scholarly journals PENGARUH INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN DENGAN VARIABEL MODERASI STRATEGI BISNIS PROSPECTOR [THE INFLUENCE OF INTELLECTUAL CAPITAL ON FIRM VALUE WITH THE PROSPECTOR'S BUSINESS STRATEGY AS MODERATING VARIABLE]

2021 ◽  
Vol 16 (1) ◽  
pp. 1
Author(s):  
Jennifer Jennifer ◽  
Oscar Jayanagara
Keyword(s):  
Intellectual Capital ◽  
Business Strategy ◽  
Firm Value

Pengaruh Intellectual Capital, Profitabilitas, Dan Leverage Terhadap Nilai Perusahaan Pada Perusahaan Sektor Properti, Real Estate, Dan Konstruksi Bangunan Yang Terdaftar Di Bursa Efek Indonesia

2018 ◽  
Vol 9 (2) ◽  
pp. 1-14
Author(s):  
Haryani Chandra ◽  
Hamfri Djajadikerta
Keyword(s):  
Real Estate ◽  
Intellectual Capital ◽  
Firm Value ◽  
Stock Price ◽  
Stock Exchange ◽  
Value Added ◽  
Simple Random Sampling ◽  
Positive Influence ◽  
Public Companies ◽  
Equity Ratio

Go public companies have main purpose to increase firm value consistently. Increased firm value can reflect the increase in the prosperity of shareholders. The purpose of this research is to determine whether intellectual capital, profitability, and leverage have an influence on firm value. This research is expected to help companies to determine the focus on managing the factors those have an influence towards firm value and help investors and potential investors to make investment decisions. This research is conducted on firms listed in property, real estate, and building construction sector in Indonesia Stock Exchange during 2010 until 2015. Samples are selected by simple random sampling method. The research method used is the regression analysis. Intellectual capital is measured by value added intellectual coefficient (VAIC), profitability is measured by return on assets (ROA), leverage is measured by debt- to-equity ratio (DER), and firm value is measured by the year-end closing stock price. The results showed that intellectual capital, profitability, and leverage have partially a significant positive influence on firm value. In addition, intellectual capital, profitability, and leverage have significant influence simultaneously on firm value. Keywords: firm value, intellectual capital, leverage, profitability

Intellectual Capital: Who Counts, Controls?

2004 ◽  
Vol 4 (1) ◽  
pp. 1-23 ◽  
Author(s):  
Robin Roslender ◽  
Robin Fincham
Keyword(s):  
Intellectual Capital ◽  
Value Creation ◽  
Business Strategy ◽  
Research Agenda ◽  
Effective Means ◽  
Management Research ◽  
Successful Management

Intellectual capital and related topics including intangibles, innovation, and knowledge have rapidly climbed the management research agenda. Their significance lies in the contribution these assets make to sustained value creation, a central mantra within contemporary business strategy. A premium has been placed on the successful management of such assets, and within this program, the accountancy profession has found itself challenged to devise effective means of counting and controlling them. Driven by a distinctly managerial agenda, the majority of developments within intellectual capital accounting to date have exhibited the negative characteristics that critical accounting researchers associate with the extension of the prevailing accounting calculus into new fields. Nevertheless, in some recent contributions there are indications of how an alternative, more progressive approach, that of intellectual capital self-accounts, might be fashioned. As a consequence, the emergence of intellectual capital may yet provide an opportunity to return to the task of accounting for labor. This aspect of the critical accounting project has become less evident as researchers seeking to promote enabling accounting have directed their focus on a range of “other voices” to be encouraged to tell their own stories “from below.”

scholarly journals Intellectual capital disclosure, cost of finance and firm value

2009 ◽  
Vol 47 (10) ◽  
pp. 1536-1554 ◽  
Author(s):  
Raf Orens ◽  
Walter Aerts ◽  
Nadine Lybaert
Keyword(s):  
Intellectual Capital ◽  
Firm Value

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

Kybernetes ◽  
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.

scholarly journals Intellectual Capital and Its Disclosure on Firm Value

2021 ◽  
Vol 10 (1) ◽  
pp. 86-95
Author(s):  
I Nyoman Wijana Asmara Putra ◽  
Ni Made Dwi Ratnadi
Keyword(s):  
Intellectual Capital ◽  
Firm Value ◽  
Banking Industry ◽  
Positive Impact ◽  
Stock Exchange ◽  
Secondary Data ◽  
Annual Reports ◽  
Qualitative And Quantitative ◽  
Coding Scheme ◽  
Structural Capital

Intangible assets, such as information, are becoming increasingly essential to companies. Intellectual capital is another term for knowledge assets. The aim of this study is to find empirical evidence of the influence of intellectual capital and intellectual capital disclosure on firm valuation, as well as to identify the types of disclosures made by the banking industry listed on the Indonesia Stock Exchange from 2015-2019. The data used in the analysis were secondary data from annual reports. A six-way numerical coding scheme determines the disclosure item index. With 36 disclosure objects, the disclosure categories are divided into three categories: structural capital, human capital, and external capital. Content analysis and multiple linear regression are two data analysis methods. The results of the analysis show that an average of 49.91 percent is expressed in the form of a narrative, 16.44 percent is in the form of a combination of qualitative and quantitative, 7.53 percent is in the form of numbers and 1.44 items are expressed in the form of monetary units (rupiah). Meanwhile, an average of 24.33 percent of items of disclosure were not disclosed. Intellectual capital disclosure has a positive impact on firm value, while intellectual capital has no impact. According to research, investors in the banking industry consider intellectual capital disclosure when making investments.

scholarly journals PENGARUH INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN DENGAN FINANCIAL DISTRESS SEBAGAI VARIABEL INTERVENING

2020 ◽  
Vol 15 (2) ◽  
pp. 169
Author(s):  
Fivi Anggraini
Keyword(s):  
Real Estate ◽  
Intellectual Capital ◽  
Financial Distress ◽  
Firm Value ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Analysis Data ◽  
Building Construction ◽  
Business World ◽  
Construction Companies

<p><em>Tight competition between companies in the business world in attracting investors is becoming a strong motivation for them to maximize their firm values. This study aims to determine the effect intellectual capital on firm value with financial distress as an intervening variable on real estate and building construction companies listed in Indonesia Stock Exchange in 2014-2018. Sampling method by using purposive sampling with a total   the samples obtained were 40 from real estate and building construction companies listed in IDX. The data was analysed by using multiple linear regression analysis and path analysis. Data analysis was processed with the SPSS 16. The results of this study showed that intellectual capital have significantly negative effect on financial distress. Simultaneously and partially intellectual capital and financial distress have a significant direct effect on firm value. The indirect test results showed that intellectual capital has a significant effect on firm value with financial distress as an intervening variable. </em></p>

scholarly journals RELEVANSI NILAI MODAL INTELEKTUAL (PENDEKATAN RETURN ON ASSETS DAN MARKET CAPITALIZATION METHOD)

2020 ◽  
Vol 13 (2) ◽  
Author(s):  
Jessy Malinda ◽  
Dyna Rachmawati
Keyword(s):  
Intellectual Capital ◽  
Firm Value ◽  
Stock Price ◽  
Value Relevance ◽  
Control Variable ◽  
Value Added ◽  
Share Price ◽  
Resource Based View ◽  
Message Boards ◽  
Purposive Sampling

<p><strong><em>ABSTRACT</em></strong><strong><em>: </em></strong><em>Value relevance is the ability of a value in explaining information about company's valuation. Company valuation has a connection with the investors and their investment decisions. Based on the Resource Based View (RBV) theory, well-managed intellectual capital can generate value added and future competitive advantage for the company. This value added and competitive ability can affect investor's decision to make an investment in the company. This investment decision means the demand for company shares are increasing and along with this increase, the company’s market share price also increases. The increase in company's stock price will increase the value of the company.</em><strong><em></em></strong><em> This quantitative research aims to examine and analyze the value relevance of intellectual capital. Intellectual capital in this study measured using the Value Added Intellectual Coefficient (VAIC<sup>TM</sup>) method, Intellectual Capital Index (ICI), and through Yahoo Finance's Internet Message Boards (IMBs). The independent variable in this study is intellectual capital, the dependent variable used is firm value, and the control variable is size of the company used in this study. This research samples was selected using purposive sampling method on the companies registered in Kompas100 for the period of July 2019. Data analysis in this study used multiple linear regression.The results of this study conclude that intellectual capital measured using VAIC<sup>TM</sup> and through Yahoo Finance IMBs has no value relevance. Whereas intellectual capital which is measured using ICI has value relevance. These results indicate that ICI is the most appropriate proxy for measuring intellectual capital.</em><em></em></p><p><strong><em>Keywords: </em></strong><em> </em><em>v</em><em>alue relevance, intellectual capital</em><em>, firm value, company size</em></p><p><strong>ABSTRAK</strong>: Relevansi nilai merupakan kemampuan suatu nilai dalam menjelaskan informasi mengenai penilaian suatu perusahaan. Penilaian suatu perusahaan memiliki kaitan dengan investor dan keputusan investasinya. Berdasarkan teori Resource Based View (RBV), modal intelektual yang dikelola dengan baik dapat menghasilkan nilai tambah dan keuntungan kompetitif di masa depan bagi perusahaan. Nilai tambah dan kemamppuan kompetitif ini dapat mempengaruhi pengambilan keputusan investor untuk memberikan investasi pada perusahaan. Adanya keputusan investasi pada perusahaan berarti permintaan atas saham perusahaan meningkat dan seiring dengan peningkatan ini, harga pasar saham perusahaan ikut meningkat. Peningkatan pada harga saham perusahaan akan memberikan kenaikan pada nilai perusahaan. Penelitian kuantitatif ini bertujuan untuk menguji dan menganalisis relevansi nilai modal intelektual. Modal intelektual dalam penelitian ini diukur dengan menggunakan metode <em>Value Added Intellectual Coefficient</em> (VAIC<sup>TM</sup>), <em>Intellectual Capital Index</em> (ICI), dan melalui <em>Internet Message Boards</em> (IMBs) Yahoo Finance. Variabel independen dalam penelitian ini adalah modal intelektual, variabel dependen yang digunakan adalah nilai perusahaan, dan variabel kontrol yaitu ukuran perusahaan digunakan dalam penelitian ini. Sampel penelitian dipilih menggunakan metode purposive sampling pada perusahaan yang terdaftar di Kompas100 periode Juli 2019. Analisis data dalam penelitian ini menggunakan regresi linear berganda. Hasil penelitian ini menyimpulkan bahwa modal intelektual yang diukur menggunakan VAIC<sup>TM</sup> dan melalui IMBs Yahoo Finance tidak memiliki relevansi nilai. Sedangkan modal intelektual yang diukur menggunakan ICI memiliki relevansi nilai. Hasil ini menunjukkan bahwa ICI merupakan proksi yang paling tepat untuk digunakan dalam mengukur modal intelektual.</p><p><strong>Kata Kunci:</strong> relevansi nilai, modal intelektual, nilai perusahaan, ukuran perusahaan</p>

scholarly journals ENTERPRISE RISK MANAGEMENT DAN INTELLECTUAL CAPITAL DISCLOSURE : PERSPEKTIF INVESTOR

2018 ◽  
Vol 8 (2) ◽  
pp. 187 ◽  
Author(s):  
Yolanda Yolanda ◽  
Ihyaul Ulum ◽  
Setu Setyawan
Keyword(s):  
Risk Management ◽  
Intellectual Capital ◽  
Firm Value ◽  
Sampling Technique ◽  
Enterprise Risk Management ◽  
Partial Least Square ◽  
Least Square ◽  
Corporate Value ◽  
Coding System ◽  
Enterprise Risk

This paper aims to examine the effect of corporate value on investor reactions with enterprise risk management (ERM) and intellectual capital disclosure (ICD) as a mediation variable on Indonesian companies listed in the Jakarta Islamic Index in 2016. The sample of this study consists of 25 companies with purposive sampling technique. Five ways numerical coding system and Partial Least Square (PLS) are used as a tool to perform data analysis. The results show that firm value has a significant influence on investor reaction. Unlike the ERM capable of mediating the relationship between corporate value and investor reactions, ICD is unable to mediate.

scholarly journals Financial performance mediates the relationship of intellectual capital to firm value in Indonesian banking companies

2021 ◽  
Vol 10 (6) ◽  
pp. 181-188
Author(s):  
Sigit Hermawan ◽  
Nisfatur Rokhmania ◽  
Ruci Arizanda Rahayu ◽  
Iffah Qonitah ◽  
Ratna Nugraheni
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Firm Value ◽  
Quantitative Research ◽  
Sampling Technique ◽  
Equation Model ◽  
Sem Analysis ◽  
Research Subjects ◽  
Analysis Technique ◽  
Relationship Of

This study was conducted to seek the consistency of the results of previous studies on the influence of Intellectual Capital, with the mediation of financial performance, on the value of banking firms. The quantitative research method used the PLS-SEM analysis technique by using the Smart PLS 3 application. The research subjects were 45 banks listed on the IDX for the period 2015-2019. The sampling technique used was purposive sampling. The results showed the consistency of the financial performance of banking companies with ROE and ROA indicators as mediating variables between Intellectual Capital as the dependent variable on the value of conventional banking companies using PER indicator as an independent variable. The type of mediation formed in the PLS-SEM equation model is partial mediation.

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