The Influence of Intellectual Capital on Company Value With Digitalization as a Moderation Variable in Banking Companies Listed on the Indonesia Stock Exchange

Abstract

This study aims to analyze the influence of intellectual capital on company value with digitalization as a moderating variable in banking companies listed on the Indonesia Stock Exchange for the 2021–2024 period. The development of the digital banking industry has encouraged companies to optimize their intellectual resources and digital capabilities to improve competitiveness and create sustainable value. Therefore, this study examines whether intellectual capital can contribute to increasing company value and whether digitalization strengthens this relationship. This study uses a quantitative approach with a purposive sampling method, resulting in a sample of 32 banking companies with a total of 128 observation data during the research period. The data were analyzed using panel data regression and Moderated Regression Analysis (MRA) with the help of the EViews 14 application. The results of the study show that intellectual capital has no significant effect on company value. In addition, digitalization is also unable to moderate the relationship between intellectual capital and company value. These findings indicate that the existence of intellectual capital alone does not necessarily increase company value, particularly when its management and utilization have not been optimized. Similarly, digitalization cannot automatically strengthen the contribution of intellectual capital to company value without being supported by appropriate business strategies, effective resource management, and the ability to generate economic benefits. This study provides empirical evidence for banking companies to focus not only on developing intellectual capital and digitalization but also on ensuring their effective integration into corporate strategies to enhance long-term company value.