KnE Social Sciences

Published date: Jun 25 2025

Journal Title: KnE Social Sciences

Issue title: Brawijaya International Conference on Business Administration, Taxation, and Tourism (BICBATT 2024)

Pages: 416 - 431

DOI: 10.18502/kss.v10i13.18976

Sri Sulasmiyatisri_su_fia@ub.ac.idBusiness Administration Department, Universitas Brawijaya, Malang

‎ HafnaBusiness Administration Department, Universitas Brawijaya, Malang

Thongvanh SirivanhDepartment of Business, Faculty of Economics and Business Management, National University of Laos

Historically, economists have focused on physical and human capital as the primary resources enabling companies to drive productive and economic activities. However, over time, knowledge has come to be recognized as a valuable asset, making Intellectual Capital (IC) a crucial determinant of a company’s value. This study aims to evaluate the impact of IC on the value of healthcare companies listed on the Indonesia Stock Exchange, with profitability acting as a mediating variable. The research is explanatory and adopts a quantitative approach, with a sample of nine companies. The exogenous variable, VAIC^TM, measures IC, while Firm Value is represented by Tobin’s Q as the endogenous variable, and profitability, as measured by Return on Assets (ROA), is the intervening variable. The sampling method used is purposive sampling, covering a 5-year period from 2019 to 2023. Path analysis, facilitated by SPSS for Windows 26, was employed for data analysis. The results suggest that VAICTM has a positive influence on Tobin’s Q, though the impact is not statistically significant, while it significantly impacts ROA in a positive direction. Profitability, represented by ROA, positively and significantly influences Tobin’s Q and serves as a crucial mediator in the relationship between VAIC^TM and Tobin’s Q.

Keywords: intellectual capital, firm value, profitability

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