Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Dengan Good Corporate Governance Sebagai Variabel Moderasi
DOI:
https://doi.org/10.35870/jemsi.v12i3.6686Keywords:
Intellectual Capital, Good Corporate Governance, Financial Performance, Indonesia Stock Exchange, BankingAbstract
This study aims to analyze the effect of Intellectual Capital on financial performance, proxied by Return on Assets (ROA) and Return on Equity (ROE), with Good Corporate Governance (GCG) as a moderating variable. This study uses 65 samples of banking sector companies listed on the Indonesia Stock Exchange during the period 2020–2024. The research adopts a quantitative approach using secondary data obtained from audited annual financial statements and annual reports. The analysis is conducted using panel data regression with the assistance of EViews 13 software, including the selection of the best model (CEM, FEM, REM) through the Chow test and Hausman test, as well as classical assumption tests and hypothesis testing. The results show that Intellectual Capital has a positive effect on ROA and ROE, indicating that the more optimal the management of a company's intellectual assets—such as knowledge, skills, and innovation—the greater the company's ability to generate profits from both its assets and equity. However, Good Corporate Governance is not able to moderate this relationship, meaning that the implementation of good corporate governance has not been proven to strengthen the effect of Intellectual Capital on financial performance. This suggests that although GCG has been well implemented, its role tends to function more as a monitoring mechanism rather than as a factor that enhances the effectiveness of Intellectual Capital utilization. These findings imply that improvements in banking financial performance are more directly influenced by the optimization of Intellectual Capital rather than through its interaction with GCG. Therefore, companies need to focus more on the strategic management of intellectual resources while maintaining the quality of corporate governance. This study is expected to contribute to managers and investors in understanding the factors influencing the financial performance of banking companies in Indonesia.
Downloads
References
Ahmed, Y., Alsarhani, S., Hidayah, N., Laili, B., & Marzuki, A. (2023a). The moderation effect of corporate governance between the intellectual capital and the GCC banking industry’s performance. https://doi.org/10.30566/ijo-bs/2023.06.110.
Ahmed, Y., Alsarhani, S., Hidayah, N., Laili, B., & Marzuki, A. (2023b). The moderation effect of corporate governance between the intellectual capital and the GCC banking industry’s performance. 7, 775–788.
Aini, N. (2023). Unlocking intellectual capital’s role in enhancing sustainable financial performance: A study of Islamic banks in Indonesia. Indonesian Journal of Economics and Management, 4(1), 212–225. https://doi.org/10.35313/ijem.v4i1.5779.
Ali, S., Murtaza, G., Hedvicakova, M., Jiang, J., & Naeem, M. (2022). Intellectual capital and financial performance: A comparative study. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.967820.
Al-Matari, E. M. (2022). Do corporate governance and top management team diversity have a financial impact among financial sector? A further analysis. Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2141093.
Asutay, M., & Ubaidillah. (2024). Examining the impact of intellectual capital performance on financial performance in Islamic banks. Journal of the Knowledge Economy, 15(1), 1231–1263. https://doi.org/10.1007/s13132-023-01114-1.
Cahyani, E., Riani, A. L., Harsono, M., & Suyono, J. (2025). Influence of intellectual capital, government support and entrepreneurial leadership on organisational performance. Ianna Journal of Interdisciplinary Studies, 7(2), 456–468. https://doi.org/10.5281/zenodo.15476236.
Faozan, A., Syah, T. A., Kusuma, H., & Adawiyah, W. R. (2023). Good corporate governance and moderating the influence of intellectual capital on the financial performance: The study of the Islamic banking industry. Corporate and Business Strategy Review, 4(2 Special Issue), 225–237. https://doi.org/10.22495/cbsrv4i2siart2.
Ghofur Muhammad, Nofryanti, & Rosini Lin. (2024). Analysis of the effect of diversification and intellectual capital on corporate financial performance with good corporate governance as a moderator. 2(06), 2047–2055.
Gutiérrez-Ponce, H., & Wibowo, S. A. (2024). Do sustainability practices contribute to the financial performance of banks? An analysis of banks in Southeast Asia. Corporate Social Responsibility and Environmental Management, 31(2), 1418–1432. https://doi.org/10.1002/csr.2641.
Ifaz Padilatul Hamdi, M., & Munandar, A. (2023). The influence of corporate governance on company performance in the financial sector. Enrichment: Journal of Management, 13(4), 2418–2432.
Kayakus, M., Tutcu, B., Terzioglu, M., Talaş, H., & Ünal Uyar, G. F. (2023). ROA and ROE forecasting in iron and steel industry using machine learning techniques for sustainable profitability. Sustainability (Switzerland), 15(9). https://doi.org/10.3390/su15097389.
Komarudin, M. F., Hasanudin, A. I., Hanifah, I. A., & Mulyasari, W. (2025). How financial strength and intellectual capital drive corporate social responsibility: A stakeholder perspective. Financial and Credit Activity: Problems of Theory and Practice, 4(63), 233–246. https://doi.org/10.55643/fcaptp.4.63.2025.4772.
Komarudin, M. F., Tirtayasa, S. A., Hasanudin, A. I., Tirtayasa, A., Hanifah, I. A., Mulyasari, W., & Tirtayasa, A. (2025). How financial strength and intellectual capital drive corporate social responsibility: A stakeholder perspective. 4(63). https://doi.org/10.55643/fcaptp.4.63.2025.4772.
Kusuma Wardhani, D., & Muid, D. (2022). Corporate governance, intellectual capital, and financial performance. In Tax Accounting Applied International Journal (Vol. 01, Issue 01).
Maharani, A., & Narsa, I. M. (2023). Six-factor plus intellectual capital in the capital asset pricing model and excess stock return: Empirical evidence in emerging stock markets. Cogent Economics and Finance, 11(2). https://doi.org/10.1080/23322039.2023.2252652.
Nugraheni, R., & Indrati, M. (2024). Pengaruh current ratio, return on equity, earning per share dan debt to equity ratio terhadap harga saham.
Pangestuti, D. C., Muktiyanto, A., Geraldina, I., & Darmawan, D. (2024). Optimizing firm performance through contingency factors, enterprise risk management, and intellectual capital in Southeast Asian mining enterprises. Investment Management and Financial Innovations, 21(2), 355–369. https://doi.org/10.21511/imfi.21(2).2024.29.
Pratiwi, R. D., & Chariri, A. (2021). The role of corporate governance in influencing the relationship between intellectual capital and financial performance in the VUCA era. 5(1), 49–63. https://doi.org/10.20961/ijsascs.v5i1.62058.
Purnomo, D. K., & Wibowo, W. (2024). The effect of interest rates and inflation on economic growth in ASEAN-5 countries. Journal of Developing Economies, 9(2), 217–229. https://doi.org/10.20473/jde.v9i2.52413.
Purwaningsih, M., & Fadli, J. A. (2022). The effect of good corporate governance on firm value (Evidence from Indonesia’s banking industry). Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi, 6(2), 1348–1371.
Rita Anggraini Rahayu, & Sudarmiatin Sudarmiatin. (2025). Competitive advantage of SMEs through differentiation and digitalization. International Journal of Economics and Management Sciences, 2(2), 185–188. https://doi.org/10.61132/ijems.v2i2.710.
Roy, H., Jaka, S., Amiruddin, A., & Lukman Cahyadi. (2021). Pengaruh ROA dan DER terhadap return saham publik.
Salman, K. R., Sutisna, E., Siti, J., Khasanah, N., & Adolf, Z. D. (2024). The effect of the COVID-19 pandemic on profitability performance and maqashid sharia performance in Islamic commercial banks in the ASEAN region. https://doi.org/10.21511/bbs.19(3).2024.08.
Singh, R., Gupta, C. P., & Chaudhary, P. (n.d.). Defining return on assets (ROA) in empirical corporate finance research: A critical review. https://doi.org/10.5281/zenodo.10901886.
Suroso, S., & Faeni, D. P. (2025). Operational risk and financial performance: Competitive forces to increase company value. Access to Success, 26(205), 417–422. https://doi.org/10.47750/QAS/26.205.42.
Ulum, I., Ghozali, I., & Purwanto, A. (2014). Intellectual capital performance of Indonesian banking sector: A modified VAIC (M-VAIC) perspective. Asian Journal of Finance & Accounting, 6(2), 103. https://doi.org/10.5296/ajfa.v6i2.5246.
Wahyuni, N., Kahfi, Z., Karim, A., & Rahim, S. (2025). Disclosure of sustainability reports of financial performance of textile and garment manufacturing companies on the Indonesia stock exchange. International Journal of Management and Sustainability, 14(2), 464–480. https://doi.org/10.18488/11.v14i2.4198.
Wardani, M. K., Wiagustini, N. L. P., Candraningrat, I. R., & Artini, L. G. S. (2025). The effect of intellectual capital on competitive advantage and financial performance. Uncertain Supply Chain Management, 13(1), 35–46. https://doi.org/10.5267/j.uscm.2024.7.018.
Warsini, S. (2025). The moderating role of corporate governance in the relationship between green intellectual capital and financial performance. Atlantis Press International BV. https://doi.org/10.2991/978-94-6463-938-4.
Wasista, I. G. P. E., Pradnyani, N. L. P. S. P., & Wasita, P. A. A. (2024). The influence of intellectual capital on financial performance with earnings management as a mediating variable in financial companies listed on the IDX in 2020-2022. International Journal of Pertapsi, 2(1), 20–28. https://doi.org/10.9744/ijp.2.1.20-28.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Nazwa Hana Faradila, Menik Indrati
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
