THE EFFECT OF INTELLECTUAL CAPITAL (IC) AND MANAGERIAL OWNERSHIP STRUCTURE ON COMPANY PERFORMANCE, WITH INVESTMENT OPPORTUNITY SET (IOS) AS A MODERATING VARIABLE

Dea Dwi Avinda, Anny Widiasmara, Nik Amah

Abstract


The ability of companies to manage intellectual resources and ownership structures is one of the factors associated with improving firm performance and achieving sustainable competitive advantages. This study aims to analyze the effect of intellectual capital (IC) and managerial


ownership structure (SKM) on firm performance (KP) with the Investment Opportunity Set (IOS) as a moderating variable in banking companies listed on the Indonesia Stock Exchange (IDX). This study uses a quantitative approach with secondary data obtained from the official IDX website and the respective companies’ official websites. The population consists of banking companies listed on the IDX during the 2021–2025 period. The sample was determined using purposive sampling based on predetermined criteria, resulting in 162 observations used in the analysis. Data analysis was conducted using multiple linear regression analysis and Moderated Regression Analysis (MRA) with the assistance of IBM SPSS Statistics. The results show that intellectual capital has a positive and significant effect on firm performance, while managerial ownership structure does not have a significant effect on firm performance. The Investment Opportunity Set (IOS) does not moderate the effect of intellectual capital on firm performance, but it is able to moderate the effect of managerial ownership structure on firm performance.

Keywords: Intellectual Capital, Managerial Ownership Structure, Firm Performance, Investment Opportunity Set, Banking Companies.


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