THE EFFECT OF INTELLECTUAL CAPITAL, GOOD CORPORATE GOVERNANCE, AND PROFITABILITY ON FIRM VALUE WITH INVESTMENT DECISION AS MODERATING VARIABLE

Diah Lintang Permata Sari

Abstract


This research investigates whether intellectual capital, good corporate governance, and profitability are associated with firm value and whether investment decision changes the effects. The analysis covers industrial sector companies listed on the Indonesia Stock Exchange over the 2019-2024 period. Secondary information was collected from company annual reports and financial statements. Through purposive sampling, 47 companies were included, producing 224 observations after outlier treatment. Multiple regression and Moderated Regression Analysis (MRA) were employed using IBM SPSS Statistics 26. The empirical evidence shows that intellectual capital does not have statistically significant affect firm value. In contrast, good corporate governance and profitability show significant effect on firm value. Investment decision does not significantly moderate the relation intellectual capital to firm value, while investment decision significant moderating affects good corporate governance and profitability to firm value. These findings highlight about relevancy governance and profitability in explaining firm value and indicate investment decision role is depends through factors which has interactions with.

 Keywords: Firm Value, Good Corporate Governance, Intellectual Capital, Investment Decision, Profitability.


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