Intellectual Capital as a Basis for Determining Firm Value Policy: Stakeholder Theory and Value Creation

In this study, the authors focus on testing and analysing the dimensions of the factors that affect stakeholder value. The purpose of this study is to contribute to the development of research on firm value and provide holistic information for investors who use the firm value approach as a basis for making investment policy. This type of quantitative research with multivariate analysis, the research population is the Property and Real Estate Sector companies on IDX (Indonesia Stock Exchange) with sampling techniques using non probability sampling with total sample of 51 companies from 2019-2022, with the Eviews 12 program. The results showed profitability has a positive effect on intellectual capital, tax avoidance and capital intensity has no effect on intellectual capital. The subsequent results indicate that profitability has no effect on firm value.
Conversely, intellectual capital exerts a positive influence n firm value. However, intellectual capital is unable to act as a mediator between tax avoidance and capital intensity in relation to firm value. The suggestion for the next research is to be able to appreciate the company not only using market value, but can use the value of fixed assets owned by the company sector which uses more intangible fixed assets.