Pengaruh Struktur Modal dan Modal Intelektual Terhadap Kinerja Perusahaan Dimoderasi Corporate Governance

Abstract

This paper analyzed of capital structure and intellectual capital on finance performance in Indonesia and the relationship between intellectual capital and financial performance moderated by corporate governance mechanism. Using a sample of 18 corporates in Jakarta Islamic Index (JII) for the period between 2016 and 2019. The findings suggested that capital structure as measured by leverage has a negative influence on financial performance, intellectual capital as measured by the value added intellectual coefficient (VAIC) has a positive influence on financial performance. Furthermore, the results find that the independent board of commissioners are able to strengthen the relationship between intellectual capital and financial performance, while institutional ownership weakness the relationships. This strengthens the agency theory that a good corporate governance mechanism can resolve agency conflicts so that it affects the financial performance.