Intellectual Capital, Capital Structure and Growth of the Company and its Implications on Value Index Formers LQ-45

Abstract

The purposes of this study is to investigate the effect of intellectual capital, capital structure and growth of the company and its implications on value index formers LQ-45. The population of this study is all companies forming the LQ-45 index of the 2012 to 2018 period. Then, the sample of this study is only the companies that recorded consistent over the study period. This study uses regression analysis. The results indicate that intellectual capital proxied by variables VACA, VAHU and STVA partially have no significant effect on the capital structure, but have significant effect on the company's growth. Intellectual capital proxied by variables VACA, VAHU and STVA has significant effect on the value of the company; nevertheless, intellectual capital proxied by variables VAIC TM has no significant effect on the company’s capital structure, but has significant positive effect on the company's growth. On the other hand, the company's growth significantly influence the company’s capital structure, and the company’s capital structure significantly influence the company’s firm value, but the effect of company's growth is not significant