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1145
INFLUENCE OF INTELLECTUAL CAPITAL AND CSR DISCLOSURE
ON COMPANY VALUE WITH FOREIGN OWNERSHIP STRUCTURE AS
MODERATING VARIABLES
Agus Ismaya Hasanudin, Morlia Hindriani, Iis Ismawati
Department of Accounting, Faculty of Economics and Business
Sultan Ageng Tirtayasa University
1, 2, 3
Email : Ismayaagus@untirta.ac.id, morliahindriani@gmail.com, iisismawati@gmail.com
ARTICLE INFO
ABSTRACT
Date received : 02 Juni 2022
Revision date : 15 June 2022
Date Approved : 25 June 2022
This study aims to determine the influence of intellectual
capital and disclosure of corporate social responsibility on the
value of companies with foreign ownership structures as
moderation variables. The object of research used is all
manufacturing companies listed on the Indonesia Stock
Exchange (IDX) in 2018-2020. This research is a type of
quantitative research with secondary data based on the
company's annual report obtained from the official website of
the Indonesia Stock Exchange. Data processing using the SPSS
25 application program with multiple linear regression and
moderated regression analysis (MRA) research models. The
results showed that intellectual capital negatively affects
company value and CSR disclosure has a significant positive
effect on company value, while foreign ownership structures
are not able to moderate the influence of intellectual capital
and CSR disclosures on company value.
Keywords: Intellectual
capital, CSR disclosure, foreign
ownership structure, company
value.
This work is licensed under CC BY-SA 4.0
INTRODUCTION
In creating company value, it does not only focus on profit, but also on the welfare
of the company's
stakeholders
. Company value is the selling value that investors are
willing to pay in the form of a business that goes hand in hand with the development of
the company (Azhar, 2018). According to investors, information about the value of the
company is needed in making investment decisions, it can help investors know and
consider which stocks have good growth and performance (Brigham & Houston, 2021).
The greater the share price, the greater the chances of shareholder prosperity (Theresia
Dwi Hastuti & Imam Ghozali, 2015).
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Reporting in
the katadata.co.id
, there is a phenomenon of declining share prices
in several manufacturing companies including PT Astra Internasional Tbk (ASII) which
decreased by 2.61% to IDR 6,800 per share, PT Gudang Garam Tbk (GGRM) fell 6.99%
to IDR 40,925 per share, H. M. Sampoerna Tbk (HMSP) fell 2.3% to IDR 2,800 per share
(Hapsari et al., 2020).
It is important for companies to be able to have an advantage in competing in the
current era of global competition, and
intellectual capital
can be an advantage in creating
company added value (Nuryaman, 2015). Based on these conditions, the company is also
not only required to increase
hard capital
, but also
soft capital
, so that the company can
have better competitiveness and advantages and be different from other companies. One
element of intellectual capital is human capital, where in companies there are still
obstacles, one of which is
skill
towards financial incentives
(Alipour, 2011). Bahana
Sekuritas analyst Giovanni Dustin gave a buy recommendation for the shares of PT
Unilever Indonesia Tbk (UNVR) with a target price per share of IDR 52,000 because it
has a variety of products, Unilever is a
market leader
and has a global brand, for the
personal care
segment which has a fairly fierce competition intensity in the last 5 years,
and Unilever is increasingly active in issuing new products so that it can compete in order
to maintain
market share
(Wareza, 2019; Wergiyanto, 2016).
The
company's intellectual capital
capacity is able to increase investor confidence,
thus having an impact on increasing the value of the company. In reality, the average
level of
intellectual capital
of companies in Indonesia is still quite low, which is only 47.1%
(Naimah & Mukti, 2019). According to (Pangestika, 2010), it is a good thing for companies
that are trying to maximize their resources so that they are able to provide added value
to the company and increase the company's value in the capital market.
The number of renewals in business activities has an influence on the social and
environment around the company, therefore the company is also required to have
corporate social and environmental responsibility which has been regulated by the
government in Law Number 40 of 2007 concerning Limited Liability Companies (PT)
regarding the company's obligation to carry out corporate social responsibility or known
as
Corporate Social Responsibility
(CSR). Law Number 40 of 2007 is also mentioned in
article 66 paragraph 2 which regulates the obligation to report on the company's social
and environmental responsibility in its annual
report
. According to(Seok et al., 2020),
company managers can benefit from not only carrying out CSR activities but also through
the widespread publication of their reports. CSR reports can be helpful in raising
awareness of public interest in the company.
Information in the company's annual report based on social and environmental is
one of the indicators that foreign investors have recently paid attention to. According to
(Dvořák, 2005), companies with high ownership of foreign institution type investors can
Influence Of Intellectual Capital And CSR Disclosure On Company Value With Foreign Ownership
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have an effect on company policies and improve company performance. This influence
shows the superior ability possessed by foreign institutional investors in determining and
influencing the performance of company management. This makes multinational
companies begin to change company behavior in conducting operations in order to
maintain the value and reputation of the company (Fauzi, 2006).
There are variations in the research results obtained by previous researchers in
showing the relationship between one study and another, where
intellectual capital
and
CSR disclosure with foreign ownership as a moderation variable are believed to have an
influence on company value. (Nguyen & Doan, 2020), in their research provide research
results on the existence of a positive influence between
intellectual capital
and company
value. This research was also supported by the research results of (Isvara, 2018)and
Robiyanto, Putra, & Lako (2020). In contrast to the results of research conducted by
(Kurniawan et al., 2020) which gave the results of research that
intellectual capital
negatively affects the value of the company.
Then in a study conducted by (Seok et al., 2020) it was stated that CSR reports
have a positive influence on company value. The results of this study are in line with
research conducted by (Narsa, 2017) and (Machmuddah et al., 2020) which also stated
that CSR disclosure has a positive effect on company value. Meanwhile, there are
differences with research conducted by Stiaji, Dianam & Afifudin (2017) and (Apriyani,
2018) which obtained research results that CSR disclosure negatively affects company
value.
The existence of differences in influence and inconsistency in each variable on
company value motivates researchers to conduct re-research on the role of
intellectual
capital
and CSR disclosure of company value. These considerations underlie the
researchers to conduct research again by combining variables related to adding the
structure of foreign ownership as a moderation variable to find out whether there is an
influence between
intellectual capital
and CSR disclosure with the structure of foreign
ownership as a moderation variable.
METHOD
This research is a type of quantitative research that is carried out based on certain
populations and samples that aims to test the hypotheses that have been formulated.
The data used in this report is data derived from the
annual report
of manufacturing
companies listed on the Indonesia Stock Exchange (IDX) for the 2018-2020 period.
Operational Definition and Variable Measurement
Company Values
Company value is an investor's perception of the company's success rate related
to stock prices (Sujoko & Soebiantoro, 2007). If there is an increase in the company's
share price, the company's value will also increase which can have an impact on the
Influence Of Intellectual Capital And CSR Disclosure On Company Value With Foreign Ownership
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welfare of shareholders (Febrianti, 2012). In measuring the value of the company, the
Tobin's Q ratio is used which reflects the value of the company based on the market
perspective, especially the investor perspective (Wolfe & Sauaia, 2005). If the value of
Tobin's Q is less than one, it is considered that the company is
undervalued
or the value
of the company in the market is less than its book value, and if the value of Tobin's Q is
more than one, then it can be considered that the company is overvalued or the value of
the company in the market is greater than its book value (xxx,xx). Calculation using the
following formula:
Tobin
′
s Q =
MVE + D
TA
Information:
Tobin’s Q
: Company value
MVE
:
Market Value of Equity
. The number of shares outstanding is multiplied
by the share price at the end of the year
D
:
Debt
. Current liabilities are reduced by the current assets of the company
and supplemented by the book value of long-term debt.
HE
:
Total Assets
. The total book value of assets.
Intellectual Capital
Intellectual capital
is an intangible asset in the form of information and knowledge
resources that are useful in improving the competitiveness and performance of the
company. In this study using the (Pulic, 2000) with
intellectual capital
is interpreted as a
capital to increase
value added
and competitiveness of companies as measured using the
indicators Of Value added
Capital Employed (VACA),
Value added Human Capital
(VAHU),
and
Structural Capital Value added
(STVA). This method measures how far and how
efficient
intellectual capital is
in creating company value. According to (Ulum, 2013), This
approach is constructed from the accounts in the company's financial statements (balance
sheet, profit and loss), which are relatively easy and possible to do. The stages of vaic
calculation are formulated as follows:
1. Menghitung
Value Added
(VA)
𝑉𝐴 = 𝑂𝑢𝑡 − 𝐼𝑛
Vain
OUT
IN
2. Menghitung
Value added
Capital Employed (VACA)
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𝑉𝐴𝐶𝐴 =
VA
CE
COW
Vain
That
3. Menghitung
Value added Human Capital
(VAHU)
𝑉𝐴𝐻𝑈 =
VA
𝐻𝐶
FOAM
:
Value Added Human Capital
.
Vain
:
Value added
HC
:
Human Capital
invested (employee burden).
4. Menghitung
Structural Capital
Value Aded (STVA)
𝑆𝑇𝑉𝐴 =
SC
𝑉𝐴
STVA
Vain
SC
The results of ic performance calculations based on the VAIC model are classified into 4
categories based on the VAIC score of each company (Ulum, 2008), namely:
(1)
Top Performers
: VAIC score above 3
(2)
Good Performers
: VAIC score between 2.0 to 3.0
(3)
Common Performers
: VAIC score between 1.5 to 2.0
(4)
Bad Performers
: VAIC score below 1.5
CSR Disclosure
Companies that carry out CSR activities need to make disclosures that will later be
reported to company
stakeholders
. In this study, CSR disclosures used the Corporate
Social Responsibility Disclosure Index
(CSRDI) proxy with the GRI (Global Reporting
Initiatives) Standard that appeared in 2016. Measurements using GRI
Standards
indicators
as many as 77 specific topics (Narayana & Wirakusuma, 2021). Measurement
is carried out by providing a score of 1 if there is a disclosure according to the GRI
indicator and a score of 0 if there is no disclosure or disclosure that does not match the
GRI indicator (Wiyarna & Sudana, 2019). Next, the scores of each item are added up to
get the number of scores. The calculation formula for the CSR disclosure indicator is as
follows:
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𝐶𝑆𝑅𝐷𝑖𝑠 =
⅀𝑋𝑖
n
Information:
CSRDi
: Index of CSR
Disclosure
disclosures in companies.
⅀𝑋𝑖
: value 1 if the item is disclosed and the value is 0 if the item is not
disclosed.
n
: The number of CSR disclosure criteria for the company, n ≤ 77 or the
total items disclosed by the company.
Foreign Ownership Structure
This study uses moderation variables, namely the structure of foreign ownership
which is measured based on the percentage of foreign investor ownership of total shares
outstanding with the following formula:
𝐹𝑜𝑟𝑒𝑖𝑔𝑛 𝑂𝑤𝑛𝑒𝑟𝑠ℎ𝑖𝑝 =
𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒 𝑜𝑓 𝑓𝑜𝑟𝑒𝑖𝑔𝑛 𝑜𝑤𝑛𝑒𝑟𝑠ℎ𝑖𝑝
𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔
𝑋 100%
Total foreign ownership is the source of the percentage owned by foreign parties
at the end of the year While the total shares outstanding are calculated by adding up all
the shares owned by the company at the end of the year.
Data Collection Methods
The data used in this study is secondary data derived from the annual report of
manufaktu companies listed on the Indonesia Stock Exchange (IDX). The data was
obtained from the official website of the IDX, namely www.idx.co.id the 2018-2020
period. As well as collecting data by conducting literature studies sourced from books and
scientific articles, as well as official sites related to the variables studied.
Data Analysis Techniques
The data analysis method used in this study is a statistical analysis method using
SPSS 25 software. This study also tested classical assumptions followed by testing the
hypothesis of each variable
RESULT AND DISCUSSION
Overview of Research Objects
The data used in this study is secondary data derived from the annual report of
manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2018-
2020 period. The company's annual report and share price come from the official
WEBSITE of the IDX www.idx.co.id and the company's website. Data collection is carried
Influence Of Intellectual Capital And CSR Disclosure On Company Value With Foreign Ownership
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out through literature studies derived from scientific articles or books, as well as through
the official internet website of the company that is the object of research.
Description of Research Samples
The population sampled by the study were manufacturing companies listed on the
Indonesia Stock Exchange successively during 2018-2020. The following criteria were
used in the sampling of the study:
Table1.
Sample Selection Process
Criterion
Sum
Manufacturing companies that are actively listed on
the Indonesia Stock Exchange during 2018-2020
180
Manufacturing companies that did not publish a full
annual report during 2018-2020
(24)
Manufacturing companies that have a minimum
percentage of foreign share ownership of 20%
(81)
Manufacturing companies that do not have complete
data in this study
(36)
Number of samples that meet the criteria
39
Number of samples for 2018-2020
117
Number of
outliers
24
Number of samples after
outlier
93
Source: Data processed by researchers, 2022.
Based on the results of table 1 above, an initial total of 180 manufacturing
companies listed on the IDX were obtained during the 2018-2020 periose. The total
sample for 2018-2020 was 117, with 24 outlier data in it. So that the final data used as
a sample in this study was 93 data after issuing outlier data.
Descriptive Statistical Analysis
Table2. Descriptive Statistical Analysis Results
Variable
N
Minimu
m
Maximum
Mean
Std. Deviation
TobinsQ
93
0,31
2,69
1,1970
0,48506
VAIC
93
-1,25
8,58
2,0760
1,46011
CSRDi
93
0,05
0,55
0,2166
0,11555
FO
93
0,22
1,00
0,6565
0,21755
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Source: Data obtained by SPSS 25, 2022.
Based on the table of descriptive statistical test results above, it can be seen that
the company value variable has a minimum value of 0.31 owned by PT Indofood CBP
Sukses Makmur Tbk. in 2019. The maximum value of 2.69 is owned by the company PT
Indocement Tunggal Prakarsa Tbk. in 2019. The
mean
value is 1.1970 or 1.2% with a
standard deviation of 0.48506.
The
intellectual capital
variable has a minimum value of -1.25 owned by PT Lionmesh
Prima Tbk. in 2019. The maximum value was 8.58 by PT Central Proteina Prima Tbk. in
2018. The
mean
value is 2.0760 or 2.08 with a standard deviation of 2.49813.
The CSR disclosure variable has a minimum value of 0.05 owned by PT Bumi
Teknokultura Unggul Tbk. in 2019, PT Lion Metal Works Tbk. in 2018, and PT Bentoel
Internasional Investama Tbk. in 2018. The maximum value of 0.55 is owned by PT
Indocement Tunggal Prakarsa Tbk. in 2020. The
mean
value is 0.2166 with a standard
deviation of 0.11555.
The foreign ownership variable has a minimum value of 0.22 owned by PT Surya Toto
Indonesia Tbk. in 2019. The maximum value of 1.00 is owned by PT Citra Tubindo Tbk.
in 2019 and 2020 and PT Bentoel International investama Tbk. in 2018, 2019, and 2020.
The
mean
value is 0.6565 with a standard deviation value of 0.21755.
Test of Classical Assumptions
Normality Test
Table3. Normality Test Results
Unstandardized
Residual
Information
N
93
Asymp. Sig (2-
tailed)
0,200
Normal distributed
data
Source: Data obtained by SPSS 25, 2022.
Based on table 3, shows the results of the normality test using the
Kolmogorov-
Smirnov One-sample
statistical test with
the asymp value. The sig (2-tailed)
is 0.200
which is 0.200 > α 0.05. Then it can be concluded that the distributed data is normal.
In addition, the normality test can also be detected by looking at the normal P-
Plot image below:
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Figure 1. Normal P-Plot
Based on figure 1, it can be seen that the normal image of P-Plot shows a normal
distribution pattern, it meets the assumption of normality (Ghozali, 2018).
Multicholinearity Test
Table4. Multicholinearity Test Results
Variable
Tolerance
Bright
Information
VAIC
0,892
1,121
No
multicholinearity
occurs
CSRDi
0,941
1,062
FO
0,891
1,122
Source: Data obtained by SPSS 25, 2022.
Based on table 4, it is known that the VIF value in
the intellectual capital
variable
is 1.121, the CSR disclosure variable is 1.062, and the foreign ownership structure
variable is 1.122. If the VIF value is between the values of 1-10, then the data is declared
free of symptoms of multicholinearity. In addition, the
tolerance
value of the intellectual
capital variable is 0.892, the disclosure of CRS is 0.941, and the foreign ownership
structure is 0.891. If each variable obtains a
tolerance
value > 0.10, then the data can
be categorized to avoid the symptoms of multicholinearity.
Autocorrelation Test
Table5. Autocorrelation Test Results
Model
R
R
Square
Adjust
R
Square
Std.
Error of
the
Estimate
Durbin-
Watson
1
0,347
0,120
0,091
0,46251
1,964
Source: Data obtained by SPSS 25, 2022.
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Based on table 5, the autocorrelation decision criteria, it is known that
the Durbin-
Watson
value (d) is 1.964, the dL criterion value is 1.6188, the dU is 1.7066, the 4-dU
value (4-1.7066) is 2.2934, and the 4-dL value (4-1.6188) is 2.3812. If the d value is
located between the dU assessment < d < 4-dU or 1.7066< 1.964 <2.2934, then it can
be concluded that there was no autocorrelation in this study.
Heteroskedasticity Test
Figure 2. Heteroskedasticity Test Results
Based on figure 2, one way to detect the presence or absence of
hetereoskedasticity is to look at a plot graph between the predicted value of the bound
variable (SRESID) and its residual value (ZPRED). If the points in the figure do not form
a clear pattern and spread both in the upper and lower positions of the number 0 on the
Y axis, then it can be concluded that there is no heteroskedasticity. In figure 2 above
illustrates the non-occurrence of heteroskedasticity.
Data Processing Results
Coefficient of determination test
Table 6. Coefficient of Determination Test Results
Model
R
R Square
Adj. R
Square
Std. Error
of the
Estimate
1
0,338
0,114
0,095
0,46154
2
0,357
0,127
0,077
0,46595
Source: Spss 25, 2022 Processed Data
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Based on table 6 above, it shows that the value of
Adj. R square
is 0.095 or equal
to 9.5%, which means that independent variables in the form of
intellectual capital
and
CSR disclosures affect the value of the company by 9.5%, while the remaining 90.5% is
influenced by other variables that were not studied in this study. Meanwhile, in model II,
it can be seen that the
Adjusted R Square
value of 0.077 or equal to 7.7%, which means
that independent variables in the form of
intellectual capital
and CSR disclosures affect
the company's value by 7.7%, while the remaining 92.3% is influenced by other variables
that were not studied in this study. With
Std. Error of the Estimate
(SEE) in model 1 of
0.46154 and model 2 of 0.46595, where the smaller the SEE value will make the
regression model more precise in predicting the dependent variable, namely the value of
the company with its independent variable.
Simultaneous Test (F Test)
Table 7. F Test Results
Model
F
Itself.
1
5,808
0,004
a. Dependent variable: TobinsQ
b. Predictors: (Constant), VAIC, CSRDi
2
2,540
,034
a. Depend: TobinsQ
b. Predictors: (Constant), VAIC, CSRDi, FO, MVAIC, MCSRDi
Source: Spss 25, 2022 processed data.
Based on table 7 above, in model 1, a
calculated
F value of 5.808 is obtained,
and a
table
F of 3.945 with a significance value of 0.034 is obtained. F
calculates
> F
table
with a sig. value of < 0.05 (5%), so it can be concluded that model 1 is feasible
for use in research and simultaneously independent variables of
intellectual capital
and CSR disclosure have a significant effect on the dependent variables of
company value. Meanwhile, in model 2 of the table above, it is known that the
calculated F value is 2.540 and the
table
F is 2.474 with a sig value. 0.034. Fcount
< Ftable with a sig value. < 0.05 (5%), so it can be concluded that model 2 is
feasible to be used in research and simultaneously independent intellectual
capital
variables
and CSR disclosures have a significant effect on the dependent variables
of company value.
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Partial test (T test)
Table 8. Test Results t
Variable
VAIC
CSRD
FO
MVAIC
MCSRDi
Mode
l 1
t
-1,746
3,149
Itself
.
0,084
0,002
Ket.
Insignifican
t
Significant
Mode
l 2
t
0,164
0,188
0,621
-0.621
0,639
Itself
.
0,870
0,886
0,851
0,536
0,525
Ket.
Insignifican
t
Insignifican
t
Insignifican
t
Insignifican
t
Insignifican
t
Source: Spss 25, 2022 processed data.
Based on table 8 above it can be concluded that:
1. In model 1,
the intellectual capital
(VAIC) variable is 0.084 > 0.05 and the calculated
t value is -1.746 < t
table
is 1.98667 at a degree of confidence of 0.05 (5%). So it can
be concluded that
intellectual capital
does not affect the value of the company
(TobinsQ) partially. Thus it can be argued that H
1
is rejected.
2. In model 1, the CSR disclosure variable (CSRDi) has a significance value of 0.002 >
0.05 and t
counts
3.149 > t
table
1.98667 at a 5% degree of confidence. So it can be
concluded that the disclosure of CSR has a significant positive effect on the value of
the company. Thus it can be said that H
2
is accepted.
3. In model 2 in the table above,
the intellectual
variable (MVAIC) which is thought to
be able to be moderated by the foreign ownership structure variable (FO) has a
significance value of 0.536 > 0.05 with a t
count
of -0.621 < t table 1.98761, it can
be concluded that the foreign ownership structure cannot moderate the influence
of
intellectual capital capital
to the value of the company. Thus it can be said that
H
3
is rejected.
4. In model 2, the CSR disclosure variable (MCSRDi) that is allegedly capable of being
moderated by foreign ownership structures has a significance value of 0.639 > 0.05
with a
calculated
t value of 0.525 < t
table
1.98761, so it can be concluded that the
foreign ownership structure cannot moderate the effect of CSR disclosure on the
value of the company. Thus it can be said that H
4
is rejected.
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Moderated Regression Analysis
Regression analysis in this study uses two models, namely multiple regression
analysis and
moderated regression analysis
with the intention of testing the influence of
independent variables on dependent variables by including moderation variables.
Statistical analysis using SPSS version 25. The results of multiple regression analysis with
MRA on models 1 and 2 can be seen in the following table:
Table 9. Model 1 MRA Test
Variable
Unstandardized
Coefficients
t
Itself.
B
Std. Error
(Constant)
1,031
0,116
8,854
0,000
VAIC
-0,058
0,033
-1,746
0,084
CSRDi
1,326
0,421
3,149
0,002
Source: Data obtained by SPSS 25, 2022.
Based on table 4.10, namely the results of the multiple regression analysis test, it
can be formulated as follows:
TobinsQ = 1.031 - 0.058 VAIC + 1.326 CSRDi + e
1. A constant value of 1,031 indicates that if there is no increase or decrease of the
intellectual capital (VAIC) variable and csr
disclosure (
CSR
Di) it is stated that it is
constant at zero, then the company value is 1,031.
2. The value of the regression coefficient for
the intellectual capital
variable (X1) is -
0.058. The value indicates a negative influence (in the opposite direction) between
the
intellectual capital variable and
the value of the company. This means that if the value
of
intellectual capital
increases by 1% then on the contrary, the variable value of the
company decreases by -0.058. Assuming that other variables remain constant.
3. The value of the regression coefficient for the
CSR
disclosure variable (X2) is 1.326.
The value shows a positive influence between the CSR disclosure variable
and the
company's value. This means that if the value
of intellectual capital
increases by 1%
then the variable value of the company increases by 1,326. A positive sign indicates a
unidirectional influence between independent and dependent variables.
Table 10. Mra Test Model 2
Variable
Unstandardized
Coefficients
t
Itself.
Influence Of Intellectual Capital And CSR Disclosure On Company Value With Foreign Ownership
Structure As Moderating Variables
Indonesian Journal of Multidisciplinary Science
, Theft 1 (9), June 2022
1158
B
Std. Error
(Constant)
0,976
0,396
2,468
0,016
VAIC
0,018
0,110
0,164
0,870
CSRDi
0,236
1,644
0,144
0,886
FO
0,107
0,571
0,188
0,851
MVAIC
-0,110
0,177
-0,621
0,536
MCSRDi
1,383
2,165
0,639
0,525
Source: Data obtained by SPSS 25, 2022.
Based on table 4.11 above, the results of the multiple regression analysis test, can
be formulated as follows:
TobinsQ = 0.976 - 0.018 VAIC + 0.236 CSRDi + 0.107 FO - 0.110 MVAIC + 1.383
MCSRDi + e
1. A constant value of 0.976 indicates that if there is no increase or decrease from the
intellectual capital (VAIC) variable and
the disclosure of
CSR
(
CSR
Di) and the
interaction between foreign ownership (
Foreign Ownership
) as a moderation variable
declared constant at zero, then the company value is 0.976.
2. The value of the regression coefficient for the inetaction variable between
intellectual
capital
and foreign ownership (MVAIC) is -0.110, meaning that any increase in
interaction between
intellectual capital
and foreign ownership (MVAIC) by 1% will
reduce the company value by -0.110.
3. The value of the regression coefficient for interactions between
CSR
disclosures and
foreign ownership (M
CSR
Di) is 1,383, meaning that any increase in interaction
between
CSR
disclosures and foreign ownership (
CSR
Di) by 1% will increase the
company value by 1,383.
Discussion
The Effect of
Intellectual Capital
on Company Value
According to the theory of
stakeholders
, all company activities aim at
value
creation
. One of the advantages of
intellectual capital
is that it is one of the tools in
determining the value of a company (Edvinsson & Malone, 1997). This shows that
intellectual capital
has a negative effect on the value of the company. Pthere is no such
study as to indicate the existence of a market that gives a higher assessment of
companies with good
intellectual capital
. This indicates that investors who invest in
manufacturing companies have not paid attention to
intellectual capital
factors but are
still prioritizing fundamental factors such as financial performance which describes the
company's financial position. So that
the intellectual capital
owned by the company
Influence Of Intellectual Capital And CSR Disclosure On Company Value With Foreign Ownership
Structure As Moderating Variables
Indonesian Journal of Multidisciplinary Science
, Theft 1 (9), June 2022
1159
cannot be a guarantee to be able to increase the value of the company. Hasil this research
is in line with research conducted by (Kurniawan et al., 2020), Yudik & Nining (2016)
which shows that
intellectual capital
has a negative influence on company value.
The Effect of CSR Disclosure on Company Value
Corporate Social Responsibility
(CSR) is a form of corporate responsibility for social
and environmental problems that occur due to the company's operational activities so
that the company is able to grow sustainably (Ramona, 2017). This shows that CSR
disclosures have proven to have a significant positive influence on the company's value.
This indicates that one of the reasons why CSR disclosure can encourage a company's
reputation is
the mandatory
that regulates the obligations for limited liability companies
in carrying out corporate social responsibility contained in Law Number 40 of 2007 and
the obligation to report on these activities in the company's annual report in article 66
paragraph 2.
Company
stakeholders will give appreciation and positive response to
companies that carry out their social and environmental responsibility obligations properly
and optimally. These results are in line with research conducted by (Wirawan et al., 2020)
which said that CSR disclosure has a significant positive effect on company value.
Foreign Ownership Structure Moderates The Influence of
Intellectual Capital
on Company Value
Based on
the theory of stakeholders
, the main goal of
stakeholders
to be able to
assist company management in creating added value as a result of the company's
activities and minimizing losses may be obtained. Value
creation
in this case is by utilizing
the potential of the company both in terms of
human capital, capital employed,
and
capital structure
. Good management of these three elements is expected to be able to
create added value for the company, which then encourages the company's performance
to achieve the welfare of
stakeholders
. This indicates that the higher the percentage of
foreign ownership in the company, the value of the company will decrease. The increasing
number of foreign ownership does not have an impact on increasing the value of the
company, but instead decreases the value of the company. There is a possibility that
foreign ownership will actually lead the company to a negative direction. This can be due
to the shift in the application of intellectual capital in the form of knowledge, expertise,
and technology from foreign parties that cannot be absorbed either by the company, so
that foreign ownership has not been able to become a driver of increasing the influence
of
intellectual capital
on company value. The results obtained by the researchers are in
line with research conducted by Dwiwijanarko (2019) which shows that the structure of
foreign ownership is not able to moderate the influence of
intellectual capital
on company
value.
Foreign Ownership Structure Moderates the Effect of CSR Disclosures on
Company Value
If the company has a foreign ownership structure in it, the company will be motivated
to disclose CSR activities where foreign parties are quite
concerned about
social and
environmental issues and how the company can be responsible for the impact of
Influence Of Intellectual Capital And CSR Disclosure On Company Value With Foreign Ownership
Structure As Moderating Variables
Indonesian Journal of Multidisciplinary Science
, Theft 1 (9), June 2022
1160
operational activities carried out by the company. This has certainly been a big concern
and long enough for companies abroad (Harahap, 2022). This shows that the foreign
ownership structure is unable to moderate the effect of CSR disclosure on the value of
the company. the passive control of foreign shareholders in a company in decision making
can be due to limited direct participation at the time of the General Meeting of
Shareholders (GMS). They also have no control and control over the company on a regular
basis because they cannot be physically present. The presence of foreign investors is
limited to obtaining a profit on the investments they make and paying little attention to
the social and environmental conditions around the company. They are more likely to be
interested in the rate of return on the shares they invest in the company. The results
obtained by the researchers are in line with research conducted by (Rahayu, 2018) which
shows that foreign ownership structures are not able to moderate the influence of CSR
disclosures on company values, in a positive direction.
CONCLUSION
This study
examines the influence of intellectual capital
and CSR disclosure on the
value of companies with foreign ownership structures as moderation variables. Based on
the results of research that has been carried out, it was found that
intellectual capital
has
a negative effect on companies, where intellectual capital has not been a more concern
for investors in considering investment in manufacturing companies. Meanwhile, CSR
disclosure can have a significant positive effect on the company's value because the more
complete reporting carried out by the company in
the annual report
on the company's
CSR activities can affect the trust of
stakeholders
which has an impact in building the
company's good image, so as to increase the value of the company's shares. In addition,
foreign ownership structures have proven incapable of moderating the influence of
intellectual capital
and CSR disclosures. Foreign ownership has not been able to
strengthen the influence of
intellectual capital
on company value because the transition
of intellectual capital from foreign parties to manufacturing companies cannot be
absorbed properly by companies so that it can hinder the realization of the goals and
interests of
stakeholders
. Meanwhile, in CSR disclosure, the foreign ownership structure
has also not been able to strengthen the effect of CSR disclosure on the value of the
company due to the limited orientation of foreign investors who only focus on the rate of
return on the shares they own, causing the participation of foreign investors who are not
optimal in providing control and control over the company, especially in the company's
CSR activities and reporting.
Influence Of Intellectual Capital And CSR Disclosure On Company Value With Foreign Ownership
Structure As Moderating Variables
Indonesian Journal of Multidisciplinary Science
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1161
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