Intellectual Capital, Corporate Social Responsibility, and Good Corporate Governance Effects on Stock Price Performance in the Indonesian Banking Sector

Abdul Salam; Tiara Dwi  Aryanti

doi:10.33395/owner.v10i3.3569

Authors

Abdul Salam
✉ Corresponding author: abdul.salam@uts.ac.id Management Study Program, Faculty of Economics and Business, Universitas Teknologi Sumbawa https://orcid.org/0000-0002-4186-9816
Tiara Dwi Aryanti Management Study Program, Faculty of Economics and Business, Universitas Teknologi Sumbawa

DOI:

https://doi.org/10.33395/owner.v10i3.3569

Keywords:

Intellectual Capital, Corporate Social Responsibility, Good Corporate Governance, Stock Price Performance

Abstract

This study investigates the role of Intellectual Capital (IC) as a mediating variable in the relationship between Corporate Social Responsibility (CSR), Good Corporate Governance (GCG), and stock price performance within the banking sector listed on the Indonesia Stock Exchange during 2019–2023. A quantitative research approach was employed using panel data regression analysis. The study sample consisted of 11 banking companies selected through purposive sampling. Secondary data were collected from annual reports, sustainability reports, and financial statements. CSR and GCG were measured using disclosure indices, IC was assessed through the Value Added Intellectual Coefficient (VAIC™), while stock price performance was proxied by Market-Adjusted Return (MAR). Data analysis included panel regression testing, classical assumption testing, and mediation analysis using the Sobel test.

The results demonstrate that CSR, GCG, and IC each have a positive and significant effect on stock price performance. In addition, CSR and GCG positively influence the development of Intellectual Capital. The mediation analysis reveals that IC partially mediates the relationship between CSR and stock price performance, while fully mediating the relationship between GCG and stock price performance. These findings suggest that Intellectual Capital serves as an essential strategic mechanism that transforms sustainability practices and governance quality into market-recognized economic value, reflected through improved stock performance. Therefore, banking institutions are encouraged to integrate CSR and GCG initiatives with effective IC management and enhance IC disclosure to strengthen investor confidence and long-term corporate value

Downloads

Download data is not yet available.

References

Adnyani, N. P. S., Endiana, I. D. M., & Arizona, P. E. (2020). Pengaruh Penerapan Good Corporate Governance Dan Corporate Social Responsibility Terhadap Kinerja Perusahaan. 2(2), 228–249.

Ahmad, H., Pratama, R., Maria, V., Sultan, U., & Tirtayasa, A. (2023). Pengaruh Intellectual Capital, Good Corporate Governance, Dan Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Dimediasi Oleh Profitabilitas. 2(6), 2373–2388.

Aisyah, H., Puspita, S., & Metamedia, U. (2022). Resource-Based View?: Strategi Umkm Di Sumatera Barat Untuk Mencapai Keunggulan Kompetitif. 5(2), 109–120.

Allan, F., Sondakh, J. J., Gamaliel, H., Studi, P., Akuntansi, M., Ekonomi, F., & Sam, U. (2020). Pengaruh Intellectual Capital , Corporate Social Responsibility Dan Good Corporate Governance Terhadap Kinerja Perusahaan ( Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia ). 11(1).

Amrila, K. F., & Guntarayana, N. (N.D.). Teori Rbv Dan Keunggulan Kompetitif Yang Berkelanjutan.

Aslam, E., Rehman, A. U., & Iqbal, A. (2023). The Mediating Role Of Intellectual Capital In Corporate Governance And Fi Nancial Ef Fi Ciency Of Islamic Banks. Https://Doi.Org/10.1108/Cg-06-2022-0276

Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108

Bontis, N., Chua, W., & Keow, C. (N.D.). I Ntellectual C Apital And B Usiness P Erformance In By. December 1999.

Brealey, R. A., Myers, S. C., & Allen, F. (2020). Principles of corporate finance (13th ed.). McGraw-Hill Education.

Brigham, E. F., & Houston, J. F. (2019). Dasar-dasar manajemen keuangan (14th ed., Translated ed.). Salemba Empat.

Darmanti, A. P. (2024). Pengaruh Intellectual Capital, Corporate Social Responsibility, Dan Good Corporate Governance Terhadap Nilai Perusahaan Pada Perusahaan Tambang Yang Terdaftar Di Bei Tahun 2019-2023.

Dian, A., & Ruwanti, G. (2022). Pengaruh Corporate Social Responsibility , Good Corporate Governance , Dan Intellectual Capital Terhadap Kinerja Keuangan. 23(2).

Edward, R. (1986). Stockholders And Stakeholders?: A New Perspective On Corporate Governance.

Endriyaningsih, Suriyok, K., Assari, E., Sugiarto, Y., & Anggraeni, S. (2021). Pengaruh Implementasi Corporate Social Responsibility , Good Corporate Governance , Dan Intellectual Capital Terhadap Kinerja Keuangan (Studi Pada Perusahaan Manufaktur Periode 2019-2021). 6(2), 59–70.

Fadhel, R., Adrianto, F., & Alfarisi, M. F. (2022). Analisis Sentimen Investor Terhadap Kinerja Saham Syariah Di Indonesia Selama Masa Pandemi Covid-19. 6, 3579–3591.

Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383–417. https://doi.org/10.2307/2325486

Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman Publishing.

Ghozali, Imam.(2016). Aplikasi Analisis Multivariate Dengan Program Ibm Spss 23. Semarang: Bpfe Universitas Diponegoro. Iosr Journal Of Economics And Finance, 3(1), 98.

Gonzalez-Loureiro, M., & Teixeira, A. (2011). Intellectual Capital In Public Universities: The Performance-Oriented Approach. International Confrence: Proceedings Of Managing Services In The Knowledge Economy (Mske), Famalicão, 293–314.

Hartono, J. (2017). Teori portofolio dan analisis investasi (11th ed.). BPFE-Yogyakarta.

Ikhsan. Arfan. Nurlaila, Herkulanus Bambang Suprasto, F. Y., & Batubara. (2021). Determinant Of The Corporate Social Responsibility Disclosure?: Evidence Of Indonesian Manufacturing Companies. 16(1).

Kasanah, V. M., & Riduwan, A. (2017). Pengaruh Pengungkapan Csr, Kinerja Keuangan, Dan Tingkat Suku Bunga Pada Harga Saham. 6.

Khurshid, M. K., Shaheer, H., & Waqas, M. (2016). Impact Of Corporate Social Responsibility On Financial Performance?: The Role Of Intellectual Capital. 247–263.

Latifah, S. W., Rosyid, M. F., Purwanti, L., & Oktavendi, T. W. (2019). Good Corporate Governance , Kinerja. 9(2), 200–213. Https://Doi.Org/10.22219/Jrak.V9i2.56

Margali, G. E., Mangantar, M. M., Saerang, I. S., & Ratulangi, U. S. (2020). Analisis Pengaruh Likuiditas Saham Terhadap Nilai Perusahaan Melalui Keputusan Manajemen Keuangan (Studi Pada Perusahaan Lq45 Di Bursa Efek Indonesia, Periode 2016 - 2018). 7(1), 167–176.

Mayo, A. (2000). The Role Of Employee Development In The Growth Of Intellectual Capital. Personnel Review, 29(4), 521–533.

Neuman, W. L. (2014). Social Research Methods: Qualitative and Quantitative Approaches (7th ed.). Pearson Education

Ningrum, M. J. T., & Anggraini, D. T. (2025). Csr Dan Gcg Terhadap Nilai Perusahaan Dengan Intellectual Capital Sebagai Moderasi. 10(1), 122–133.

OJK.go.id, (2016). Otoritas Jasa Keuangan Republik Indonesia.

Owolabi, S. A., & Inyang, U. E. (2013). International Pragmatic Review And Assessment Of Capital Structure Determinants. 2(6), 82–95.

Puspita, V. A., & Gunardi. (2022). Pasar Modal Syariah Sebagai Daya Tarik Investor Untuk Meningkatkan Kinerja Pasar Modal Indonesia. 11(1), 38–53.

Rizki, N. M., Andri, N., & Faiza, M. (2023). Pengaruh Good Corporate Governance, Intellectual Capital, Leverage, Corporate Social Responsibility Dan Green Accounting Terhadap Kinerja Keuangan. 1(1), 304–325.

Salam, A. (2018). Pengaruh Intellectual Capital (IC) Terhadap Financial Performance Pada Perusahaan Sektor Perbankan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ekonomi Dan Bisnis Indonesia, 3(1).

Sangkala, S. (2006). Intellectual Capital Management: Strategi Baru Membangun Daya Saing Perusahaan. Jakarta: Yapensi.

Sawarjuwono, T. (2003). Intellectual Capital?: Perlakuan , Pengukuran Dan Pelaporan.

Shahwan, T. M., & Fathalla, M. M. (2020). The Mediating Role Of Intellectual Capital In Corporate Governance And The Corporate Performance Relationship. 36(4), 531–561. Https://Doi.Org/10.1108/Ijoes-03-2020-0022

Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010

Sullivan, P. H. (1998). Profiting From Intellectual Capital: Extracting Value From Innovation. John Wiley & Sons.

Sveiby, K. E. (1997). The New Organizational Wealth: Managing & Measuring Knowledge-Based Assets. Berrett-Koehler Publishers.

Tandelilin, E. (2017). Pasar modal: Manajemen portofolio dan investasi (1st ed.). PT Kanisius.

Wang, H., Yang, X., & Ou, X. (2014). A Study On Future Energy Consumption And Carbon Emissions Of China’s Transportation Sector. Low Carbon Economy, 5(4), 133–138.

Williams, M. (2001). Is A Company’s Intellectual Capital Performance And Intellectual Capital Disclosure Practices Related? Mcmasters Intellectual Capital Conference.