The Effect of Intellectual Capital, Profitability and Leverage on Company Performance (Study on Halal Industry companies in Indonesia Malaysia)
Pengaruh Intellectual Capital, Profitabilitas dan Leverage terhadap Kinerja Perusahaan (Studi pada Perusahaan Industri Halal di Indonesia Malaysia
DOI:
https://doi.org/10.21070/ups.11900Keywords:
Intellectual Capital, Profitability,, Leverage, Firm Performance, Halal IndustryAbstract
This study aims to analyze the effects of intellectual capital, profitability, and leverage on firm performance in the halal industry in Indonesia and Malaysia. The study employs a quantitative approach using panel data regression analysis. The study population consists of companies listed on the Jakarta Islamic Index (JII) and the Bursa Malaysia Hijrah Shariah Index (FHSI) for the period 2023–2025. The sampling technique used purposive sampling with a total of 27 companies and 81 observations. Data analysis was conducted using panel data methods with the assistance of the Eviews program. The results indicate that intellectual capital does not have a significant effect on firm performance. Meanwhile, profitability and leverage have positive and significant effects on firm performance.
Downloads
References
A. Humaida, I. D. Fasicha, M. R. Alghifari, and P. S. Lestari, “Potensi Industri Halal di Indonesia sebagai Negara Berpenduduk Muslim Terbesar,” Aghniya Jurnal Ekonomi Islam, vol. 6, no. 1, pp. 11–24, 2024.
S. Hermawan, Sriyono, Supardi, M. R. Maika, and F. N. Latifah, “Financial Literacy for Business Owners in Malaysia,” ABDIMAS: Jurnal Pengabdian Masyarakat, vol. 8, no. 3, pp. 1268–1278, 2025, doi: https://doi.org/10.35568/abdimas.v8i3.6603.
E. D. Rinawiyanti, H. Xueli, and S. N. As-Saber, “Integrating corporate social responsibility into business functions and its impact on company performance: evidence from the Indonesian manufacturing industry,” Social Responsibility Journal, vol. 19, no. 7, 2023, doi: 10.1108/SRJ-05-2021-0193.
T. P. Astuti and M. Taufiq, “Analisis Laporan Keuangan Dalam Rangka Menilai Kinerja Perusahaan Pt. Telekomunikasi Indonesia Tbk. (Periode 2014-2018),” GREENOMIKA, vol. 2, no. 2, 2020, doi: 10.55732/unu.gnk.2020.02.2.2.
M. A. Ali et al., “A Multidimensional View of Intellectual Capital and Dynamic Innovative Performance,” 2023. doi: 10.3390/jrfm16030139.
S. Ali, G. Murtaza, M. Hedvicakova, J. Jiang, and M. Naeem, “Intellectual capital and financial performance: A comparative study,” Front. Psychol., vol. 13, 2022, doi: 10.3389/fpsyg.2022.967820.
S. Hermawan, S. Biduri, E. Maryati, M. E. Widiana, and A. Gunardi, “Enterprise risk management, intellectual capital, and investment opportunity set on firm value through financial performance as an intervening variable,” Journal of Islamic Accounting and Business Research, May 2025, doi: 10.1108/JIABR-02-2024-0050.
K. Muzakki, “Pengaruh Intelectual Capital Terhadap Kinerja Keuangan Pada Koperasi Simpan Pinjam Ar-Rohmah Jawa Timur,” Greenomika, vol. 2, no. 1, 2020.
M. Akhtar, K. Yusheng, M. Haris, Q. U. Ain, and H. M. Javaid, “Impact of financial leverage on sustainable growth, market performance, and profitability,” Economic Change and Restructuring, vol. 55, no. 2, 2022, doi: 10.1007/s10644-021-09321-z.
W. Ghardallou, “The heterogeneous effect of leverage on firm performance: a quantile regression analysis,” International Journal of Islamic and Middle Eastern Finance and Management, vol. 16, no. 1, 2023, doi: 10.1108/IMEFM-12-2021-0490.
A. A. Sofiyah, A. Afifudin, and S. A. Anwar, “Pengaruh Rasio Rentabilitas, Profitabilitas, dan Rasio Aktivitas Terhadap Kinerja Keuangan (Studi Kasus Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021),” e_Jurnal Ilmiah Riset Akuntansi, vol. 12, no. 1, pp. 72–79, 2023.
I. Nemlioglu and S. Mallick, “Effective innovation via better management of firms: The role of leverage in times of crisis,” Res. Policy, vol. 50, no. 7, 2021, doi: 10.1016/j.respol.2021.104259.
N. Sari and S. Sumiyarsih, “Pengaruh Leverage, Ukuran Perusahaan Dan Current Ratio Terhadap Kinerja Keuangan Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2013-2018,” Jurnal Ekonomi Manajemen dan Akuntansi, vol. 1, no. 1, pp. 39–54, 2022.
J. D. Fitria, N. A. Das, and S. Y. Defitri, “Pengaruh Intellectual Capital dan Konservatisme Akuntansi terhadap Kinerja Keuangan dengan Ukuran Perusahaan sebagai Variabel Moderasi pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2022,” Jurnal Bina Bangsa Ekonomika, vol. 17, no. 1, 2024.
I. Andriyani, Msy. Mikial, A. Marzuki, and A. Azrin, “Pengaruh Intellectual Capital Dan Corpote Govenance Terhadap Kinerja Keuangan Perusahaan Perbankan yang Terdaftar di BEI,” EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis, vol. 10, no. 1, 2022, doi: 10.37676/ekombis.v10i1.1741.
S. H. Teng, P. R. Sitohang, P. C. Feronika, and R. O. Damanik, “Pengaruh NPM, ROA, DER dan Size terhadap Kinerja Keuangan pada Sektor Real Estate dan Property yang terdaftar di BEI Periode 2018-2020,” Owner, vol. 6, no. 2, 2022, doi: 10.33395/owner.v6i2.761.
N. Fadhilah and Meihendri, “Pengaruh Ukuran Perusahaan, Leverage Dan Likuiditas Terhadap Kinerja Keuangan Perusahaan (Studi Kasus Pada Perusahaan Sektor Transportasi Dan Logistik Yang Terdaftar Di Bei Periode 2018-2022),” Undergraduate Research, Faculty of Economics, Bung Hatta University, vol. 19, no. 1, p. 106, 2023, doi: 10.24912/jpa.v1i2.4671.
S. Siregar, Metode Penelitian Kuantitatif Dilengkapi dengan Perbandingan Perhitungan Manual & SPSS. Jakarta: Kencana, 2017.
T. Dalwai and M. Salehi, “Business strategy, intellectual capital, firm performance, and bankruptcy risk: evidence from Oman’s non-financial sector companies,” Asian Review of Accounting, vol. 29, no. 3, pp. 474–504, Aug. 2021, doi: 10.1108/ARA-01-2021-0008.
A. İ. Akgün and S. P. Türkoğlu, “Intellectual capital and performance of listed firms during the global financial crisis: the effects of legal origin,” International Journal of Organizational Analysis, vol. 32, no. 4, pp. 759–785, Apr. 2024, doi: 10.1108/IJOA-01-2023-3587.
H. Bataineh, S. S. Abbadi, E. Alabood, and A. Alkurdi, “The effect of intellectual capital on firm performance: the mediating role of family management,” Journal of Islamic Accounting and Business Research, vol. 13, no. 5, pp. 845–863, May 2022, doi: 10.1108/JIABR-02-2022-0032.
S. Hermawan, S. Biduri, S. W. Arista, and P. Utomo, “Intellectual Capital, Islamic Philanthropy, and Sustainability Development Goals: An Interpretive Management Accounting Research,” Fokus Bisnis Media Pengkajian Manajemen Dan Akuntansi, vol. 24, no. 1, pp. 1–20, 2025.
Y. Kim, S. Jung, and C. Kim, “The Impact of Capital Structure on the Profitability Performance of ICT Firms,” Processes, vol. 11, no. 2, p. 635, Feb. 2023, doi: 10.3390/pr11020635.
P. Gani, “Pengaruh Intellectual Capital Terhadap Kinerja Keuangan dan Nilai Perusahaan (Studi Pada Perusahaan Makanan dan Minuman Yang Terdaftar di BEI),” Owner, vol. 6, no. 1, 2022, doi: 10.33395/owner.v6i1.613.
R. Bhattu-Babajee and B. Seetanah, “Value-added intellectual capital and financial performance: evidence from Mauritian companies,” Journal of Accounting in Emerging Economies, vol. 12, no. 3, 2022, doi: 10.1108/JAEE-11-2020-0300.
M. Asutay and Ubaidillah, “Examining the Impact of Intellectual Capital Performance on Financial Performance in Islamic Banks,” Journal of the Knowledge Economy, vol. 15, no. 1, 2024, doi: 10.1007/s13132-023-01114-1.
F. Antonius and I. Ida, “Pengaruh Environmental, Social, Governance (ESG) dan Intellectual Capital terhadap Kinerja Perusahaan,” Jurnal EKOBIS: Ekonomi, Bisnis, dan Manajemen, vol. 13, no. 2, 2023.
A. T. Ramadhani and E. Sulistyowati, “Pengaruh Intellectual Capital Dan Implementasi Good Corporate Governance Terhadap Peningkatan Kinerja Keuangan,” Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), vol. 7, no. 2, 2023, doi: 10.31955/mea.v7i2.3091.
C. T. Mukaro, A. Deka, and S. Rukani, “The influence of intellectual capital on organizational performance,” Future Business Journal, vol. 9, no. 1, 2023, doi: 10.1186/s43093-023-00208-1.
W. Ye and Y. Li, “Ownership structure and firm profitability: Impact of major shareholder gender,” Financ. Res. Lett., p. 107221, Mar. 2025, doi: 10.1016/j.frl.2025.107221.
H. Kazak, A. T. Akcan, C. Kilic, and A. Kiliçarslan, “Profitability determinants in Turkish banking: comparing Islamic and conventional banks under inflation and bond rate effects,” Journal of Financial Regulation and Compliance, Apr. 2025, doi: 10.1108/JFRC-01-2025-0016.
S. F. Zahwa and B. Soedaryono, “Pengaruh Profitabilitas, Leverage Dan Pertumbuhan Perusahaan Terhadap Kinerja Keuangan Perusahaan (Studi Empiris Pada Perusahaan Sektor Transportasi Dan Logistik Yang Terdaftar Di Bursa Efek Indonesia) Pada Periode 2020-2021,” Jurnal Ekonomi Trisakti, vol. 3, no. 2, pp. 3863–3872, Oct. 2023, doi: 10.25105/jet.v3i2.18136.
R. Y. Qilmi, “Pengaruh Corporate Social Responsibility (Csr), Profitabilitas, dan Leverage Terhadap Kinerja Keuangan Perusahaan (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2019),” Neraca : Jurnal Akuntansi Terapan, vol. 3, no. 1, 2021, doi: 10.31334/neraca.v3i1.1969.
H. Herdiyana, A. Sumarno, and E. Endri, “The Effect of Financial Performance on the Profitability of Food and Beverage Companies in Indonesia,” International Journal of Financial Research, vol. 12, no. 1, 2020, doi: 10.5430/ijfr.v12n1p30.
S. Susiowati, S. Sochib, and M. Ali, “The Influence Of Profitability And Activity On Financial Performance In Mining Companies Registered In Indonesia Stock Exchange,” Assets : Jurnal Ilmiah Ilmu Akuntansi, Keuangan dan Pajak, vol. 4, no. 2, 2020, doi: 10.30741/assets.v4i2.571.
S. Rahmawati, E. Wuryani, and M. S. Isahak, “The Effect Of Profitability, Liquidity, And Activities On The Financial Performance Of Health Sector Companies At The Idx In 2018-2021,” Proceeding International Economic Conference of Business and Accounting, vol. 1, no. 1, pp. 405–421, 2023.
R. De Haas, S. Guriev, and A. Stepanov, “State ownership and corporate leverage around the world,” Journal of Corporate Finance, vol. 93, p. 102782, Jul. 2025, doi: 10.1016/j.jcorpfin.2025.102782.
Z. Lin, Q. Yang, and S. Chen, “Exploring the correlation between financial leverage and corporate bond credit spreads,” Financ. Res. Lett., vol. 75, p. 106855, Apr. 2025, doi: 10.1016/j.frl.2025.106855.
J. Ali et al., “Leverage, Ownership Structure and Firm Performance,” Journal of Financial Risk Management, vol. 11, no. 01, 2022, doi: 10.4236/jfrm.2022.111002.
Q. L. Huynh, M. E. Hoque, P. Susanto, W. A. Watto, and M. Ashraf, “Does Financial Leverage Mediates Corporate Governance and Firm Performance?,” Sustainability (Switzerland), vol. 14, no. 20, 2022, doi: 10.3390/su142013545.
N. C. Das, M. A. F. Chowdhury, and M. N. Islam, “The heterogeneous impact of leverage on firm performance: empirical evidence from Bangladesh,” South Asian Journal of Business Studies, vol. 11, no. 2, 2022, doi: 10.1108/SAJBS-04-2020-0100.
B. M. Abu-Abbas, T. Alhmoud, and F. A. Algazo, “Financial leverage and firm performance evidence from amman stock exchange,” European Journal of Comparative Economics, vol. 16, no. 2, 2019, doi: 10.25428/1824-2979/201902-207-237.
C. Zhang, Y. Ma, and E. Zhang, “Does green innovation promote financial performance of Chinese listed companies?,” Journal of Innovation & Knowledge, vol. 10, no. 4, p. 100740, Jul. 2025, doi: 10.1016/j.jik.2025.100740.
X. Yan, D. Xiao, H. Chan, G. Zeng, and R. Wei, “Impact of high-speed rail operation, ESG performance, and financial performance of listed tourism companies,” Financ. Res. Lett., vol. 77, p. 107071, May 2025, doi: 10.1016/j.frl.2025.107071.
X. Liu, F. Cheng, R. Zhang, and Z. Li, “Impact of employee compensation structure on company performance: Moderating effects of ownership concentration,” Financ. Res. Lett., vol. 74, p. 106702, Mar. 2025, doi: 10.1016/j.frl.2024.106702.
M. Yusuf, Metode penelitian : kuantitatif, kualitatif dan penelitian gabungan. Jakarta: Kencara, 2017.
Sugiyono, Penelitian Kualitatif, Kuantitatif dan R&D. Bandung: Alfabeta, 2018.
M. Yusuf, Metode penelitian : kuantitatif, kualitatif dan penelitian gabungan. Jakarta: Kencara, 2017.
O. J. Pitre-Cedeño and E. E. Herrera-Rodríguez, “Intellectual Capital and Performance of Banking and Financial Institutions in Panama: An Application of the VAICTM Model,” Journal of Risk and Financial Management, vol. 17, no. 9, p. 416, Sep. 2024, doi: 10.3390/jrfm17090416.
E. Buenaño, S. Báez, and P. Campaña, “Intellectual capital and financial performance: a comparative analysis of VAIC models in Ecuadorian banking,” Cogent Business & Management, vol. 12, no. 1, Dec. 2025, doi: 10.1080/23311975.2025.2495187.
G. Marzo, “A theoretical analysis of the value added intellectual coefficient (VAIC),” Journal of Management and Governance, vol. 26, no. 2, 2022, doi: 10.1007/s10997-021-09565-x.
K. A. Putri and A. Haq, “Pengaruh Firm Size, Net Profit Margin (Npm), Struktur Modal Terhadap Kinerja Keuangan,” Jurnal Ekonomi Trisakti, vol. 4, no. 2, pp. 797–808, Aug. 2024, doi: 10.25105/v4i2.20953.
E. A. Sambuaga, L. Laksamana, K. Soetemto, and A. Karundeng, “The Effect Of Bod Gender And Leverage Towards Firm Performance,” Klabat Accounting Review, vol. 3, no. 1, 2022, doi: 10.60090/kar.v3i1.574.1-19.
E. Kusnanto, R. Ruslaini, and M. Chaidir, “Pengaruh Profitabilitas Dan Likuiditas Terhadap Kinerja Keuangan Perusahaan (Studi Empiris Pada Perusahaan Transportation & Logistic Papan Perdagangan Utama Yang Terdaftar Di Bursa Efek Indonesia Periode 2020-2021),” Studia Ekonomika, vol. 21, no. 2, pp. 88–100, Jul. 2023, doi: 10.70142/studiaekonomika.v21i2.173.
W. W. Winarno, Analisis Ekonometrika dan Statistika dengan Eviews. Yogyakarta: UPP STIM YKPN, 2011.
Nani, Step by Step Analisis Regresi Data Panel Menggunakan Eviews. Serang: CV. Visi Intelegensia, 2022.
D. Rosadi, Ekonometrika dan Analisis Runtun Waktu Terapan dengan Eviews. 2012.
H. Ismanto and S. Pebruary, Aplikasi SPSS dan Eviews Dalam Analisis Data Penelitian. Yogyakarta: Deepublish, 2021.
H. Ismanto and S. Pebruary, Aplikasi SPSS dan Eviews Dalam Analisis Data Penelitian. Yogyakarta: Deepublish, 2021.
R. S. Hamid, S. Bachri, Saldu, and M. Ikbal, Panduan Praktis Ekonometrika: Konsep Dasar dan Penerapan Eviews 10. Banten: CV. AA Rizky, 2020.
S. A. Bin-Nashwan and J. Z. Li, “AI-infused knowledge and green intellectual capital: pathways to spur accounting performance drawn from RBV-KBV model and sustainability culture,” Technol. Soc., vol. 82, 2025, doi: 10.1016/j.techsoc.2025.102913.
S. L. Lam and Antoni, “Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Dengan Strategi Bisnis Sebagai Moderasi ( Studi Empiris Perusahaan Manufaktur Sektor,” Jurnal Ekonomi Bisnis dan Sosial Sains, vol. 03, no. 01, 2024.
D. Sutandar and P. Apriwenni, “Dampak Intellectual Capital Terhadap Nilai Pasar Perusahaan Dengan Return On Asset Sebagai Variabel Intervening,” Jurnal Akuntansi Bisnis, vol. 11, no. 1, 2018, doi: 10.30813/jab.v11i1.1085.
N. Rosella and D. S. Nugroho, “Pengaruh Intellectual Capital, Kepemilikan Manajerial dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perbankan,” Indonesian Journal of Innovation Multidisipliner Research, vol. 1, no. 3, 2023, doi: 10.31004/ijim.v1i3.30.
P. Gani, “Pengaruh Intellectual Capital Terhadap Kinerja Keuangan dan Nilai Perusahaan (Studi Pada Perusahaan Makanan dan Minuman Yang Terdaftar di BEI),” Owner, vol. 6, no. 1, 2022, doi: 10.33395/owner.v6i1.613.
Y. Setiawanta and M. A. Hakim, “Apakah sinyal kinerja keuangan masih terkonfirmasi? : Studi empiris lembaga keuangan di PT. BEI,” Jurnal Ekonomi dan Bisnis, vol. 22, no. 2, 2019, doi: 10.24914/jeb.v22i2.2048.
F. Li, C. K. Y. Lo, C. S. Tang, and P. Zhou, “Will Diversity, Equity, and Inclusion Commitment Improve Manufacturing Firms’ Market Performance? A Signaling Theory Perspective on DEI Announcements,” Prod. Oper. Manag., vol. 34, no. 3, 2025, doi: 10.1177/10591478241265479.
B. Alkausar, Y. Nugroho, A. Qomariyah, and A. Prasetyo, “Corporate tax aggressiveness: evidence unresolved agency problem captured by theory agency type 3,” Cogent Business and Management, vol. 10, no. 2, 2023, doi: 10.1080/23311975.2023.2218685.
D. R. Kangga, E. Suwandhy, and M. V. Lee, “Pengaruh Profitabilitas, Likuiditas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Moderasi,” Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, vol. 10, no. 2, 2025, doi: 10.24815/jimeka.v10i2.34368.
H. Abidah, S. Sulhendri, M. I. Tarmizi, and K. Nurullah, “Impact of Corporate Social Responsibility and Profitability in Financial Performance Moderated by Amanah Concept,” International Journal of Applied Management and Business, vol. 2, no. 2, 2024, doi: 10.54099/ijamb.v2i2.1064.
E. Loew, L. Endres, and Y. Xu, “How ESG Performance Impacts a Company’s Profitability and Financial Performance,” SSRN Electronic Journal, 2024, doi: 10.2139/ssrn.4700173.
M. Akhtar, K. Yusheng, M. Haris, Q. U. Ain, and H. M. Javaid, “Impact of financial leverage on sustainable growth, market performance, and profitability,” Economic Change and Restructuring, vol. 55, no. 2, 2022, doi: 10.1007/s10644-021-09321-z.
R. Arhinful and M. Radmehr, “The effect of financial leverage on financial performance: evidence from non-financial institutions listed on the Tokyo stock market,” Journal of Capital Markets Studies, vol. 7, no. 1, 2023, doi: 10.1108/JCMS-10-2022-0038.
Q. L. Huynh, M. E. Hoque, P. Susanto, W. A. Watto, and M. Ashraf, “Does Financial Leverage Mediates Corporate Governance and Firm Performance?,” Sustainability (Switzerland), vol. 14, no. 20, 2022, doi: 10.3390/su142013545.
P. J. Az-Zahra and Y. Yuniningsih, “Pengaruh Leverage, Aktivitas, Likuiditas Terhadap Kinerja Keuangan Dengan Ukuran Perusahaan Sebagai Moderasi,” Jambura Economic Education Journal, vol. 7, no. 4, 2025, doi: 10.37479/jeej.v7i4.31855.
B. T. Rahmanto, K. Lasmiatun, N. Ar, R. Toalib, and S. Syamsinar, “Analysis of the Effect of Liquidity, Leverage, and Profitability on the Financial Performance of Companies in the Indonesian Capital Market,” West Science Business and Management, vol. 2, no. 04, 2024, doi: 10.58812/wsbm.v2i04.1499.
Downloads
Additional Files
Posted
License
Copyright (c) 2026 UMSIDA Preprints Server
This work is licensed under a Creative Commons Attribution 4.0 International License.
