scholarly journals THE EFFECT OF INTELLECTUAL CAPITAL ON CORPORATE VALUE

2018 ◽  
pp. 17
Author(s):  
Yayuk Sri Rahayu ◽  
Putri Kurnia Widiati
Keyword(s):  
Financial Performance ◽  
Financial Institutions ◽  
Intellectual Capital ◽  
Indirect Effect ◽  
Firm Value ◽  
Value Added ◽  
Securities Market ◽  
Corporate Value ◽  
Item Data

<p>Economic development has many methods in development of financial institutions banking. Liquidity management can affect the institution. The crisis in financial sector is caused by low capability of financial institutions to deal fund sources. It affects the development of securities market and real sector. This study aims to analyze the effect of Intellectual Capital on Banking Value in Indonesia. The effect of Intellectual Capital is derived revenue (financial performance) on Banking Value, indirect effect of Intellectual Capital to Company's value of financial performance. This research is a descriptive explanatory research to test the hypotheses. The population is all Indonesia Banking. This research uses 30 banks with 5 years period (series) from year 2011 until 2015. The samples are 5 years x 30 = 150 item data and analyzed by path analysis. The research results indicate that companies should aware to important role of intellectual capital management. Company must manage intellectual capital within company, because it can affect on firm value. Intellectual capital has a significantly and positive effect on financial performance. In addition, there is an indirect effect of Intellectual Capital on firm value through financial performance. Optimal intellectual capital will create value added to company to provide a separate characteristic. The company will be able to compete with its competitors, because it has a unique competitive advantage.</p><strong>Keywords</strong>: intellectual capital, financial performance, corporate value

scholarly journals Analisis Modal Intelektual Dan Kinerja Keuangan Serta Pengaruhnya Terhadap Nilai Perusahaan

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.

scholarly journals Impact of Intellectual Capital on Firm Value: The Moderating Role of Managerial Ownership

2019 ◽  
Author(s):  
Aftab Ahmed ◽  
Muhammad Kashif Khurshid ◽  
Muhammad Usman Yousaf
Keyword(s):  
Intellectual Capital ◽  
Firm Value ◽  
Market Competition ◽  
Value Added ◽  
Sampling Technique ◽  
Systematic Sampling ◽  
Managerial Ownership ◽  
The Relationship ◽  
Moderating Role

Rapidly changing dynamics of globalization and increasing market competition are causing the companies all around the world confronting several new challenges and opportunities. To be competitive and successful apart from relative importance of physical resources, companies must adapt modern strategies and policies regarding market flexibility and development. The purpose of this study is to empirically investigate the relationship between intellectual capital and firm value. Furthermore, the moderating role of managerial ownership has been evaluated with the help of regression analysis. The sample included the panel data taken from non-financial firms listed on Pakistan stock exchange (PSX) covering the period 2010-2015. A sample of 79 firms out of 384 firms have been selected with the help of systematic sampling technique. VAIC (Value Added Intellectual Coefficient) model has been used for the calculation of intellectual capital. Tobin's Q has been taken as a measure of firm value. Managerial ownership has been tested as moderator. Based on data analysis, it is concluded that the relationship between intellectual capital and firm value is positively significant. It is also concluded that managerial ownership moderates the relationship between intellectual capital and firm value negatively.

scholarly journals PENGARUH INTELLECTUAL CAPITAL PADA NILAI PERUSAHAAN PERBANKAN

2017 ◽  
Vol 6 (2) ◽  
Author(s):  
Novia Awaliyah ◽  
Retna Safriliana
Keyword(s):  
Intellectual Capital ◽  
Firm Value ◽  
Sampling Method ◽  
Stock Exchange ◽  
Value Added ◽  
Book Value ◽  
Knowledge Based ◽  
Positive Effect

The role of intellectual capital in knowledge-based business is increasingly required. Intellectual capital is belived to contribute to the improvement of frim value. The purpose of this studywas to test empirically the effect of intellectual capital on firm value. Intellectual capital iscalculated by value added intellectual coefficient (VAIC™) and firm value measured by the PriceTo Book Value (PBV) and Earning Per Share (EPS). The population in this study are bankingcompanies listed in Indonesia Stock Exchange during 2011-2015. The number of samples are 24firm that are selected using pourposive sampling method. This study uses observational datafor five periods, so the number of final samples are 120. The data were analyzed using simplelinear regression. The analysis first regression showed that the constants of -0,222 and a significance value of 0.000 which is smaller than á (0.05). This suggests that the positive effect ofintellectual capital on Price Book Value (PBV). And The analysis second regression showed thatthe constants of 0,993 and a significance value of 0.000 which is smaller than á (0.05). Thissuggests that the positive effect of intellectual capital on Earning Per Share (EPS).Ke ywords: Intellectual Capital, Firm Value, value added intellectual coefficient (VAIC™),Price Book Value (PBV), Earning Per Share (EPS).

scholarly journals The influence of intellectual capital on company value with financial performance as an intervening variable in financing institutions in Indonesia

2017 ◽  
Vol 6 (2) ◽  
pp. 159
Author(s):  
Susi Nafiroh ◽  
Joicenda Nahumury
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Firm Value ◽  
Stock Exchange ◽  
Value Added ◽  
Partial Least Square ◽  
Least Square ◽  
Return On Equity ◽  
Company Value ◽  
Institu Tions

The objective of this study is to examine the influence of intellectual capital on compa-ny value with financial performance as an intervening variable in financing institu-tions listed on the Indonesian Stock Exchange (IDX) 2010 - 2014. This research uses Value Added Intellectual Coefficient (VAICTM) model that consists of three compo-nents: Value Added Capital Employed (VACA), Value Added Human Capital (VA-HU), and Value Added Structural Capital (STVA). Company value is measured using Tobin’s Q, financial performance is measured using Return on Asset (ROA), Return on Equity (ROE), and Earning per Share (EPS). The data consisted of 67 samples. Sampling is conducted using census method. Data analysis technique used in this study is Partial Least Square (PLS). The results show that: (1) intellectual capital has an influence on company value (2) financial performance mediates the relationship between intellectual capital and company value. The important thing in this study is that intellectual capital can be used for adding the firm value.

scholarly journals Analysis Intellectual Capital of Corporate Value at Indonesia Stock Exchange

2020 ◽  
Vol 10 (1) ◽  
Author(s):  
Eni Wuryani
Keyword(s):  
Linear Regression ◽  
Data Collection ◽  
Financial Reporting ◽  
Intellectual Capital ◽  
Firm Value ◽  
Stock Exchange ◽  
Value Added ◽  
Research Data ◽  
Corporate Value ◽  
Company Value

This study examines the effect of intellectual capital on firm value. Methods of data collection with documentation data in the form of financial reporting Companies listed on the Indonesia Stock Exchange, 2014 to 2016. Data processed was 84 companies. Analysis of research data using quantitative with linear regression. Intellectual variable is measured with value added, variable of company value measured by Tobins Q. The result of this research intellectual capital have an effect on company value.

scholarly journals Analisis Pengaruh Intellectual Capital Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2010-2015

JURNAL PUNDI ◽  
2018 ◽  
Vol 2 (3) ◽  
Author(s):  
Gina Septiana
Keyword(s):  
Financial Performance ◽  
Path Analysis ◽  
Intellectual Capital ◽  
Firm Value ◽  
Stock Exchange ◽  
Value Added ◽  
Testing Hypotheses ◽  
Book Value ◽  
Independent Variable ◽  
Test Result

The objective of this research is to determine the influence of intellectual capital to the firm value of the banks listed on BEI with financial performance as an intervening variable. The independent variable applied in this study was the intellectual capital which was measured by value added intellectual coefficient (VAIC). The dependent variable in this study was the firm value is measured by using price to book value (PBV), while financial performance as an intervening variable is measured by using return on asset (ROA). The sample used in this study are 11 banking companies listed by the Indonesia Stock Exchange (IDX) within the period of 2010-2015. This study used a quantitative approach to testing hypotheses used the technique of path analysis. To examine the effect of mediation used sobel test. The finding shows that (1) intellectual capital has significant effect to financial performance. (2) intellectual capital does not have significant effect to the level of firm value. (3) financial performance has significant effect to the level of firm value. (4) sobel test result showed that financial performance mediate intellectual capital to the firm value.

scholarly journals PENGARUH MODAL INTELEKTUAL, KINERJA KEUANGAN, INVESTASI PADA RISET DAN PENGEMBANGAN TERHADAP NILAI PERUSAHAAN (PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI)

2015 ◽  
Vol 7 (2) ◽  
pp. 29
Author(s):  
Wiwin Sukiati ◽  
Nunung Nuryani ◽  
Tevi Leviany
Keyword(s):  
Research And Development ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Firm Value ◽  
Regression Models ◽  
Corporate Value ◽  
Linear Regression Models ◽  
Moderating Variables ◽  
A Company ◽  
Multiple Linear Regression Models

Abstract. One of the issues that are important to the company's management is to identify the trigger value of the company. Intellectual capital becomes one of the things that become an important discussion to increase the value of a company in addition to other than financial performance and investment in research and development. Ownership of the company both institutional and managerial through its oversight function to strengthen the influence of intellectual capital on corporate value is, therefore, the purpose of this study was to examine the effect of intellectual capital, financial performance as well as investments in research and development to corporate value. In addition, this study also tested whether the ownership of both institutional and managerial company can strengthen the effect of intellectual capital on firm value. This study uses a sample of 16 companies for the period 2008-2012. Testing the hypothesis of the study used multiple linear regression models for the interaction of moderating variables. Research results show that the variable intellectual capital, profitability, and investments in research and development having a positive on corporate value, while financial performance is measured by leverage had no effect on the value of the company. In addition, this study proves that the ownership of company shares by managerial and institutional weaken the influence of intellectual capital on firm value.Keywords. firm value; intellectual capital; financial performance; investment in research and development,Abstrak. Salah satu isu yang penting bagi manajemen perusahaan adalah mengidentifikasi pemicu nilai perusahaan. Modal intelektual menjadi salah satu hal yang menjadi pembahasan penting untuk meningkatkan nilai sebuah perusahaan disamping selain kinerja keuangan dan investasi pada riset dan pengembangan. Kepemilikan perusahaan baik institusional maupun manajerial melalui fungsi pengawasannya dapat memperkuat pengaruh modal intelektual terhadap nilai perusahaan oleh karena itu tujuan penelitian ini adalah untuk menguji pengaruh modal intelektual, kinerja keuangan serta investasi pada riset dan pengembangan terhadap nilai perusahaan. Selain itu penelitian ini juga menguji apakah kepemilikan perusahan baik institusional maupun manajerial dapat memperkuat pengaruh modal intelektual terhadap nilai perusahaan. Penelitian ini menggunakan 16 sampel perusahaan untuk periode 2008-2012. Pengujian hipotesis penelitian digunakan uji regresi linear berganda dengan model interaksi untuk variabel pemoderasi. hasil penelitian menunjukan bahwa variabel modal intelektual, profitabilitas (kinerja Keuangan) serta investasi pada riset dan pengembangan berpegaruh positif terhadap nilai perusahaan, sedangkan kinerja keuangan yang diukur oleh leverage tidak berpengaruh pada nilai perusahaan. Selain itu, penelitian ini membuktikan bahwa kepemilikan saham perusahaan oleh manajerial dan institusional memperlemah pengaruh modal intelektual terhadap nilai perusahaan.Kata Kunci. nilai perusahaan; modal intelektual; kinerja keuangan; investasi pada riset dan pengembangan,

scholarly journals The Effect of Intellectual Capital Performance on Company's Financial Performance

2020 ◽  
Vol 10 (3) ◽  
Author(s):  
Bella Pramathana ◽  
Wahyu Widarjo
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Value Added ◽  
Sampling Technique ◽  
Panel Data Regression ◽  
Analysis Technique ◽  
Data Regression ◽  
Study Results

This study analyzes the effect of intellectual capital performance on the company's financial performance in the current year and the following year. We use the Modified Value Added Coefficient (MVAIC) to measure the performance of company's intellectual capital. The research sample is companies listed on the Indonesia Stock Exchange (BEI) 2015-2017 which are included in the High-IC intensive industries category based on the classification of the Global Industries Classification Standard (GICS). Samples were obtained using purposive sampling technique in order to obtain 112 companies with a total of 336 observations. The data analysis technique was conducted by using panel data regression. This study results indicate that intellectual capital performance has positive and significant effect on the company's financial performance for the current year. However, it does not significantly affect the company's financial performance in the following year. This study contributes to the accounting literature development, especially the important role of intellectual capital in improving financial performance of company. 

scholarly journals Intellectual Capital Effect, Financial Performance, and Firm Value: An Empirical Evidence from Real Estate Firm, in Indonesia

The Winners ◽  
2019 ◽  
Vol 20 (1) ◽  
pp. 49
Author(s):  
Kevin Deniswara ◽  
Ratu Marwaah Firhatil Uyuun ◽  
Ang Swat Lin Lindawati ◽  
Willnaldo Willnaldo
Keyword(s):  
Real Estate ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Firm Value ◽  
Stock Exchange ◽  
Value Added ◽  
Linear Regression Method ◽  
Revenue Growth ◽  
Company Sector ◽  
The Impact

This research aimed to analyze the impact of intellectual capital towards the firm’s financial performance and firm’s value. Intellectual capital was measured by Value Added Intellectual Capital (VAIC) which has three components, such as Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). Firm’s financial performance and firm’s value were measured by Return on Assets (ROA), Return on Equity (ROE), Revenue Growth (RG), and Tobin’s Q ratio. There were 102 observations of Property and Real Estate company sector listed in Indonesia Stock Exchange period 2014-2016 that was analyzed using the linear regression method. The results show that VAIC has a significant impact towards financial performance and firm’s value, except revenue growth, which means that the firm’s ability to generate value added and also profit with total assets and equity increase if IC is managed properly. Therefore, VACA is the only component of VAIC that has a significant impact towards financial performance and firm’s value, except RG which means that the capital employed is already managed properly.

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