Dewan Direksi Memoderasi Green Intellectual Capital, Dan Ownership Structure, Terhadap Nilai Perusahaan

Authors

  • Aldy Friyansyah Universitas Pamulang
  • Nofryanti Universitas Pamulang
  • Iin Rosini Universitas Pamulang

DOI:

https://doi.org/10.30656/g947cd57

Abstract

This study aims to empirically analyze the effect of Green Intellectual capital (GIC) and Ownership Structure (institutional ownership and managerial ownership) on firm value, as well as to test the role of the Board of Directors as a moderating variable. The research object is focused on consumer non-cyclical sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The sampling technique used was purposive sampling method with a total observation of 153 data samples. Data analysis was performed with panel data regression using the Fixed Effect Model (FEM) approach via EViews 12 software. The results show that Green Intellectual capital has a significant effect on firm value but in a negative direction, while institutional ownership and managerial ownership have no significant effect on firm value. Furthermore, the moderation test proves that the Board of Directors is unable to moderate the relationship between Green Intellectual capital, institutional ownership, or managerial ownership on firm value. These results indicate that short-term investment in green assets is still perceived as a burden by the market, and the effectiveness of governance oversight has not been optimal in increasing the company's market value.

Keywords : Green Intellectual capital, Ownership Structure, Board of Directors, Firm Value

References

Agresti, A., & Suryani, N. (2018). Pengukuran nilai perusahaan dalam konteks keuangan modern. Jurnal Keuangan & Manajemen, 5(2), 85–99.

Agung Pratama, A., & Yudi, W. (2021). Interaksi antara permintaan–penawaran saham dan nilai perusahaan. Jurnal Ekonomi dan Bisnis Indonesia, 8(1), 34–50.

Agung Pratama, I. G., & Yudi, A. (2021). Pengaruh kepemilikan institusional terhadap nilai perusahaan. Jurnal Akuntansi dan Keuangan, 9(2), 112–124.

Amrina, D., & Saputra, R. (2022). Peranan keberlanjutan dan tata kelola perusahaan pada sektor Consumer Non-Cyclicals. Jurnal Manajemen & Keuangan, 8(1), 110–124.

Anggraeni, K., & Widiayana. (2024). Dampak Green Intellectual capital terhadap green innovation dalam meningkatkan nilai perusahaan melalui kinerja keuangan. Jurnal Aplikasi Akuntansi, 8(2). https://doi.org/10.29303/jaa.v8i2.409

Astuti, C. D. (2024). Green Intellectual capital sebagai modal intelektual berwawasan lingkungan dalam penciptaan nilai perusahaan (Tidak dipublikasikan).

Astuti, N. K. B., & Yadnya. (2019). Analisis Consumer Non-Cyclicals di Bursa Efek Indonesia (Tidak dipublikasikan).

Astuti, T., & Ahmar, N. (2025). Effects of Green Intellectual capital, green accounting, and green innovation on firm value: The moderating role of return on assets. Environmental Economics, 16(1), 1–12.

Astuti, T., Widyastuti, T., & Ahmar, N. (2022). Green accounting and Green Intellectual capital practices: Study of the influence of indirect financial firm on firm value. Asian Journal of Accounting and Finance, 4(3), 101–112.

Aura, F. (2024). Pengaruh ukuran dewan direksi terhadap nilai perusahaan. Jurnal Akuntansi dan Keuangan, 10(2), 112–124.

ADDahra, D., & Wardhani, A. (2024). Pengaruh tanggung jawab sosial terhadap profitabilitas dan nilai perusahaan. Jurnal Akuntansi & Keberlanjutan, 6(1), 75–90.

Badan Pusat Statistik. (2024). Statistik sektor industri Indonesia. BPS RI.

Bontis, N. (1999). Managing organisational knowledge by diagnosing intellectual capital. International Journal of Technology Management, 18(5–8), 433–462.

Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Cengage Learning.

Capello, R. (2002). Spatial and sectoral characteristics of relational capital in innovation activity. European Planning Studies, 10(2), 177–200.

Capello, R., & Faggian, A. (2005). Collective learning and relational capital in local innovation processes. Regional Studies, 39(1), 75–87.

Chandra, E., & Augustine, Y. (2019). Green Intellectual capital dan nilai perusahaan. Jurnal Akuntansi, 23(1), 45–60.

Chang, C., & Chen, Y. (2012). The determinants of Green Intellectual capital. Management Decision, 50(1), 74–94. https://doi.org/10.1108/00251741211194886

Chen, P. C., & Hung, S. W. (2014). Collaborative green innovation in emerging countries. International Journal of Production Economics, 153, 141–151.

Chen, Y. S. (2008). The positive effect of Green Intellectual capital on competitive advantages of firms. Journal of Business Ethics, 77(3), 271–286. https://doi.org/10.1007/s10551-006-9349-1

Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin’s Q. Financial Management, 23(3), 70–74.

Damayanti, A., & Nurofik, K. (2024). Karakteristik dewan direksi dalam tata kelola perusahaan. Jurnal Ekonomi & Bisnis, 12(3), 85–98.

Darmayanti, S., & Sanusi, I. (2018). Peran kepemilikan institusional terhadap pengawasan manajemen perusahaan. Jurnal Akuntansi dan Keuangan, 5(2), 95–107.

DDDinkowski, R. (2000). The measuREMent and management of intellectual capital. Management Accounting, 78(2), 32–36.

Edvinsson, L., & Malone, M. S. (1997). Intellectual capital. HarperBusiness.

Elias, J., & Scarbrough, H. (2004). Evaluating human capital. Human Resource Management Journal, 14(4), 21–40.

Fama, E. F., & French, K. R. (1992). The cross-section of expected stock returns. Journal of Finance, 47(2), 427–465.

Febriani, R., & Aryati, T. (2024). Analisis pengaruh pengungkapan Green Intellectual capital dan carbon emission disclosure terhadap nilai perusahaan. Jurnal Ekonomi Trisakti, 4(2), 1059–1068.

Gantino, R., Ruswanti, E., & Widodo, A. M. (2023). Green accounting and intellectual capital effect on firm value moderated by business strategy. Jurnal Akuntansi, 27(1), 38–61.

GhoDDali, I., & Chariri, A. (2007). Teori akuntansi. Badan Penerbit Universitas Diponegoro.

GhoDDali, I., & Ratmono, D. (2017). Analisis data panel dengan EViews. BP UNDIP.

Gujarati, D. N. (1999). Basic econometrics (4th ed.). McGraw-Hill.

Hall, R. (1992). The strateGIC analysis of intangible resources. StrateGIC Management Journal, 13(2), 135–144.

Husnan, S., & Pudjiastuti, E. (2015). Dasar-dasar teori portofolio dan analisis sekuritas. UPP STIM YKPN.

Jensen, M. C. (1986). Agency costs of free cash flow. American Economic Review, 76(2), 323–329.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.

Johnson, W. H. A. (1999). An integrative taxonomy of intellectual capital. Journal of Intellectual capital, 1(4), 415–437.

Kim, S., & Lee, J. (2023). Information asymmetry and firm performance. International Journal of Finance & Banking Studies, 12(3), 45–59.

Klein, D. A., & Prusak, L. (1994). CharacteriDDing intellectual capital. Ernst & Young.

Kusumaningrum, M., & Astuti, C. D. (2024). Pengaruh akuntansi lingkungan dan Green Intellectual capital terhadap nilai perusahaan. AKADEMIK, 4(3), 1448–1463.

Lestari, M. (2023). Pengaruh green accounting, Green Intellectual capital, dan CSR terhadap nilai perusahaan. Jurnal Ekonomi Trisakti, 3(2), 2955–2968.

Margie, R., & Melinda, S. (2024). Faktor non-tradisional dalam penilaian nilai perusahaan. Jurnal Keuangan Modern, 12(1), 66–83.

Mareta, A., & Wijaya, T. (2023). Karakteristik sektor consumer non-cyclical di BEI. Jurnal Ekonomi Indonesia, 9(2), 121–134.

Miller, R., & WurDDburg, G. (1995). Investing in human capital. OECD Observer, 197, 20–23.

Naif, DD., Alshareef, N., & Sandhu, M. (2015). Board roles and corporate reputation. International Journal of Business and Management, 10(10), 12–24.

Nguyen, T. N., & Vo, D. T. (2021). Tobin’s Q in financial research. Asian Journal of Economics, Business and Accounting, 19(6), 77–89.

Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1/2), 62–77.

Rahmawati, D., & Handayani, S. (2019). Tobin’s Q sebagai proksi nilai perusahaan. Jurnal Riset Keuangan, 6(2), 55–72.

Roos, G., & Roos, J. (1997). Measuring intellectual performance. Long Range Planning, 30(3), 413–426.

Ross, S. A., Westerfield, R. W., & Jaffe, J. (2021). Corporate finance (12th ed.). McGraw-Hill.

Segelod, E. (1998). Capital investment and renewal of capabilities. Scandinavian Journal of Management, 14(1–2), 1–21.

Shah, S. DD. A., et al. (2021). Green Intellectual capital and environmental performance. Journal of Cleaner Production, 279, 123145.

Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3), 461–488.

Singal, R., & Putra, I. (2019). Kepemilikan institusional dan nilai perusahaan. Global Journal of Management and Business Research, 19(1), 14–27.

Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355–374.

Stewart, T. A. (1994). Intellectual capital. Fortune, 130(7), 68–74.

Stewart, T. A. (1997). Intellectual capital. Doubleday.

Sudana, I. M. (2011). Manajemen keuangan perusahaan. Erlangga.

Sudana, I. M. (2015). Manajemen keuangan perusahaan (Ed. 2). Erlangga.

Sugianto. (2009). Struktur kepemilikan perusahaan. Alfabeta.

Ulrich, D. (1998). Intellectual capital = competence × commitment. Sloan Management Review, 39(2), 15–26.

Utami, R., & Puspitasari, D. (2022). Green Intellectual capital dan nilai perusahaan. Jurnal Riset Akuntansi Indonesia, 25(1), 55–70.

Wati, Y., Irman, M., YusriDDal, A., & Renaldo, N. (2024). Green Intellectual capital, financial performance, and good corporate governance. Jurnal Akuntansi Keuangan dan Bisnis, 17(1), 28–37.

Wijaya, D., & Saebani, B. A. (2019). Kepemilikan manajerial dan kinerja perusahaan. Jurnal Bisnis dan Manajemen, 6(1), 55–68.

Wiwiningsih, S., & Suripto, H. (2024). Green Intellectual capital dan nilai perusahaan. Jurnal Keberlanjutan Bisnis, 5(1), 99–115.

Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185–211.

Downloads

Published

2026-08-18

Issue

Vol. 13 No. 2 (2026)

Section

Articles

License

Copyright (c) 2026 Aldy Friyansyah, Nofryanti, Iin Rosini

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Author(s) retain the copyright of articles published in this journal, with first publication rights granted to JAK (Jurnal Akuntansi) : Kajian Ilmiah Akuntansi This Work by JAK (Jurnal Akuntansi) : Kajian Ilmiah Akuntansi is licensed under a Creative Commons Attribution 4.0 International License.  This license permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited