Ronaldo, Indriati, Fibria
This research aims to examine the effect of intellectual capital on firm’s value using ownership structure as moderating variable. The intellectual capital was measured using a model of Value Added Intellectual Coefficient (VAICtm) while the value of the company was measured using Tobin’s Q. The proxy of ownership structure as a moderating variable is the percentage of managerial ownership and institutional ownership. Population of this research is the listed companies in Indonesia Stock Exchange with research period from 2008 to 2015. The data analysis used multiple regression equation with path analysis to test residual moderating variables. The result of this research indicates that intellectual capital has a positive effect on firm value while managerial ownership is moderating variable in this research. From this research, it is found that institutional ownership does not work as moderating variable.
Intellectual capital, VAICtm, Firm Value, Managerial Ownership, Institutional Ownership