Analysis Of The Effect Of Capital Structure And Intellectual Capital On Intrinsic Value In Mining Companies Listed On The Indonesia Stock Exchange (Idx)

Abstract

Indonesia is one of the countries with high mineral and mining potential because it is located in the area of the geological phenomenon "ring of fire". The Indonesian mining sector is one of the supporting sectors for economic development which acts as a provider of energy resources that are indispensable for the country's economic growth. Indonesia is a country that has abundant natural resources, including in the mining sector. This study aims to analyze the effect of capital structure and intellectual capital on the intrinsic value of mining companies listed on the IDX. The independent variables used in this study are the structure of capital and intellectual capital, while the dependent variable is the intrinsic value. The data used is panel data sourced from the IDX with a total of 160 mining company observations obtained from the product of the selected 16 samples of mining companies listed on the IDX and 10 years, where the data collected in this study are from 2009 to 2018. The data analysis in this study used a panel data regression model.
The results of this study indicate that the capital structure has a positive and significant effect on intrinsic value. Intellectual capital also has a positive and significant effect on the intrinsic value of mining companies listed on the IDX. Based on the simultaneous test, the capital structure and intellectual capital together have a significant effect on intrinsic value. Among the capital structure and intellectual capital that has dominated the intrinsic value of mining companies listed on the IDX in the last 10 years is intellectual capital.