Saputro, Giovanni Denies (2026) Pengaruh Intellectual Capital, Good Corporate Governance, dan Struktur Modal terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening (Studi pada Perusahaan Subsektor Perbankan di BEI). Doctoral thesis, UPN Veteran Jawa Timur.
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Abstract
This study examines the effects of intellectual capital, corporate governance, and capital structure on the market valuation of 44 banking institutions on the Indonesia Stock Exchange (2022–2024), with profitability as a mediating variable. Using panel data regression and path analysis across 132 firm-year observations, the results show that capital structure is the only variable with a statistically significant positive effect on enterprise valuation. Intellectual capital, corporate governance, and profitability showed no significant impact on valuation, nor did the independent variables significantly affect profitability. Consequently, profitability does not act as a mediating pathway. These findings indicate that market participants prioritize capital structure optimization over profitability or intangible assets. Management should optimize capital decisions while treating governance and intellectual capital as strategic assets rather than mere compliance, while investors should combine financial and non- financial metrics for balanced valuation assessments.
| Item Type: | Thesis (Doctoral) | ||||||||
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| Subjects: | H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance. Corporation finance | ||||||||
| Divisions: | Faculty of Economic and Business > Departement of Accounting | ||||||||
| Depositing User: | Giovanni Giovanni Denis Saputro | ||||||||
| Date Deposited: | 02 Sep 2026 07:32 | ||||||||
| Last Modified: | 02 Sep 2026 07:55 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/59850 |
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