Peran Mediasi Kinerja Keuangan pada Pengaruh Intellectual Capital, Struktur Modal, Good Corporate Governance, dan Keberlanjutan terhadap Nilai Perusahaan

Emi Vitaliani; Muhammad Ahyaruddin; Evi Marlina

doi:10.61132/menawan.v4i4.2587

Authors

Emi Vitaliani Universitas Muhammadiyah Riau
Muhammad Ahyaruddin Universitas Muhammadiyah Riau
Evi Marlina Universitas Muhammadiyah Riau

DOI:

https://doi.org/10.61132/menawan.v4i4.2587

Keywords:

Capital Structure, ESG Disclosure, Financial Performance, Good Corporate Governance, Intellectual Capital

Abstract

This study aims to examine the influence of Intellectual Capital, Capital Structure, Good Corporate Governance (GCG), and Environmental, Social, and Governance (ESG) Disclosure on firm value, with financial performance serving as a mediating variable. A quantitative approach was employed using secondary data obtained from the annual reports of energy sector companies listed on the Indonesia Stock Exchange for the 2021–2024 period. A purposive sampling technique was used, resulting in 208 observations after handling outliers. Multiple linear regression was used to analyze the data with the aid of SPSS, and the Sobel test was conducted to assess the mediating effect. The results indicate that financial performance is influenced by Intellectual Capital, GCG, and ESG Disclosure, whereas Capital Structure is not influenced by these factors. Furthermore, firm value is influenced by Capital Structure and GCG, while Intellectual Capital, ESG Disclosure, and financial performance show no significant effect. Mediation test results reveal that financial performance does not mediate the influence of Intellectual Capital and ESG Disclosure on firm value, but it does mediate the influence of Capital Structure and GCG on firm value. The findings demonstrate that both financial performance and firm value can be influenced by internal corporate factors.

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