HERSUGONDO, Hersugondo (2021) Artikel Dr. HERSUGONDO, SE, MM: CAPITAL STRUCTURE AND OWNERSHIP: INTELLECTUAL CAPITAL DISCLOSURE INDICATOR. JOURNAL OF SOUTHWEST JIAOTONG UNIVERSITY, 56 (3). ISSN ISSN: 0258-2724

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Abstract

The purpose of this paper is to examine the most significant determinants of the intellectual capital of
manufacturing firms in Indonesia. Furthermore, using a regression model, it investigates whether the
models proposed can provide the same explanation in Europe as in Indonesia. Multiple regression models
were used during this study. Ten variables were tested statistically, using e-views of samples of 176
manufacturing companies listed on the Indonesia Stock Exchange during this study. The results indicate
that leverage, audit committee, company size, and the independent board positively influence intellectual
capital disclosure. However, leverage has a negative effect on firm size. These findings comply with the
pecking order and financial agency theory, which helps understand the application of various studies on
value for firms in Indonesia. This research was able to explore the IC determinants of manufacturing
firms. However, more detailed evaluations could be conducted.

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