The Role of Profitability in Moderating The Effect of Investment Opportunity Set, Intellectual Capital, and Green Accounting on Firm Value

Authors

  • Hendrik Napitupulu Universitas Pamulang
  • Suripto Universitas Pamulang
  • Iin Rosini Universitas Pamulang

DOI:

https://doi.org/10.32493/eaj.v9i3.y2026.p280-300

Keywords:

Investment Opportunity Set, Intellectual Capital, Green Accounting, Firm Value

Abstract

This study aims to examine and analyze the effect of Investment Opportunity Set, Intellectual Capital, and Green Accounting on firm value, with profitability serving as a moderating variable in banking companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research employs a quantitative associative approach using secondary data. The population consists of banking companies listed on the Indonesia Stock Exchange, with a sample of 24 companies selected through the purposive sampling technique, resulting in 120 observations over a five-year period. The data were analyzed using panel data regression and Moderated Regression Analysis (MRA) with the assistance of EViews software. The results indicate that the Investment Opportunity Set has a positive and significant effect on firm value, while Intellectual Capital and Green Accounting do not have a significant effect on firm value. Furthermore, profitability is proven to moderate the relationship between Investment Opportunity Set and firm value. Profitability also moderates the relationship between Intellectual Capital and firm value, as well as the relationship between Green Accounting and firm value. These findings suggest that profitability plays a strategic role in strengthening the effectiveness of investment opportunities, intellectual capital management, and the implementation of green accounting practices in enhancing firm value. Therefore, maintaining an optimal level of profitability is essential for increasing investor confidence and supporting sustainable corporate performance in the long term.

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Additional Files

Published

2026-09-30

Issue

Vol. 9 No. 3 (2026): EAJ (Economics and Accounting Journal)

Section

Articles

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Copyright (c) 2026 Hendrik Napitupulu, Suripto, Iin Rosini

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