Intellectual Capital and Financial Factors on Firm Value: A Study from an Islamic Economic Perspective in the Non-Cyclical Consumer Sector in Indonesia from 2018 to 2024

Abstrak

This study is designed to evaluate the impact of intellectual capital (VAIC), profitability
level (ROA), and managerial ownership structure (MWON) on business entity value
(Tobin's Q), approached from the perspective of Sharia-based economics, specifically in
the non-cyclical consumer sector in Indonesia over the period from 2018 to 2024.
Employing a quantitative methodology through a comparative-causal design, this
research utilizes supplementary data from 16 entities listed on the Indonesia Stock
Exchange, collected via a purposive sampling technique, yielding 98 observations.
Evaluation is conducted using panel regression with the Random Effects model, following
verification through Chow and Hausman tests, and ensuring compliance with standard
criteria such as the absence of multicollinearity and heteroskedasticity. Key findings
reveal that VAIC exerts a significant negative influence on entity value (coefficient -
0.212484, p=0.0027), which deviates from prevailing views in the literature and indicates
that allocation to intellectual capital in this sector may incur temporary costs without
immediate gains in market value. Conversely, ROA demonstrates a significant positive
impact (coefficient 0.525836, p=0.0000), reinforcing the role of operational efficiency in
fostering shareholder confidence. Meanwhile, MWON shows no meaningful effect
(coefficient -0.008914, p=0.8788), suggesting that variations in ownership are insufficient
to align interests. From the lens of Sharia economics, these results highlight the
significance of the principles of maslahah, tawazun, and syirkah in responsible and
sustainable resource management. Practically, these findings encourage business
entities to integrate intellectual creativity with Sharia norms to mitigate adverse effects
and support long-term sustainability. The unique aspect of this research lies in the
revelation of the rarely observed negative impact of VAIC in the non-cyclical consumer
industry and the integration of Sharia perspectives, providing fresh empirical contributions
to Sharia finance literature.