The Moderating Role of Corporate Governance in the Relationship between Green Intellectual Capital and Financial Performance

Sabar Warsini (), Rida Ratna Jelita and Yusep Friya P
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Sabar Warsini: Politeknik Negeri Jakarta, Accounting Department
Rida Ratna Jelita: Politeknik Negeri Jakarta, Accounting Department
Yusep Friya P: Politeknik Negeri Jakarta, Accounting Department

A chapter in Proceedings of the International Conference on Applied Science and Technology on Social Science 2025 (iCAST-SS 2025), 2025, pp 510-518 from Springer

Abstract: Abstract Intellectual capital is part of the intangible assets that companies use to create competitive advantage. This study aims to investigate the impact of green intellectual capital on financial performance, with good corporate governance as a moderating variable. The study sample consisted of 102 firm years listed in the ESGQKehati index on the Indonesia Stock Exchange during 2021–2023. In this study, green intellectual capital is measured using the Value-Added Intellectual Coefficient (VAIC), while financial performance is measured using Return on Invested Capital (ROIC). Corporate governance is represented by institutional ownership. The results revealed that green intellectual capital has a significant positive effect on corporate financial performance. However, good corporate governance was not proven to moderate the relationship between green intellectual capital and financial performance. This finding suggests that green intellectual capital disclosure can drive improved corporate financial performance, but the oversight role of institutional investors is not yet effective enough in strengthening this relationship.

Keywords: Corporate Governance; ESGQKehati Index; Green Intellectual Capital; Return on Invested Capital (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-938-4_58

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DOI: 10.2991/978-94-6463-938-4_58

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