A Literature Review on the Influence of Intellectual Capital, Non-Performing Loans, and Operational Efficiency on Firm Value

Putri Bulan Bumi Aji; Saring Suhendro; Usep Syaipudin

doi:10.55927/ijbae.v4i4.244

Authors

Putri Bulan Bumi Aji University of Lampung
Saring Suhendro University of Lampung
Usep Syaipudin University of Lampung

DOI:

https://doi.org/10.55927/ijbae.v4i4.244

Keywords:

Firm Value, Intellectual Capital, Non-Performing Loans, Operational Efficiency, Sustainability Report

Abstract

This systematic literature review synthesizes findings from nine studies (2021-2025) examining the multifaceted determinants of firm value, primarily focusing on Indonesian companies listed on the IDX. Investment choices, financing, operational efficiency (BOPO, TATO), profitability (ROE, ROA), and capital structure (LDR, NPL, DER) are some of the classic financial and operational elements that are examined in the assessment. In addition, it delves into the impact of intangible assets like Green IC, sustainability reporting, and Intellectual Capital (IC), as well as corporate governance factors like women on boards. The influence of operational efficiency and intangible assets might differ, indicating interactions that are reliant on context, in contrast to many conventional financial measures, which consistently demonstrate substantial positive benefits. A key moderator that enhances the impact of intellectual capital is innovation. Quantitative methods predominate, with secondary data used for regression analysis. Review results show both consistent and inconsistent patterns, highlighting the necessity for nuanced interpretation across different industries and historical periods and the complicated interaction of variables influencing business value.

References

Adelisa, P., & Mayangsari, S. (2025). Pengaruh Pengungkapan Green Intellectual Capital, Green Accounting, dan Struktur Modal Terhadap Nilai Perusahaan. Economic Reviews Journal, 4(1), 342–354.

Amalia, N., & Putra, A. (2024). Pengaruh Profitabilitas, Ukuran Perusahaan dan Efisiensi Operasional Terhadap Nilai Perusahaan. Economic Reviews Journal, 3(4), 1825–1842.

Aprelia, S., & Pernamasari, R. (2024). Analisis pengaruh profitabilitas, struktur modal dan intellectual capital terhadap nilai perusahaan. Jurnal Online Insan Akuntan, 8(2), 27–40.

Bank Indonesia. (2021). Laporan Stabilitas Sistem Keuangan. Jakarta: Bank Indonesia.

Cahyadi, A., & Angela, A. (2025). Pengaruh intellectual capital, cost of capital, dan women on board terhadap nilai perusahaan sektor teknologi di Indonesia. Jurnal Pendidikan Ekonomi (JURKAMI), 10(1).

Chen, M. C., Cheng, S. J., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. Journal of Intellectual Capital, 6(2), 159–176. https://doi.org/10.1108/14691930510592771

Haryanto, L., & Susanto, N. (2023). Pengaruh Profitabilitas, Leverage, Dan Non-Performing Loan Terhadap Nilai Perusahaan. Prosiding Konferensi Ilmiah Akuntansi, 10.

Kaujan, K., & Andriyani, A. (2025). Peran GCG dalam Memoderasi Keputusan Pendanaan dan Efisiensi Operasional terhadap Nilai Perusahaan Sektor Industri BEI 2018–2023. Jurnal Ekonomika, 134–154.

Kianto, A., Sáenz, J., & Aramburu, N. (2017). Knowledge-based human resource management practices, intellectual capital and innovation. Journal of Business Research, 81, 11–20. https://doi.org/10.1016/j.jbusres.2017.08.008

Kusuma, J. K., & Ruslim, H. (2022). Pengaruh Return on Equity, Loan to Deposit Ratio, dan Non-Performing Loan terhadap Nilai Perusahaan. Jurnal Manajerial Dan Kewirausahaan, 4(04), 871–881.

Maharani, N. D. P., Widiatmoko, J., & Indarti, K. (2024). Pengaruh Pengungkapan Sustainability Report dan Intellectual Capital Terhadap Nilai Perusahaan Pada Perusahaan Perbankan Yang Terdaftar di BEI Tahun 2018–2022. Kompak: Jurnal Ilmiah Komputerisasi Akuntansi, 17(1), 78–91.

Maryadi, A. R., & Susilowati, P. I. M. (2020). Pengaruh Return on Equity (ROE), Loan to Deposit Ratio (LDR), Non-Performing Loan (NPL) dan Biaya Operasional Terhadap Pendapatan Operasional (BOPO) terhadap Nilai Perusahaan pada Subsektor Perbankan yang Terdaftar di BEI pada Tahun 2015–2017. Jurnal Sains Manajemen dan Kewirusahaan, 4(1), 69–80.

Otoritas Jasa Keuangan (OJK). (2022). Peraturan OJK tentang Pengelolaan Kredit Bermasalah. Jakarta: OJK.

Pracoyo, A., & Ladjadjawa, A. E. C. (2020). Pengaruh Non-Performing Loan, Loan to Deposit Ratio, dan Good Corporate Governance terhadap Profitabilitas (ROA) atau Nilai Perusahaan (Tobin’s Q) Periode 2015–2019. Jurnal Ekonomi, Manajemen Dan Perbankan, 6(3), 109–121.

Pungus, C. N., Maramis, J. B., & Karuntu, M. M. (2024). Pengaruh Return on Asset, Non-Performing Loan, Loan to Deposit Ratio Terhadap Financial Sustainability Dengan Nilai Perusahaan Sebagai Variabel Intervening Pada Perusahaan Perbankan Yang Go Public. Jurnal EMBA, 12(01), 295–306.

Pulic, A. (1998). Measuring the performance of intellectual potential in knowledge economy. Paper presented at the 2nd McMaster World Congress on Measuring and Managing Intellectual Capital. Retrieved from http://www.measuring-ip.at

Savila, I. D., & Chariri, A. (2025). Optimalisasi Kinerja Inovasi: Mengungkap Pengaruh Intellectual Capital Terhadap Nilai Perusahaan. Owner: Riset dan Jurnal Akuntansi, 9(2), 965–976.

Suhendro, S., Syaipudin, U., & Metalia, M. (2021). Peran Tipe Informasi Modal Intelektual Sebagai Variabel Moderasi Pada Hubungan Modal Intelektual dan Nilai Perusahaan. Jurnal Magister Akuntansi Trisakti Vol, 8(2)

Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010

Stewart, T. A. (2019). Intellectual Capital: The New Wealth of Organizations. Currency.

Ulum, M. I. (2017). Intellectual capital: Konsep dan kajian empiris. Jakarta: Rajawali Pers.

Wijaya, N. (2018). Pengaruh intellectual capital terhadap kinerja keuangan dan nilai pasar perusahaan perbankan dengan metode value added intellectual coefficient. Jurnal Bisnis dan Akuntansi, 14(3), 157–180.

Wildan, M., & Yulianti, N. W. (2021). Pengaruh Keputusan Keuangan, Strategi Diversifikasi, Efisiensi Operasional dan Inovasi Terhadap Nilai Perusahaan. Jurnal Akuntansi, 1(1), 16–29.

Yusrizal, Y., Ramayani, N. S., Sudarno, S., & Irawati, I. (2024). Pengaruh Good Corporate Governance, Struktur Kepemilikan, Modal Intelektual, NPL, BOPO, dan LDR terhadap Kinerja Keuangan pada Bank Syariah Sektor Perbankan Tahun 2016–2020. LUCRUM: Jurnal Bisnis Terapan, 3(4), 445–457.