Abstract

This study aimed to analyze how firm value is influenced by intellectual capital, with firm performance serving as the intermediary variable. The research sample consisted of 301 companies on the Indonesia Stock Exchange (IDX). Data analysis was performed by utilizing Structural Equation Modeling (SEM) with SmartPLS 3.0 software.

The research findings reveal that intellectual capital does not increase company value on the IDX, indicating that Value-Added Intellectual Coefficient (VAICTM) indirectly affects firm value.

Additionally, intellectual capital was found not to improve company performance, indicating that VAICTM is ineffective in boosting performance. The loading factor values for each CA proxy were: CA 0.872, HU 0.655, PBV 0.901, Tobin's Q 0.869, ROA 0.945, and ROE 0.976.

Company performance has the potential to boost firm value, implying that performance metrics such as Return on Equity, as well as Return on Assets, can contribute to increasing firm value. The study demonstrates that company performance does not serve as a mediator between firm value and intellectual capital in Indonesia. Therefore, companies should concentrate on other improvement areas, such as optimizing organizational culture management, leveraging technology, and strengthening business relationships or networks.

Keywords: Company performance, Intellectual capital, Company value.

How to Cite:

Rohim, A., Ramadhan, A. H., Sucipto, H. & Sandy, W. T., (2026) “Intellectual Capital’s Influence on Company Value with Company Performance as an Intermediary Variable: A Study of the Indonesia Stock Exchange (IDX)”, Australasian Accounting, Business and Finance Journal 20(1): 7, 104–118. doi: https://doi.org/10.14453/aabfj.v20i1.07