coefficient of 0.024 with a p-value of 0.046 (p < profitability has a significant positive effect on
0.05), so the corporate governance variable has a firm value, which indicated that a higher the
significant positive effect on the firm value profitability, the more impact it will be high firm
variable through intellectual capital, means that it value of the company.
is higher. Corporate governance will have an
effect on the higher firm value through intellectual
capital. These results indicated that the hypothesis
is accepted.
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Limitation Social Sciences. Business and Politics,
Volume 10, Issue 1, Pages 1-63.
This research study has a limitation such a sample
[6] Brigham, Eugene F, and Daves, Phillip R.
and population with only limited data research
(2011). Intermediate Financial
object, like annual reports of public companies in
Management. United States: Thomson
Indonesia from 2012 to 2019.
Higher Education.
Suggestion [7] Brigham, Eugene F, and Houston, Joel F.
(2006). Fundamental of Financial
This research is limited to one specific case, Management: Dasar-Dasar Manajemen
different research objects are needed in order to be Keuangan. Edisi 10. Jakarta: Salemba
able to test and study further. So, as to deepen Empat.
knowledge about the next research in shariah
stock exchange with another method or analysis. [8] Brigham, Eugene F, and Houston, Joel F.
(2010). Dasar-Dasar Manajemen
Keuangan. Edisi 11. Jakarta: Salemba
Empat.
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