The Role of CSR on Shareholders Wealth Through Intellectual Capital

摘要

This research aims to determine the influence of CSR and financial performance on corporate value through intellectual capital. Sample in this study were 12 State-owned companies listed on the Indonesia Stock Exchange over the 2013-2017 period. The data used in this research was secondary data in the annual financial statements and sustainability reports. Path analysis of data in this research utilized the Eviews 9 application and Sobel Test. The results showed that intellectual capital is not an intervening variable between CSR and corporate value.