The return on assets method for intellectual capital and application in Istanbul Stock Exchange<p>Hesaplanmış maddi olmayan değer yöntemi ile entelektüel sermayenin hesaplanması ve Borsa İstanbul’da bir uygulama

Industry development process based on the information of the physical assets must be incline toward. In this regard, enterprises as well as tangible assets, intangible assets they have is a growing importance. In this case, the measurement of intangible assets for businesses, evaluating and comparing with competitors constitutes necessity. In other words, it is necessary for the existence of intellectual capital business. ÖzetSanayinin gelişim süreci fiziksel varlıklardan bilgiye dayalı varlıklara yönelmeyi zorunlu kılmaktadır. Bu bakımdan işletmelerin maddi duran varlıklarının yanı sıra, sahip oldukları maddi olmayan duran varlıkları da artan bir öneme sahip olmaktadır. Bu durum işletmeler için maddi olmayan duran varlıklarının ölçülmesi, değerlendirilmesi ve rakipleri ile kıyaslanması zorunluluğunu oluşturmaktadır. Bir başka deyişle, Entelektüel sermaye işletmelerin varlığı için gereklidir.

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The Effect of Underreaction and Overreaction of Firm Stocks to Firm Valuation: Data from the Indonesian Stock Exchange

10.31124/advance.11374857 ◽

2019 ◽

Author(s):

Yohanes Indrayono

Keyword(s):

Behavioral Finance ◽

Firm Value ◽

Intangible Assets ◽

Stock Exchange ◽

Investor Sentiment ◽

Firm Valuation ◽

Good News ◽

Industrial Sectors ◽

Tangible Assets ◽

Firm Profitability

<p>This study contributes to the on-going studies on behavioral finance by providing a case study on underreaction and overreaction of firm stocks to firm valuation. We use the Model of Investor Sentiment (Barberis et al., 2005) to evaluate underreaction and overreaction behavior and reflect on specific findings in the Indonesian market. The result of the study is most of the stocks in the Indonesian Stock Exchange are more overreaction to the news of firm financial statements. Firms on the industry with more intangible assets measure more overreaction than firms on industries with more tangible assets. For stocks with overreaction, the stock firm value is positively affected by a change in the total assets and profitability, but not by change of book value. The result concretized no evidence that firm stocks overreacted to the news more than underreacting. In stock industrial sectors, the financial institutions and wholesale industry stocks demonstrated remarkable overreactions. Nonetheless, automotive, building construction, food and beverage as well as cement evidenced more underreaction. For better return in financial markets, investors may buy stocks of the firm on industry with more tangible assets when there is no good news about the increasing firm profitability and sales; nonetheless, they should buy stocks of the firm on industry with more intangible assets when there is no lousy news about the increasing firm profitability and sales. </p>

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The effect of intangible assets on sustainable growth and firm value – Evidence on intellectual capital investment in companies listed on Bucharest Stock Exchange

Kybernetes ◽

10.1108/k-05-2020-0325 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Catalin Ionita ◽

Elena Dinu

Keyword(s):

Growth Rate ◽

Intellectual Capital ◽

Firm Value ◽

Intangible Assets ◽

Stock Exchange ◽

Listed Companies ◽

Sustainable Growth ◽

Content Type ◽

Sustainable Growth Rate ◽

The Impact

PurposeThe present study investigates the connection between company investments in intellectual capital (IC) and how they translate into financial value. The aim is to test the impact of intangible assets on the firm value and its sustainable growth.Design/methodology/approachThe research employs computation models to determine the sustainable growth rate (SGR) and the firm value (FV), and by using the ordinary least squares (OLS) model through a linear regression assesses the relationship between the dependent variables and expenditures on intangibles like R&D, IT programs and patents. A sample of 42 companies has been selected out of the 78 listed at Bucharest Stock Exchange (BSE), based on the appropriateness of the information disclosed in the financial reports for the period 2016–2019.FindingsThe results show that intangibles classified as innovative competences (R&D and Patents) do not have a positive impact on SGR and FV in listed companies from Romania. Moreover, R&D has a negative and significant effect on FV, while IT Programs have a positive and significant impact on FV, but not on the SGR. Variables categorised as economic competencies (Brands, Shares held in associates and jointly controlled entities) and firm structure-specific variables (Leverage, Firm Performance) seem to have a significant effect on SGR and FV. Shares held in associates and jointly controlled entities is the variable that can have the biggest impact when it comes to FV for companies listed at BSE.Research limitations/implicationsDue to non-disclosure of specific information by some companies, or lack of investments in intangibles the sample had to be reduced and does not cover all listed companies.Practical implicationsCompanies listed on the Regulated Market from the Bucharest Stock Exchange should maintain their scale of liabilities at a reasonable level when financing intangible assets in order to ensure corporate long-term and sustainable development. Also, these companies should maintain awareness about the importance of intangible assets and invest more in specific sub-components, in order to sustain competitive advantage. Recognizing the roles of intangibles, managers need to develop strategies to invest in profitable intangibles by reasonably allocating their limited resources, in order to achieve sustainable growth and increase company success.Originality/valueStudies concerning the relation between investments in intangibles and sustainable growth rate and firm value of listed Romanian companies are very scarce. This paper reveals new research, never before undertaken, concerning expenditures on intangibles by Romanian companies and the valuation of such investments on Bucharest Stock Exchange.

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ALOKASI ANGGARAN, INTELLECTUAL CAPITAL, KINERJA KEUANGAN, DAN INDIKATOR KINERJA UTAMA BADAN LAYANAN UMUM

JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) ◽

10.34204/jiafe.v7i1.2915 ◽

2021 ◽

Vol 07 (01) ◽

Author(s):

Setyo Budi Hartono ◽

◽

Wahab Zaenuri ◽

Fania Mutiara Savitri ◽

Dessy Noor Farida ◽

...

Keyword(s):

Human Resources ◽

Financial Performance ◽

Path Analysis ◽

Intellectual Capital ◽

Performance Indicators ◽

Intangible Assets ◽

Budget Allocation ◽

Intangible Asset ◽

Tangible Assets ◽

Tangible Asset

Abstrak: Penelitian ini ditujukan pada anggaran dalam bentuk intangible asset (sumber daya manusia) dan tangible asset (aset tetap dan persediaan) yang diprediksi dapat mempengaruhi intellectual capital, kinerja keuangan sekarang dan mendatang, serta indikator kinerja utama. Alokasi anggaran sebagai baromater prioritas dalam mengembangkan intellectual capital ditujukan untuk memenuhi performa keuangan bagi indikator kinerja utama organisasi. Populasi yang juga menjadi sampel yaitu unit dan fakultas pada UIN Walisongo Semarang sebanyak 30 unit. Metode pengambilan sampling menggunakan teknik sampel jenuh yang mengambil seluruh populasi. Data yang digunakan adalah data sekunder berupa laporan tahunan dan laporan pencapaian indikator kinerja utama tahun 2019-2020. Analisis data menggunakan path analysis. Hasil penelitian ini adalah alokasi APBN tahun 2019 UIN Walisongo hanya terfokus pada tangible asset sebesar 82%, sementara 18% dialokasikan untuk intangible asset. Intangible asset tidak berpengaruh secara terhadap semua hubungan, hanya tangible asset saja yang dapat mempengaruhi intellectual capital secara langsung dan kinerja keuangan sekarang secara tidak langsung. Berdasarkan hasil penelitian ini menunjukkan perlu dilakukan audit sumber daya manusia sehingga dapat ditetapkan alokasi kebutuhan anggaran bagi intangible asset-nya. Abstract: This research is aimed at the budget in the form of intangible assets (human resources) and fixed assets and inventories that are predicted to affect intellectual capital, current and future financial performance, as well as key performance indicators. Budget allocation as a priority barometer in developing intellectual capital is aimed at meeting financial performance for the organization's main performance indicators. The population that is also a sample is 30 units and architecture at UIN Walisongo Semarang. The sampling method uses a saturated sample technique that takes the entire population. The data used is secondary data in the form of annual reports and performance indicator reports for 2019-2020. Data analysis using path analysis. The results of this study were that the 2019 State Budget allocation of UIN Walisongo only focused on tangible assets by 82%, while 18% was allocated for intangible assets. Intangible assets do not affect all relationships, only tangible assets can directly affect intellectual capital and current financial performance indirectly. Results Based on this research, it is necessary to conduct an audit of human resources so that they can determine the allocation of budget requirements for intangible assets.

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Is There Any Relation between Intellectual Capital and the Capital Structure of a Company? The Case of Polish Listed Companies

e-Finanse ◽

10.1515/fiqf-2016-0126 ◽

2015 ◽

Vol 11 (4) ◽

pp. 23-33

Author(s):

Monika Bolek ◽

Katerina Lyroudi

Keyword(s):

Capital Structure ◽

Intellectual Capital ◽

Intangible Assets ◽

Stock Exchange ◽

Equity Capital ◽

Warsaw Stock Exchange ◽

Relationship Of ◽

The Relationship ◽

A Company ◽

The Capital Structure

Abstract This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company.

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Analisis Modal Intelektual Dan Kinerja Keuangan Serta Pengaruhnya Terhadap Nilai Perusahaan

10.31227/osf.io/j5e9u ◽

2019 ◽

Author(s):

Riski Wahyudi ◽

Lidya Martha

Keyword(s):

Financial Performance ◽

Intellectual Capital ◽

Firm Value ◽

Stock Exchange ◽

Value Added ◽

Financial Statements ◽

Manufacturing Companies ◽

Return On Assets ◽

Book Value ◽

Company Value

This study aims to examine the effect of intellectual capital and financial performance on the value of companies in manufacturing companies listed on the Indonesia Stock Exchange (IDX). The research population is all manufacturing companies listed on the Indonesia Stock Exchange for the period 2013 - 2017. This sample was selected using a purposive sampling method with sample criteria. Manufacturing is listed on the IDX during the end of 2017 period, Manufacturing is listed consecutively during the period 2013 - 2017, Manufacturing that uses Rupiah, Manufacturing that has complete financial statements for the period 2013 - 2017, Manufacturing that has financial data in accordance with the variables to be tested, namely Price to Book Value, Value Added Intellectual Coefficient, Return On Assets, and Manufacturing that does not has data outliers, and obtained a sample of 11 companies. The data source is the annual financial statements of manufacturing companies taken through the official website of the Indonesia Stock Exchange ( www.idx.co.id ). Testing uses panel data regression analysis with the Eviews Program tool. Intellectual capital is measured using Value Added Intellectual Coefficient (VAIC), while financial performance is measured by Return on Assets (ROA) and company value measured by Price to Book Value (PBV). The results showed that the variable intellectual capital had a negative and not significant effect on firm value, while financial performance had a positive and significant effect on firm value.

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The Role of Audit Committee of GCG in Increasing Company Value through ROA

Academic Journal of Interdisciplinary Studies ◽

10.36941/ajis-2020-0057 ◽

2020 ◽

Vol 9 (4) ◽

pp. 15

Author(s):

Ana Kadarningsih ◽

Irene Rini Demi Pangestuti ◽

Sugeng Wahyudi ◽

Julia Safitri

Keyword(s):

Intellectual Capital ◽

Commercial Banks ◽

Audit Committee ◽

Stock Exchange ◽

Direct Influence ◽

Return On Assets ◽

Book Value ◽

Company Value ◽

Good Corporate Governance

This study determines the Good Corporate Governances (GCG) influence in increasing company value through Return on Assets (ROA). Good Corporate Governance factors used in this research are independent commissioner (IC) and audit committee (AC). Company Value factors used in this research is PBV (Price to Book Value). Sample of this research contains 23 conventional commercial banks registered on IDX (Indonesia Stock Exchange) in the period of 2014-2018. The method of data analysis uses multiple linear regression. The results show that the fastest variable to increase company value through ROA as a mediating variable is the audit committee. Independent commissioner does not influence on financial performance (ROA) and company value. Another variable that rapidly increases company value is the direct influence of intellectual capital on company value.

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Does institutional ownership moderate the effect of intellectual capital and company value?

International Journal of Research in Business and Social Science (2147-4478) ◽

10.20525/ijrbs.v9i1.579 ◽

2020 ◽

Vol 9 (1) ◽

pp. 127-136

Author(s):

Rahmita Dwinesia Paputungan ◽

Bambang Subroto ◽

Abdul Ghofar

Keyword(s):

Intellectual Capital ◽

Intangible Assets ◽

Stock Exchange ◽

Practical Implication ◽

Institutional Ownership ◽

Total Sample ◽

Manufacturing Companies ◽

Competitive Strategies ◽

Analysis Techniques ◽

Company Value

This study aims to empirically examine the influence of intellectual capital towards company value and also its influence while being moderated by institutional ownership. This study uses purposive sampling to determine samples from manufacturing companies listed in Indonesia Stock Exchange during the year of 2014–2018. The total sample obtained in this study is 301 from the 720 population of data throughout the research year. Data analysis techniques use multiple regression and moderated regression analysis (MRA) methods. The results of this study show that Intellectual Capital has a positive significant effect on company value while institutional ownership does not have a significant effect on moderating the influence of intellectual capital towards company value. The practical implication of this study is to provide information to managers or owners of public manufacturing companies and investors about the importance of intangible assets investment like intellectual capital as the competitive strategies to achieve more optimal company value, as well as for regulator to make clear regulations about the disclosures of intangible assets.

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ANALISA PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA PASAR DAN KINERJA KEUANGAN PADA PERUSAHAAN LQ45 YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE TAHUN 2010-2013

Jurnal ASET (Akuntansi Riset) ◽

10.17509/jaset.v9i1.5260 ◽

2017 ◽

Vol 9 (1) ◽

pp. 133

Author(s):

Siti Nurhayati

Keyword(s):

Panel Data ◽

Financial Performance ◽

Intellectual Capital ◽

Sampling Method ◽

Stock Exchange ◽

Market Performance ◽

Return On Assets ◽

Purposive Sampling ◽

Panel Data Regression ◽

Data Regression

Abstract.The study aims to examine the effect of Intellectual Capital on Market Performance and Financial Performance in the LQ45 companies. It uses the sample of LQ45 companies listed on Indonesia Stock Exchange during the period 2010-2013. The sample is determined by using Purposive Sampling method. The study conducts 72 observations of 18 samples of the companies. The hypothesis is tested using Panel Data Regression. The study indicates that the Intellectual Capital (VAIC) and VACA of companies significantly influence market performance (Tobins'Q) and financial performance of Return on Assets (ROA) and Assets Turnover (ATO). VAHU significantly effects on the financial performance of Return on Assets (ROA) and STVA significantly effects on the financial performance of Assets Turnover (ATO). Meanwhile, VAHU has no significant effect on the market performance (Tobins'Q) and financial performance of Assets Turnover (ATO). And STVA has no significant effect on the market performance (Tobins'Q) and financial performance of Return on Assets (ROA).Keywords: intellectual capital; lq45; market performance; financial performance; tobins'q; return on assets; assets turnover.Abstrak. Penelitian ini bertujuan untuk menguji pengaruh Intellectual Capital terhadap Kinerja Pasar dan Kinerja Keuangan pada Perusahaan LQ45.Penelitian ini menggunakan sampel perusahaan LQ45 yang terdaftar di Bursa Efek Indonesia selama periode 2010-2013.Sampel ditentukan dengan menggunakan metode Purposive Sampling.Penelitian ini memiliki 72 amatan dari 18 sampel perusahaan.Dalam penelitian ini, hipotesis diuji dengan menggunakan Regresi Data Panel. Penelitian menunjukkan bahwa Intellectual Capital (VAIC) dan VACA perusahaan berpengaruh signifikan terhadap kinerja pasar (Tobins’Q) dan kinerja keuangan Return on Asset (ROA) dan Assets Turnover (ATO). VAHU berpengaruh signifikan terhadap kinerja keuangan Return on Asset (ROA) dan STVA berpengaruh signifikan terhadap kinerja keuangan Assets Turnover (ATO). Sedangkan VAHU tidak berpengaruh signifikan terhadap kinerja pasar (Tobins’Q) dan kinerja keuangan Assets Turnover (ATO). Dan STVA tidak berpengaruh signifikan terhadap kinerja pasar (Tobins’Q) dan kinerja keuangan Return on Asset(ROA).Kata kunci: intellectual capital; perusahaan lq45; kinerja pasar; kinerja keuangan, tobins’q; return on assets; assets turnover.

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Intellectual Capital Effectiveness of Jordanian Banks Financial Performance

WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS ◽

10.37394/23207.2021.18.56 ◽

2021 ◽

Vol 18 ◽

pp. 552-568

Author(s):

Abdulaziz Saymeh ◽

Harbi Arikat ◽

Firas Hashem ◽

Ashraf Al-khalieh

Keyword(s):

Financial Performance ◽

Intellectual Capital ◽

Stock Exchange ◽

Financial Statements ◽

Descriptive Statistics ◽

Study Group ◽

Return On Assets ◽

Amman Stock Exchange ◽

Financial Intelligence ◽

Positive Effect

Subject research intended to realize the effect of intellectual capital on the outcomes of Jordan’s banks listed on Amman Stock Exchange (ASE). Researchers had relyed on Pulic’s model to realize the reaserch objectives, the researchers had analyzed the banks’ historical financial statements. The study group consisted of all the banks listed on ASE for (2012-2018) period. Researchers had used the descriptive statistics and the basic fundamental analysese tools to mesure the effect of ideological capital as well as financial intelligence on the financial performance of sample banks [1]. This research had revealed a statistically significant positive effect of intellectual capital on the performance of the sample banks represented by the return on assets, while the research indicated that there was no significant effect of intellectual capital on the assets returns of ASE banks

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The Effect of Underreaction and Overreaction of Firm Stocks to Firm Valuation: Data from the Indonesian Stock Exchange

10.31124/advance.11374857.v1 ◽

2019 ◽

Author(s):

Yohanes Indrayono

Keyword(s):

Behavioral Finance ◽

Firm Value ◽

Intangible Assets ◽

Stock Exchange ◽

Investor Sentiment ◽

Firm Valuation ◽

Good News ◽

Industrial Sectors ◽

Tangible Assets ◽

Firm Profitability

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