PENGARUH SUSTAINABILITY REPORTING, INTELLECTUAL CAPITAL, DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI
Abstract
This study aims to analyze the influence of sustainability reporting, intellectual capital, and capital structure on firm value, with good corporate governance as a moderating variable, in food and beverage manufacturing companies listed on the Indonesia Stock Exchange for the 2022–2024 period. The research method used was quantitative with purposive sampling, resulting in 140 observations. The research data were secondary data obtained from annual reports and corporate sustainability reports. These data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) using EViews SV 12. The results showed that sustainability reporting, intellectual capital, and capital structure had no significant effect on firm value. Furthermore, good corporate governance was unable to moderate the effect of sustainability reporting and intellectual capital on firm value. However, good corporate governance significantly strengthened the influence of capital structure on firm value. The conclusion of this study indicates that sustainability reporting, intellectual capital, and capital structure are not yet the primary determinants of firm value. However, effective implementation of good corporate governance can strengthen the relationship between capital structure and firm value by improving oversight and control of corporate financing policies.
Keywords: Sustainability Reporting, Intellectual Capital, Capital Structure, Good Corporate Governance, Company Value
References
Alsayegh, M. F., Rahman, R. A., & Homayoun, S. (2020). Corporate economic, environmental, and social sustainability performance transformation through ESG disclosure. Sustainability (Switzerland), 12(9). https://doi.org/10.3390/su12093910
Armana, I. M. R., & Purbawangsa, I. B. A. (2021). the Effect of Profitability, Firm Size, Capital Structure and Tax Avoidance on Firm Value. Russian Journal of Agricultural and Socio-Economic Sciences, 119(11), 31–40. https://doi.org/10.18551/rjoas.2021-11.04
Ayu, F. P., Capital, P. I., Report, S., Laba, D. K., & Bei, D. (2025). Sumber : www.idx.co.id ( Data diolah , 2023 ) : Grafik Sumber : 14(1), 67–81.
Dewi, N. A., & Widodo, H. (2024). Pengaruh Intellectual Capital, Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Moderasi (Studi Pada Perusahaan Manufaktur Subsektor Kosmetik Yang Terdaftar Di BEI Tahun 2017-2022). September 2015, 1–13. https://archive.umsida.ac.id/index.php/archive/preprint/view/4238
Fauziah, F. N., Chandrarin, G., Cahyaningsih, D. S., & , P. (2024). The Effect of Environmental Social Governance, Research and Development, Intellectual Capital, and Leverage on Firm Value. KnE Social Sciences, 393–419. https://doi.org/10.18502/kss.v9i28.17294
Gani, P. (2022). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan dan Nilai. INOBIS: Jurnal Inovasi Bisnis Dan Manajemen Indonesia Volume 04, Nomor 02, Maret 2021, 6, 518–529.
Hanun, N. R., Hanif, A., & Ningrum, S. (2023). Optimalisasi Nilai Perusahaan Melalui Moderasi Peran Good Corporate Governance. Jurnal Reviu Akuntansi Dan Keuangan, 13(3), 655–673. https://doi.org/10.22219/jrak.v13i3.28029
Jensen, M., & Meckling, W. (2012). Theory of the firm: Managerial behavior, agency costs, and ownership structure. The Economic Nature of the Firm: A Reader, Third Edition, 283–303. https://doi.org/10.1017/CBO9780511817410.023
Leonardo, I., Mansur, F., & Hernando, R. (2025). MODERASI. 12(2), 24–39.
Lewar, L. N. R., & Fadjarenie, A. (2022). The Effect of Tax Planning, Income Smoothing, And Capital Structure on Company Value with Good Corporate Governance as Moderating Variables (Empirical Study on Infrastructure, Utilities and Transportation Sector Companies Listed in IDX Period 2016 – 2019). Budapest International Research and Critics Institute (BIRCI-Journal), 5(3), 23459–23472. https://www.bircu-journal.com/index.php/birci/article/view/6360
Lubis et al. (2025). Economics and Digital Business Review Pengaruh Sustainable Report Dan Profitability Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Pemoderasi Pada Perusahaan Manufaktur Subsektor. 6(2).
Mappadang, A. (2020). Capital Structure, Liquidity, Sales Growth on Firm Value: Evidence in Indonesia Stock Exchange. International Journal of Academic Research in Business and Social Sciences, 10(8), 174–186. https://doi.org/10.6007/ijarbss/v10-i8/7524
Meini, N. B. P. & Z. (2021). The Effect of Intellectual Capital Disclosure on Firm Value with Profitability as a Moderating Variable. Journal of Accounting and Business Education, 6(2), 139–150.
Mohamed, N., & Younis, M. (2023). Sustainability reports and their impact on firm value: Evidence from Saudi Arabia. International Journal of Management and Sustainability, 12(2), 70–83. https://doi.org/10.18488/11.v12i2.3275
Mokhtar, W. Y. (2024). Pengaruh Environmental Social Governance (Esg) Disclosure, Profitabilitas Dan Capital Structure Terhadap Nilai Perusahaan (Studi pada Perusahaan Sektor Industrial Yang Terdaftar Di BEI Periode 2020-2022). Repository Univesitas Jambi. https://repository.unja.ac.id/67827/
Mutia, P. S., Yadiati, W., & Puspitasari, E. (2025). The Influence of Profitability, Capital Structure and Intellectual Capital on Company Value with Good Corporate Governance as Moderation (Case Study on Construction Sector Companies Listed on the IDX in 2019-2023). Eduvest - Journal of Universal Studies, 5(10), 12255–12272. https://doi.org/10.59188/eduvest.v5i10.51347
Nanda Suryadi, Yayu Kusdiana, Dan A. Y. (2025). Gcg Sebagai Variabel Moderasi: Csr, Ios Dan Struktur Modal Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan, 7(1), 1–9. Https://Doi.Org/10.24123/Jmb.V7i1.122
Nawangsari, M. D. K. & A. T. (2025). Pengaruh Sustainability Reporting terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Moderasi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Ekonomi, 1(2), 450–458.
Nguyen, A. H., & Doan, D. T. (2020). The impact of intellectual capital on firm value: Empirical evidence from Vietnam. International Journal of Financial Research, 11(4), 74–85. https://doi.org/10.5430/ijfr.v11n4p74
Nugroho, Y. A., & Surjandari, D. A. (2022). The Effect Of Capital Structure, Cash Holding, And Firm Size On Firm Value With Corporate Governance As A Moderating Variable (Empirical Study On Mining Companies In 2015 - 2019). The Accounting Journal of Binaniaga, 7(1), 103–112. https://doi.org/10.33062/ajb.v7i1.501
Rahayu, D. P., & Saifudin. (2023). Keputusan investasi, intellectual capital, struktur modal, dan islamic social reporting terhadap nilai perusahaan: Peran good corporate governance sebagai moderasi. Journal of Accounting and Digital Finance, 4(2), 126–143. https://doi.org/10.53088/jadfi.v4i2.1297
Sabilah, A. N., & Achyani, F. (2023). Pengaruh Struktur Modal, Kebijakan Dividen, Dan Growth Opportunity Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Moderasi …. Innovative: Journal Of Social Science …, 3, 8734–8748. http://j-innovative.org/index.php/Innovative/article/view/4207%0Ahttps://j-innovative.org/index.php/Innovative/article/download/4207/3264
Sawarjuwono, T., & Kadir, A. P. (2003). Intellectual Capital: Perlakuan, Pengukuran Dan Pelaporan (Sebuah Library Research). Jurnal Akuntansi Dan Keuangan, 5(1), 35–57. https://doi.org/10.1024/0301-1526.32.1.54
Suhartini, D., Tjahjadi, B., & Fayanni, Y. (2024). Impact of sustainability reporting and governance on firm value: insights from the Indonesian manufacturing sector. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2381087
TFirmansyah, A. T., & Sri Lastanti, H. (2024). Pengaruh Sustainability Report Disclosure, Profitabilitas, Dan Penghindaran Pajak Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Pemoderasi. Jurnal Ekonomi Trisakti, 4(1), 331–340. https://doi.org/10.25105/jet.v4i1.19036
Tristanti, D. F., & Istikhoroh, S. (2021). Pengaruh Intellectual Capital Terhadap Nilai Perusahaan Melalui Good Corporate Governance Sebagai Variabel Moderasi. Journal of Sustainability Business Research, 2(4), 212–222.
Verawaty, Merina, C. I., & Latari, S. A. (2020). Pengaruh Intellectual Capital, Earnings Management, Tax Avoidance terhadap Nilai Perusahaan dengan GCG sebagai Pemoderasi. Jurnal Lmiah Management ,Busines, Accounting, 16(2), 79–94. https://journal.binadarma.ac.id/index.php/mbia/article/view/66/48
Wardani, Dewi Kusuma & Djando, S. M. E. P. (2022). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Moderasi. 1(1), 1–9.
WBCSD, IUCN, World Bank Institute, LEAD International, & Deutsche Bank. (2002). Investing for sustainable development: Getting the conditions right. https://docs.wbcsd.org/2002/08/Investing_For_SD.pdf
Yondrichs, Muliati, Laupe, S., Mayapada, A. G., Jurana, & Ridwan. (2021). The effect of fundamental factors, sustainability reporting, and corporate governance on firm value. Universal Journal of Accounting and Finance, 9(6), 1503–1509. https://doi.org/10.13189/ujaf.2021.090627
Zulfatillah, K. A.-N. & A. (2025). The Moderating Role of Corporate Governance on the Relationship between Tax Avoidance and Firm Value. AFRE (Accounting and Financial Review), 4(1), 65–71. https://doi.org/10.26905/afr.v4i1.5973
