Harmono, Harmono ORCID: https://orcid.org/0000-0002-1933-5017 and Insyiroh, Ika (2024) Information content disclosure of VAIC: influence on firm value through firm performance and leverage. International Journal of Learning and Intellectual Capital International Journal of Learning and Intellectual Capital (IJLIC), 21 (4). pp. 407-430. ISSN online: 1479-4861 - ISSN print: 1479-4853

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Abstract

The purpose of this study is to investigate the information content disclosure of VAIC influence on firm value through firm performance, and leverage, to obtain a robust integrated model that can reveal the information content of intellectual capital. The research population is 709 companies listed on the Indonesian capital market. Using purposive sampling, 159 manufacturing companies were identified from 2017 to 2019, with N = 507 observations, by using path analysis and panel regressions. The research finding is a robust integrated model in which capital employee efficiency (CEE) and human capital efficiency (HCE) affect firm value when using (Tobin’s Q) fully mediated through firm performance (ROI) and leverage (DER). The results obtained highlight the importance of the integrated model that places firm performance (ROI) and leverage as an intervening variable between the information content of VAIC and its effect on firm value, become a model for disclosing the information content of multidimensional intellectual capital.

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