Exploring the Impact of EVA, Capital Gearing, and Intellectual Capital on Systematic Risk: The Mediating Role of Corporate Value
DOI:
https://doi.org/10.55927/jfbd.v5i2.22Keywords:
Systematic Risk, EVA, Capital Gearing, Intellectual Capital, Corporate ValueAbstract
This study examines the factors that influence systematic risk in basic materials and industrial companies listed on the Indonesia Stock Exchange (IDX) between 2018 and 2022. Using multiple linear regression with panel data from 21 companies (205 observations), the study tests the effects of Economic Value Added (EVA), capital gearing, intellectual capital, and corporate value alongside current ratio, debt-to-equity ratio, and firm size as controls on systematic risk. Results show that neither EVA nor capital gearing significantly affects systematic risk, whereas intellectual capital and corporate value each exert a significant positive effect. Corporate value mediates the relationship between intellectual capital and systematic risk, but not those involving EVA or capital gearing. These findings indicate that knowledge-intensive activities heighten market-wide risk exposure, partly through the channel of firm valuation.
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