Pengaruh Intellectual Capital (MVAIC) terhadap Financial Leverage pada Industri Telekomunikasi ASEAN yang Dimediasi oleh Firm Profitability

Abstract

Intellectual Capital (IC) plays a crucial role in enhancing a company's financial performance and influencing its organizational structure. This study aims to analyze the effect of intellectual capital efficiency (IC) on financial leverage, with firm profitability as a mediating variable. It further examines the impact of IC components-Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), Relational Capital Efficiency (RCE), and Capital Employed Efficiency (CEE)-on Debt to Asset Ratio (DAR) through Return on Assets (ROA). Firm size is included as a control variable in the model. This research employs a quantitative approach using secondary data from financial reports of publicly listed companies in ASEAN stock exchanges during the 2019-2023 period. The study applies panel regression analysis, involving 120 sample companies, and uses multiple linear regression with mediation analysis via the Sobel test technique. The results reveal that Intellectual Capital (MVAIC) has a positive effect on ROA, which in turn negatively affects DAR. Firm profitability is proven to mediate the relationship between Intellectual Capital and financial leverage. Among IC components, HCE and CEE show a significant positive impact on ROA, whereas SCE and RCE do not. Sobel test results indicate that only CEE significantly affects DAR through ROA, while the other components (SCE, HCE, and RCE) do not show a significant indirect effect on DAR via ROA. These findings support the Resource-Based Theory (RBT), suggesting that IC positively and significantly influences ROA; the Pecking Order Theory (POT), indicating that ROA negatively and significantly affects DAR; and the Stakeholder Theory, which highlights that effective IC management influences stakeholders decisions in providing external financing. The study underscores the importance of Intellectual Capital in enhancing financial performance and optimizing capital structure. The implication is that corporate management should place greater emphasis on the strategic management of Intellectual Capital to boost profitability and mitigate financial risks associated with debt.