The Effect of Intellectual Capital, Free Cash Flow, and Corporate Social Responsibility (CSR) on Company Value in the Primary Consumer Goods Sector Listed on the Indonesia Stock effect (IDX) in 2021-2023
DOI:
https://doi.org/10.52250/reas.v5i1.943Keywords:
company value, corporate social responsibility (CSR), free cash flow, intellectual capitalAbstract
Introduction/Main Objectives: This study aims to examine the influence of intellectual capital, free cash flow, and corporate social responsibility (CSR) on firm value among companies listed on the Indonesian Stock Exchange (IDX) from 2021 to 2023. Background Problems: The phenomenon underlying this research is the need to understand the factors affecting firm value, particularly in the primary consumer goods sector, which plays a crucial role in Indonesia's economy. Novelty: This study provides novelty by simultaneously and partially analyzing the effects of intellectual capital, free cash flow, and CSR on firm value. It also utilizes recent data from the 2021–2023 period, reflecting post-COVID-19 business dynamics, which are still rarely explored in this contex. Research Methods: The study employs descriptive and verifiable methods with a quantitative approach. It uses secondary data obtained from the annual and sustainability reports of 34 companies in the primary consumer goods sector listed on the IDX, resulting in 102 observations selected through purposive sampling. The data were analyzed using panel data regression with the E-Views 12 application. Finding/Results & Conclusion: The results show that intellectual capital, free cash flow, and CSR simultaneously affect firm value. Partially, intellectual capital and free cash flow have a significant influence, while CSR does not. Therefore, companies are advised to focus on enhancing intellectual capital and effectively managing free cash flow to increase their market value.
References
Ammarwaty, A., Zulpahmi, & Sumardi. (2021). The Effect of Corporate Social Responsibility on Firm Value with Financial Performance as an Intervening Variable in LQ 45 Companies Index. Proceedings of the 1st Annual International Conference on Natural and Social Science Education (ICNSSE 2020), 547(Icnsse 2020), 58–65. https://doi.org/10.2991/assehr.k.210430.009
Anggrahini, K. D., & Putri, N. A. C. (2021). Pengaruh Profitabilitas dan Arus Kas Bebas Terhadap Kebijakan Pembagian Dividen Perbankan dengan Pemoderasi Tanggungjawab Sosial Perusahaan. Jurnal Akuntansi Dan Manajemen, 18(01), 49–58. https://doi.org/10.36406/jam.v18i01.325
Aprianti et al. (2022). Komisaris Independen Dan Corporate Social. 1(4).
Barmin, H., & Herlina, E. (2022). Pengaruh Modal Intelektual, Arus Kas Bebas Dan Pertumbuhan Aset Terhadap Nilai Perusahaan. Jurnal Ekonomi Dan Bisnis, 11(1), 422–429.
Dewi, H. R., Mutiara, L., & Dewi, C. (2020). Modal intelektual dan nilai perusahaan pada industri jasa dan pertambangan di Indonesia. Proceeding of National Conference on Accounting & Finance, 2(2012), 132–143. https://doi.org/10.20885/ncaf.vol2.art11
Fitria, N. R., & Kurnia. (2022). Pengaruh Good Corporate Governance, Corporate Social Responsibility, dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmu Dan Riset Akuntansi …, 11(8), 1–19.
Ginanjar, P. W., & Mildawati, T. (2020). Pengaruh Free Cash Flow, Profitabilitas, Leverage Dan Kebijakan Deviden Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 9(10), 1–17. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/3671
Harryman et al. (2024). 21(April), 30–40.
Hermawaty, N., & Sudana, I. P. (2023). Profitabilitas, Ukuran Perusahaan, Pengungkapan Corporate Social Responsibility dan Nilai Perusahaan. E-Jurnal Akuntansi, 33(5), 1240. https://doi.org/10.24843/eja.2023.v33.i05.p07
Jaya, A. A. P. D., & Fitria, A. (2022). Pengaruh Good Corporate Governance, Intelectual Capital, dan Free Cash Flow Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 16.
Lestari, B. D., & Suryani, A. W. (2020). Firm’s Value Exploration: The Impact Of Intellectual Capital and Net Working Capital. Jurnal Dinamika Akuntansi, 12(2), 152–164. https://doi.org/10.15294/jda.v12i2.25932
Maengko, B. J., Kumenaung, A. G., & ... (2023). Model Corporate Social Responsibility Dalam Pemberdayaan Ekonomi Masyarakat Di Minahasa Utara. … Ekonomi Dan …, 24(2). https://ejournal.unsrat.ac.id/v3/index.php/jpekd/article/view/44922
Margini, & Kusumawati, E. (2023). The Influence of Corporate Social Responsibility (CSR) And Capital Structure on Company Value with Company Size as a Moderating Variable (Empirical Study of Non-Financial Companies Listed on The IDX for The Period 2019-2021). Management Studies and Entrepreneurship Journal, 4(5), 7261–7275. http://journal.yrpipku.com/index.php/msej
Nurcholifah & Ida. (2023). Faktor yang mempengaruhi Nilai Perusahaan. Kompak :Jurnal Ilmiah Komputerisasi Akuntansi, 16(1), 70–77. https://doi.org/10.51903/kompak.v16i1.1048
Pallo, P. &. (2023). PENGARUH INTELLECTUAL CAPITAL, PENGUNGKAPANNYA, DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN. 16(1), 1–23.
Sherlianti, S. &. (2023). the Effect of Intellectual Capital on Firm Value With Financial Performance As a Mediating Variable Pengaruh Modal Intelektual Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Mediasi. 8(2), 217–234. http://e-journal.stie-aub.ac.id/index.php/probank
Sonjaya, M. &. (2023). Asean Corporate Governance and Corporate Social Responsibility on Firm Value. ACM International Conference Proceeding Series, 4, 161–166. https://doi.org/10.1145/3545897.3545921
Sugiyono. (2020). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Susanto, E., & Indrabudiman, A. (2023). Pengaruh Good Corporate Governance dan Corporate Social Responsibility terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intervening. Jurnal Keuangan Dan Perbankan, 19(2), 69–80. https://doi.org/10.35384/jkp.v19i2.386
Tangngisalu, J. (2021). The Impact of Intellectual Capital on the Performance. Jurnal Manajemen Bisnis, 8(1), 182–190.
Wardoyo et al. (2022). PENGARUH SUSTAINABILITY REPORT TERHADAP NILAI PERUSAHAAN (Studi Perusahaan Non Keuangan dari tahun 2018-2020) Proxy : PBV (Price to Book Value). Jurnal Publikasi Ekonomi Dan Akuntansi, 2(2), 161–166. https://doi.org/10.51903/jupea.v2i2.333
Wiranata, E. S., Sasanti, E. E., & Hudaya, R. (2023). Pengaruh Corporate Social Responsibility, Profitabilitas, Dan Likuiditas Terhadap Nilai Perusahaan Tahun 2017-2021. Jurnal Riset Mahasiswa Akuntansi, 3(2), 19–31. https://jurnal.fe.unram.ac.id/index.php/risma/article/view/554
Yulandari, L. F., & Gunawan, H. (2019). Pengaruh Intellectual Capital Terhadap Nilai Pasar Dan Kinerja Keuangan Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Journal of Applied Managerial Accounting, 3(1), 36–50. https://doi.org/10.30871/jama.v3i1.938
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Arana Arda Pramesti
This work is licensed under a Creative Commons Attribution 4.0 International License.
