PENGARUH INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN DENGAN KESEMPATAN INVESTASI (INVESTMENT OPPORTUNITY SET) SEBAGAI VARIABEL PEMODERASI

This study aims to test whether the investment opportunity set moderate the relationship of intellectual capital on firm value. The data used in this study are all companies on the Indonesia Stock Exchange in 2013-2015. Of the 526 companies listed on the Indonesia Stock Exchange as many as 229 companies were taken as samples by using purposive sampling method. Measurement model of intellectual capital is measured using a Pulic’s model, that using Value Added Intellectual Coefficient (VAIC). The investment opportunity set is measured using the capital expenditure to book value of assets and corporate value measured using Tobin's Q. The results showed that the investment opportunity set wasn’t moderate the relationship between intellectual capital on firm value. Keywords : intellectual capital, firm value, investment opportunity se