THE ROLE OF INTELLECTUAL CAPITAL ON FIRM VALUE MEDIATED BY CORPORATE GOVERNANCE

This study uses a quantitative approach, in determining the sample of this study using non-probability sampling method with purposive sampling technique. The research data obtained were 21 consumer goods companies listed on the Indonesia Stock Exchange for the period 2015-2017, so the data obtained were 63. The data obtained were analyzed through outer and inner model tests, as well as hypothesis testing in PLS analysis. The results revealed that Intellectual Capital has an effect on Firm Value. There is an influence of Intellectual Capital on Corporate Governance. There is an influence of Corporate Governance on Company Value. And there is an influence of Intellectual Capital on Firm Value through Corporate Governance.


INTRODUCTION
Globalization changes developments in all aspects of industry, sports, agriculture and so on.No exception to the growing economic conditions that have an impact on the opening of international markets for domestic production, increasing employment opportunities and foreign exchange, encouraging all entities to improve product quality and encouraging entrepreneurs to compete to improve their business types in order to win competition in the era of globalization and survive for survival.
In Indonesia itself, business competition is not uncommon, not only upper caste entrepreneurs who compete for the interests of the company, but Micro, Small, and Medium Enterprises (MSMEs) have also begun to grow to show their abilities.As a large country with a land and ocean area which together amount to 5,176,800 km², it is not impossible that Indonesia has few resources.Having so much natural wealth makes this also a characteristic of the Indonesian nation.Nevertheless, this can be utilized by entrepreneurs to build businesses and process them in such a way through various commodities and make them superior and have a big name in business competition.
Operational activities in a company can be classified into three types, namely service, trading and manufacturing companies.This is so that each of the company's activities can run effectively and linearly by making it a superior and competent company in its field.A company can be said to be very advanced and developed if it pays attention to aspects that cannot be rejected, namely company value.With good company value, the company has a recognition in the eyes of the public or investors.
In a case that is still hotly discussed by the public is the failure to increase profit growth at the airline PT Garuda Indonesia.The company in 2017 suffered a net loss of 213.4 million US dollars.For the same period in the previous year, PT Garuda Indonesia posted a profit of 9.4 million US dollars.Due to these losses, the board of directors and management are considered to have failed to operate the company due to the losses incurred, leading to a strike by the pilots.The lack of knowledge of the importance of corporate value is thought to be the main factor in PT Garuda Indonesia's losses.
From the above case that hit PT Garuda Indonesia, it is clear that the internal parties of the company do not pay full attention to the performance of the company being run, this certainly has a huge impact on all sectors in the company's operational activities which are also included in the company's value.However, in 2018 PT Garuda Indonesia appointed Ari Ashkara as the new managing director.Of course, with better hopes for the development of the company by paying serious attention to the company's value so as not to repeat the problems that occurred last year.
For owners or prospective owners, the value of the company is very concerned because it This research is different from previous research because it is still said to be rarely found.
The previous research was the measurement of company value that did not use Tobin's q but used ROA and ROE such as research conducted by Sarafina,et al. 4 Then in the research conducted by Lestari, et al., researchers used Tobin's q calculations to measure firm value but did not pay attention to this very important corporate governance. 5In this study, the measurement used for firm value is Tobin's q, this is because it can provide good and relevant information, of course, using the Tobin's q measurement method the results will be more complex and reliable.This is supported by research by Lang, et al Tobin's q value describes a condition of the opportunity for the entry of an investment owned by the company. 6 This research chooses manufacturing companies, this is due to the rapid development and with the support of the government which continues to issue various pro-business policies.This study has also chosen the type of manufacturing companies in the field of various consumer goods using three years of observation, namely 2015-2017.Choosing manufacturing companies in the consumer goods sector is based on the fact that these products are always used by the public to carry out their activities and fulfill their daily needs.Based on the background above and with the phenomena that have been described and accompanied by an understanding that is considered sufficient, this study has the aim of knowing and analyzing the effect of Intellectual Capital on Firm Value and Corporate Governance through Corporate Governance.

RESEARCH METHODS
This research uses a quantitative approach, in which the researcher describes the characteristics of the research object based on the data obtained.This method is a search for facts using precise interpretation.For this reason, this research uses a quantitative approach, this is in accordance with the opinion of Creswell which states that quantitative research is an approach to testing objective theory by examining the relationship between variables.as a data analysis tool.The function of PLS itself is to analyze several research variables simultaneously, or path analysis, and also regression analysis with factor analysis. 8In this study, PLS data analysis using WarpPLS 5.0 software.PLS can identify nonlinear relationships between latent variables and correct the path coefficient value based on this relationship.

RESULTS AND DISCUSSION
The research subjects used in this study are all annual reports and financial reports of consumer goods companies listed on the IDX for the 2015-2017 period.Consumer goods companies are one of the manufacturing industry sectors listed on the Indonesia Stock Exchange (IDX).
Based on data obtained from the IDX, the total number or population of manufacturing

Description of Research Variables Intellectual Capital Variable (X)
The following is a description of the Intellectual Capital (X) variable from 2015 to 2017.

Company Value Variable (Y)
The following is a description of the Company Value (Y) variable from 2015 to 2017: From 2015 to 2017 the average company that produces the highest value is Unilever Indonesia Tbk with a value of 20.108 per year and the average company that produces the lowest value is Wismilak Inti Makmur Tbk with a value of 0.871 per year.

Governance Variable (Z)
The following is a description of the Corporate Governance variable (Z) from 2015 to 2017.

Data Analysis Results
The Effect of Intellectual Capital on Firm Value

Structural Model Evaluation
In assessing the structural model with structural PLS, it can be seen from the R-Square value for each endogenous latent variable as the predictive power of the structural model.

Structural Model Evaluation
In assessing the structural model with structural PLS, it can be seen from the R-Square value for each endogenous latent variable as the predictive power of the structural model.Based on the table above, the indirect effect is due to the existence of variables that mediate between the independent and dependent variables.In this case there is a P-Value of 0.145.

The Effect of Intellectual Capital on Firm Value
The results of Warp-PLS regarding the research hypothesis, namely Intellectual Capital (X) has a significant positive effect on Firm Value (Y) with a significant value (p-value) of less than 5%.This is also like in the example that refers to

Effect of Intellectual Capital (X) on Corporate Governance (Z)
The Board of Commissioners will utilize competent resources to select managers in running a business practice.This is in line with research conducted by Prasetyanto, where if all business practice activities can be controlled properly and can minimize the bad risks that occur, it is not impossible to attract investors. 12In this study, it is like the research conducted by Prastya where Corporate Governance affects company performance. 13e Effect of Corporate Governance (Z) on Firm Value (Y) According to Yunita, the implementation of corporate governance has an important role in improving the welfare of owners and maximizing shareholder wealth through increasing company value. 14Velnampy reveals that managers as part of the management do not always act in accordance company's ability to improve its quality in the eyes of the owner.The value of the company has a measurement including Price to Book Value (PBV), Market to Book Value (MBV), Price Earnings Ratio (PER), Price to Cash Flow Ratio (PCF), Free Cash Flow (FCF), Tobin's Q.Not only is the value of the company considered, but there is also the ability of the company's Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan Vol. 18, No. 3 Mei -Juni 2024 1644 can prove the employed), VAHU (value added human capital), and STVA (structural capital value added).A company wants to increase electability and also the quality of the company in the eyes of the public not only in terms of company value or Intellectual Capital.But more than that, the company's strength in market dominance comes from good corporate governance or what we often call Corporate Governance.
The object of this research is the Effect of Intellectual Capital on Firm Value through Corporate Governance (Study on Consumer Goods Companies listed on the IDX 2015-2017).Where in this case Intellectual Capital Company Value Y and Corporate Governance as variable Z which is usually often called the intervening variable.According to Sugiyono, "Population is a generalization area consisting of objects / subjects that have certain qualities and characteristics set by researchers to study and then draw conclusions."7Thepopulationused in this study are financial statements (Financial Statement) and Annual Report of consumer goods companies listed on the Indonesia Stock Exchange.Determination of the population in this study is all consumer goods companies using financial statements (Financial Report) and Annual Report listed on the Indonesia Stock Exchange for the period 2015-2017 recorded as many as 45 companies.Determination of the sample in this study is based on the non probability sampling method with purposive sampling technique.The analysis technique and hypothesis testing of this study used Partial Least Square (PLS) 6Larry H. P.Lang, RenéM.Stulz, and Ralph A. Walkling, "ManagerialPerformance, Tobin's Q, and the Gains from Successful Tender Offers," Journal of Financial Economics 24, no. 1 (September 1, 1989), https://doi.org/10.1016/0304-405X(89)90075-5.

Table 1 . Description of Intellecual Capital (X) 2015-2017
Tbk with a value of 82.29 per year and the average company that produces the lowest value is Wismilak Inti Makmur Tbk with a value of -77.89 per year.

Table 3 . Description of Corporate Governance (Z) 2015-2017
Based on the results shown in Table3, it is known that from 2015 to 2017 the company that has the highest value is Indofood Sukses Makmur Tbk with a value of 8.00 while the company that has the lowest value is Chitose Internasional Tbk with a value of 2.00.Thus the average company in 2015 to 2017 produced a value of 4.54 per year.

The Effect of Corporate Governance on Firm Value
table 4.1 and table 4.2, where the company PT Multi Bintang Indonesia Tbk, the company has increased the value of Intellectual Capital for 3 consecutive years, namely 2015 to 2017, this also makes the Company's value also increased for 3 consecutive years with the same year, namely, 2015 to 2017..
Effect of Intellectual Capital on Corporate GovernanceIntellectual Capital (X) has a significant positive effect on Corporate Governance (Z) with a significant value (p-value) of less than 5%.This also refers to tables 4.1 and 4.3 as an example in the company PT.Cahaya Kalbar Tbk which experienced an increase in the value of Intellectual Capital from 2015 to 2017 in a row, and also with an average value of Corporate Governance of 5.3..

The Effect of Intellectual Capital on Firm Value through Corporate Governance (Board of Commissioners)
.3 where the company PT.Mayora Indah Tbk has an Intellectual Capital value that continues to increase in the period 2015 to 2017 and a Company Value that also continues to Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan Vol. 18, No. 3 Mei -Juni 2024 1652 increase in the period 2015-2017.the company also has an average Corporate Governance value of 5.0.According to Paulus, et al company resources can be tangible such as factories, land, vehicles, raw materials and machinery or intangible such as brands or copyrights, reputation and expertise, corporate culture, structure, perception and operational processes owned. 9Investors tend to pay more for the shares of companies that have more intellectual resources than companies with low intellectual resources. 10This research is in line with research conducted by Handayani where Intellectual Capital affects firm value. 11