The Effect Of Intellectual Capital On Stock Price With Profitability As An Intervening Variable

Zilnie Khoerul Bariyyah, Agung Praptapa, Negina Kencono Putri

Abstract


This study aims to determine and analyze the effect of Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA) on stock prices with profitability (ROE) as an intervening variable in banking companies register in Bursa Indonesia Securities in 2020 and 2021. The type of data used is secondary data in the form of financial statements of each company. The data analyzed using regression with balanced data. The sample size used in this study is 58. The sampling technique used in this study is purposive sampling. The results show that: (1) VACA has an effect on ROE. (2) VAHU has an effect on ROE. (3) Profitability can mediate the relationship between VACA and stock prices. (4) Profitability can mediate the relationship between VAHU and stock prices. (5) ROE affects stock prices. The implication of the conclusions in this study is that ROE has a positive effect on stock prices, proving that the higher the ROE the higher the stock price. VACA and VAHU have an effect on ROE, proving that the costs sacrificed for working capital and human capital will have a positive effect on ROE. ROE is able to be a variable mediating the relationship between VACA and VAHU on stock prices, proving that VACA and VAHU have an indirect effect on stock prices.

Keywords: VACA; VAHU; STVA; Return on Equity; Stock Price

 


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