Pengaruh CSR, Modal Intelektual, dan Struktur Modal terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur Properti dan Real Estate yang Terdaftar Di Bursa Efek Indonesia Tahun 2021-2023)

Abstract

This study aims to analyze the influence of Corporate Social Responsibility (CSR), intellectual capital, and capital structure on firm value in property and real estate companies listed on the Indonesia Stock Exchange from 2021 to 2023. This study is quantitative and uses multiple linear regression with SPSS software to examine the relationships between variables. The data used are secondary data obtained from company annual reports, with a total sample of 72 observations obtained through purposive sampling. The results show that CSR has a negative and significant effect on firm value, indicating that corporate social responsibility activities may not necessarily improve investor perceptions if not implemented strategically. Intellectual capital also has a negative effect on firm value, possibly due to the suboptimal utilization of intellectual assets to create a tangible competitive advantage. Conversely, capital structure has a positive and significant effect on firm value, indicating that appropriate funding proportions can send positive signals to the market and investors. This study is expected to be a useful consideration for management, investors, and future researchers in evaluating the various factors influencing firm value in the property and real estate sector in Indonesia.