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Pengaruh Adjusted Value Added Intellectual Coefficient terhadap Valuasi Perusahaan Asuransi di Indonesia: Mediasi Profitabilitas dan Moderasi Risiko Underwriting Periode Tahun 2019–2024

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The Indonesian insurance industry faces increasingly complex challenges due to intensifying competition, dynamic risk conditions, and growing stakeholder demands for corporate performance and firm value. This study examines the effect of Intellectual Capital, measured using the Adjusted Value Added Intellectual Coefficient (A-VAIC), on the firm value of insurance companies in Indonesia. In addition, this research investigates the role of profitability as a mediating variable and underwriting risk as a moderating variable. This study adopts a quantitative approach using panel data from 14 Indonesian insurance companies listed on the Indonesia Stock Exchange over the period 2019–2024, yielding 84 observations. Panel data regression with mediation and moderation models was employed to capture both direct and indirect relationships among variables. The results indicate that Intellectual Capital has no significant effect on profitability or firm value. Profitability, proxied by Return on Assets (ROA), has a negative effect on firm value measured by Price to Book Value (PBV). Underwriting risk, proxied by the loss ratio, weakens the relationship between Intellectual Capital and profitability, while profitability does not mediate the relationship between Intellectual Capital and firm value. These findings suggest that the effectiveness of Intellectual Capital is contingent upon risk conditions and has not been fully recognized by the market in shaping firm value.

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Detail Information

Series Title

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Call Number

T 112646 KHU p

Publisher

Jakarta : Program Magister Manajemen STIE Indonesia Banking School., 2026

Collation

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Language

Indonesia

ISBN/ISSN

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Classification

658.07

Content Type

text

Media Type

computer

Carrier Type

online resource

Edition

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Subject(s)

Karya Ilmiah Tugas Akhir
Tesis Manajemen IBS

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