The study looked at how intellectual capital affects a company's value, using financial performance as a middle step. They studied 46 manufacturing companies in Indonesia from 2016 to 2018. They found that some types of intellectual capital, like Value Added Employed Capital and Structural Capital Value Added, help with financial performance. However, Value Added Human Capital doesn't directly impact financial performance. Value Added Human Capital and Structural Capital Value Added do affect a company's overall value. Financial performance plays a role in connecting intellectual capital to a company's value.