The Influence of Intellectual Capital and Financial Performance on the Stock Prices of Commercial Banks in Indonesia with Company Size as a Moderation Variable

Abstract

This study aims to test and analyse the effect of intellectual capital consisting of Value Added Intellectual Capital (VAIC^TM) and financial performance proxied by Non Performing Loan (NPL), Capital Adequacy Ratio (CAR), Return On Asset (ROA) on stock prices with company size as a moderating variable. The research data is secondary data with a 6-year observation period. The population in this research is banks classified as KBMI III and IV banks. The sampling method used is non-probability sampling, with the consideration that banks with KBMI III and IV categories are top-tier banks whose performance has a systemic impact. The data sample taken is 13 banks, in accordance with OJK-RI provisions. Data collection techniques through documentation using panel data regression analysis, namely Eviews13. The results of this study (VAIC^TM) and CAR have no effect on stock prices. ROA and NPL have a significant effect on stock prices. Company size moderates the (VAIC^TM) and ROA variables while NPL and CAR can’t be moderated by company size.