Year: 2026 | Month: February | Volume: 13 | Issue: 2 | Pages: 396-412
DOI: https://doi.org/10.52403/ijrr.20260238
Analysis of the Effect of Intellectual Capital, Corporate Growth, Leverage, And Firm Size on Firm Value Through Financial Performance of Primary Consumer Goods Processing Companies on the Indonesia Stock Exchange 2019-2024
Dian Aprina Purba1, Nisrul Irawati2, Khaira Amalia Fachrudin3
1,2,3Department of Accounting, Faculty of Economics and Business Universitas Sumatera Utara, Indonesia
Corresponding Author: Dian Aprina Purba
ABSTRACT
This study aims to examine the influence of intellectual capital, firm growth, Leverage, and firm sizeon firm value through financial performance as an intervening variable in primary consumer goods processing companies listed on the Indonesia Stock Exchange. The study sample consisted of 21 primary consumer goods processing companies listed on the Indonesia Stock Exchange. Data were analysed using Eviews based on secondary panel data from the financial statements of primary consumer goods processing companies listed on the Indonesia Stock Exchange for the period 2019-2024. The results indicate that VACA, STVA, firm growth, and Leverage have a positive but insignificant effect on firm value. Meanwhile, VAHU and firm sizehave a negative but insignificant effect on firm value. The indirect impact shows that financial performance significantly mediates the effects of VAHU and Leverage on firm value. In contrast, it does not significantly mediate the impacts of VACA, STVA, firm growth, and firm size on firm value.
Keywords: VACA, VAHU, STVA, Firm growth, Leverage, Firm Size, Financial Performance, and Firm Value
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