Year: 2026 | Month: May | Volume: 13 | Issue: 5 | Pages: 286-299
DOI: https://doi.org/10.52403/ijrr.20260524
The Effect of Value-Added Intellectual Coefficient (VAIC) on Return on Assets (ROA) with Physical Capitals (PC) as a Moderating Variable in Banking Companies Listed on the Indonesia Stock Exchange 2020-2024
Citra Utami1, Fahmi Natigor2, Isfenti3
1,2,3Department of Accounting, Faculty of Economics and Business, Universitas Sumatera Utara, Indonesia
Corresponding Author: Citra Utami
ABSTRACT
This study aims to analyze the effect of the Value-Added Intellectual Coefficient (VAIC) on Return on Assets (ROA), with Physical Capital (PC) serving as a moderating variable in banking companies listed on the Indonesia Stock Exchange during the period 2020-2024. This research employs a quantitative approach using secondary data over a five-year period. The population of this study consists of banking companies listed on the Indonesia Stock Exchange, with samples selected through purposive sampling, resulting in a total sample of 47 companies. Panel data regression analysis was utilized as the analytical technique.
The results of this study indicate the Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Capital Employed Efficiency (CEE) have a significant negative effect on Return on Assets (ROA), while the Value-Added Intellectual Coefficient (VAIC) has a significant positive effect on ROA. Furthermore, Physical Capital (PC) partially moderates the effect of Human Capital Efficiency (HCE) and Value-Added Intellectual Coefficient (VAIC) on ROA by strengthening their influence on ROA. Conversely, Physical Capital (PC) partially moderates the effect of Structural Capital Efficiency (SCE) on ROA by weakening its influence. Meanwhile, Physical Capital (PC) is not able to moderate the effect of Capital Employed Efficiency (CEE) on ROA.
Keywords: Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), Capital Employed Efficiency (CEE), Value-Added Intellectual Coefficient (VAIC), Return on Assets (ROA), Physical Capital (PC), Intellectual Capital.
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