THE EFFECT OF INTELLECTUAL CAPITAL AND VOLUNTARY DISCLOSURE ON COMPANY VALUE MEDIATED BY RETURN ON ASSETS (ROA) OF TRANSPORTATION SUB-SECTOR COMPANIES ON THE INDONESIA STOCK EXCHANGE

Abstrak

This study analyzes the influence of intellectual capital and voluntary disclosure on company value with Return on Assets (ROA) as a mediation variable in 24 transportation sub-sector companies listed on the IDX for the 2020–2023 period. Using a quantitative method with panel data, the analysis was carried out through Random Effect Model (REM) regression and Sobel mediation test. The results showed that intellectual capital had a significant positive effect on the company's value but not significantly on ROA, while voluntary disclosure had a significant positive effect on the company's value but not significantly on ROA. ROA has been shown to have a significant positive effect on the company's value, but does not mediate the relationship between intellectual capital and voluntary disclosure of the company's value. These findings confirm that quality voluntary disclosure and intellectual capital management contribute directly to increasing the value of the company, without going through financial performance, so the implication is that companies need to focus more on information transparency strategies and the strengthening of intellectual assets to encourage sustainable competitiveness.