PENGARUH MANAJEMEN ASET DAN INTELLECTUAL CAPITAL TERHADAP KINERJA KEUANGAN DIMODERASI DEWAN KOMISARIS INDEPENDEN (STUDI EMPIRIS PADA PERUSAHAAN SEKTOR ENERGI DI BEI TAHUN 2019-2023)

Abstract

Financial performance is an important indicator in assessing the efficiency and effectiveness of companies, particularly in the energy sector, which is significantly influenced by fluctuations in global commodity prices and the pressures of the energy transition. The decline in financial performance in this sector highlights the urgency of evaluating the roles of asset management and intellectual capital as strategic resources in enhancing competitiveness and profitability. This study also considers the moderating role of independent commissioners in strengthening the impact of these two factors on financial performance. The research employs a quantitative approach using panel data regression methods. The sample consists of 18 energy sector companies listed on the Indonesia Stock Exchange (IDX) during the period from 2019 to 2023, with a total of 90 data observations. The dependent variable in this study is financial performance, measured by Return on Assets (ROA), while the independent variables are asset management (Total Asset Turnover, TATO) and intellectual capital (Value Added Intellectual Capital, VAIC™). The moderating variable is the proportion of independent commissioners. Analysis is conducted through multiple linear regression models and moderated regression analysis (MRA) using EViews 10 software. The results indicate that both asset management and intellectual capital have a positive and significant impact on financial performance. These findings underscore the importance of corporate governance and the management of internal resources in enhancing financial performance. Future research is recommended to include contextual variables such as digital innovation, ownership structure, or audit quality, as well as to expand the scope across sectors to obtain more generalizable and relevant results across industries.

Keywords: Asset Management, Intellectual Capital, Financial Performance, Independent Commissioners.