THE EFFECT OF INTELLECTUAL CAPITAL AND CAPITAL STRUCTURE ON FIRM VALUE IN FOOD AND BEVERAGE SUB SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN 2021-2025

Anggita Putri Ayuningtyas, Anggita Langgeng Wijaya, Maya Novitasari

Abstract


Firm value reflects investors' perceptions of and confidence in a company's future prospects, making its improvement an important goal for every publicly listed company, including those in the food and beverage sub-sector. This study aims to empirically examine the effect of intellectual capital and capital structure on firm value in food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2021-2025 period. This is a quantitative study using secondary data processed with SPSS 26. The study population consisted of 84 companies, and a purposive sampling technique yielded 374 company-year observations. Intellectual capital was measured using the Value Added Intellectual Coefficient (VAIC), capital structure was measured using the Debt to Equity Ratio (DER), and firm value was measured using Price to Book Value (PBV). The data analysis technique used classical assumption tests and multiple linear regression analysis. The results show that intellectual capital has a significant negative effect on firm value, and capital structure also has a significant negative effect on firm value. This indicates that suboptimal management of intellectual capital and a high level of debt can reduce firm value in the eyes of investors.

Keywords: Intellectual Capital, Capital Structure, Firm Value


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