scholarly journals The Influence of Intellectual Capital to Market Value with Return on Assets as Intervening Variable

2018 ◽  
Vol 1 (2) ◽  
pp. 7
Author(s):  
Marcellina Yovita ◽  
Gia Kardina Prima Amrania
Keyword(s):  
Intellectual Capital ◽  
Stock Exchange ◽  
Control Variable ◽  
Secondary Data ◽  
Market Value ◽  
Return On Assets ◽  
Book Value ◽  
Indirect Relationship ◽  
Industry Sectors ◽  
The Relationship

This research using leverage as the control variable to measure the relationship between IC and ROA andIC – market value indirect relationship. IC was measured with VAICTM method; ROA was used as themeasurement that represented profitability. Market value was measured with price-to-book value (PBV)ratio. The research was conducted on 215 companies in Indonesia Stock Exchange as samples in 2014 fromsix industry sectors those included in high-IC intensive classification by GICS. Analysis descriptive methodwas used on secondary data. MS Excel and EViews were used to process the data. F-test and t-test wereused to test the hypothesis on 5%-significance. The results showed that IC influences ROA significantly;simultaneously and partially. IC also influences market value directly and indirectly through ROA, thoughthe indirect influence is greater

scholarly journals Pengaruh Modal Intelektual terhadap Kinerja Keuangan dan Nilai Pasar

2017 ◽  
Vol 6 (1) ◽  
pp. 59-74
Author(s):  
Dwi Artati
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Control Variable ◽  
Secondary Data ◽  
Market Value ◽  
Financial Statement ◽  
Financial Industry ◽  
Book Value ◽  
The Difference ◽  
One Way Anova

            This research aims to observe, analyze effect of intellectual capital (VAIC) to financial performance delegated by ROE and market value delegated by M/B (Market to Book Value Ratio), and test the difference intellectual capital (VACA, VAHU, STAVA) at manufacture, trading and financial industry. In addition to, this research observes difference indication of intellectual capital effect to financial performance and market value among manufacture, trading and financial industry. The sample which used was manufacture companies, trading and financial industries at BEI in 2011-2013. This research used company size as control variable delegated by asset. The method of data collecting was done by conducting documentation secondary data using the financial statement of manufacture, trading, and financial companies at BEI and other seconder data. The method of analyses which used weremultiple linier regression analyses, F test, t test, One Way Anova and chow test. The instrument statistik which used was SPSS 22. Based on the findings, it can be concluded that VACA and STAVA affect financial performance (ROE), whereas VAHU doesn’t. Then, VAHU affects market value, whereas VAHU and STAVA don’t. Furthermore, the test of difference of intellectual capital (VACA, VAHU, STAVA) at three companies, such as manufacture, trading and financial industries showed that there was a difference among them. Meanwhile, the verification showed that there is difference the effect of intellectual capital (VACA, VAHU, STAVA) to financial performance and market value.   Key words : intellectual capital, VACA, VAHU, STAVA, ROE, M/B, company standard

scholarly journals Pengaruh intellectual capital terhadap financial performance dengan corporate reputation sebagai variabel moderasi

2020 ◽  
Vol 2 (3) ◽  
pp. 96
Author(s):  
Putri Purnama Sari ◽  
Rosyeni Rasyid
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Secondary Data ◽  
Total Sample ◽  
Return On Assets ◽  
Financial Reports ◽  
Company Reputation ◽  
Regression Test ◽  
The Relationship

This study aims to analyze whether there is an effect of intellectual capital on financial performance as moderated by the company's reputation. The financial performance is seen from the financial ratios, namely the ratio of profitability (return on assets).  This type of research is classified into comparative research. The population in this study were 45 banks listed on the Indonesian stock exchange in 2014-2018. Sampling in this study using purposive sampling method in order to obtain a sample of 36 banks with a total sample of 180 samples. The type of data used is secondary data obtained from the official website of the Indonesian stock exchange www.idx.id  and published financial reports on the websites of each bank sample. Based on the results of the regression test with a significant level of 0.1; The results obtained indicate (1) there is a significant effect of intellectual capital on financial performance. (2) company reputation moderates the relationship between intellectual capital and financial performance. Keywords: Intellectual capital, financial performance, company reputation

ANALISIS PENGARUH INTELLECTUAL CAPITAL TERHADAP MARKET VALUE DAN FINANCIAL PERFORMANCE PERUSAHAAN DENGAN METODA VALUE ADDED INTELLECTUAL COEFFICIENT

2007 ◽  
Author(s):  
Yudha Sarpani ◽  
Yeasy Darmayanti
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Value Creation ◽  
Stock Exchange ◽  
Value Added ◽  
Market Value ◽  
Manufacturing Companies ◽  
Book Value ◽  
Capital Efficiency ◽  
The Relationship

The purpose of this research is to investigate the effect of the value creation efficiency of firms’ intellectual capital and firm's market valuation and financial performance. Using 88 manufacturing companies data drawn from Jakarta Stock Exchange (JSX) reporting period 2002 - 2004 and Pulic's Value Added Intellectual Capital Employed Efficiency (VACA), Human Capital Efficiency (VAHU), and Structural Capital Efficiency (STVA) and multiple regression model to examine the relationship between corporate value creation efficiency and firms’ market-to-book value ratio, and explore the relationship between intellectual capital and firms financial and market value. The result is support the fist hypothesis; market value hypothesis that there is significantly effect between intellectual capital and market-to-book value ratio (M/B). The second hypothesis show there are significantly effect between intellectual capital and return on equity (ROE) as financial performance.

scholarly journals The relationship between intellectual capital information and firms’ market value: a study from an emerging economy

2019 ◽  
Vol 24 (1) ◽  
pp. 39-51
Author(s):  
A.A. Ousama ◽  
Mashael Thaar Al-Mutairi ◽  
A.H. Fatima
Keyword(s):  
Intellectual Capital ◽  
Firm Value ◽  
Stock Exchange ◽  
Market Value ◽  
Total Sample ◽  
Emerging Economy ◽  
Annual Reports ◽  
Content Type ◽  
Knowledge Based Economy ◽  
The Relationship

Purpose The purpose of this paper is to investigate the relationship between the intellectual capital (IC) information reported in the annual reports and market value of the companies listed on the Qatar Stock Exchange. Design/methodology/approach The study is based on a panel data collected from the annual reports and Bloomberg database for six years, specifically the periods 2010-2012 and 2016-2018. The total sample consists of 252 observations. The theoretical framework was developed in reference to the resource-based theory. The regression model is based on Ohlson’s model, which has been modified by including IC information. Findings The study found that there is a significant relationship between IC information and firm market value. This finding indicates that companies report their IC to help the stakeholders (e.g. shareholders, investors) to understand the real value of the company (which includes IC values). Practical implications The shift to a knowledge-based economy (KBE) has made knowledge a driver for economic growth, and it has become more important than capital, land and labour. This shift makes IC and resources vital for companies to create wealth, value and gain competitive advantage. The State of Qatar plans to transform its economy to a KBE in its “Qatar Vision 2030”. The findings of the study show that the companies have started to depend more on IC to contribute to transforming Qatar’s economy to a KBE. Originality/value This study could be considered a pioneer study to examine the association of IC disclosure and firm value in Qatar. Furthermore, prior literature has mixed findings, which justifies further investigation of IC’s effect on market value, particularly in the emerging economy of Qatar.

Measuring the intellectual capital of Italian listed companies

2017 ◽  
Vol 18 (4) ◽  
pp. 710-732 ◽  
Author(s):  
William Forte ◽  
Jon Tucker ◽  
Gaetano Matonti ◽  
Giuseppe Nicolò
Keyword(s):  
Intellectual Capital ◽  
Firm Growth ◽  
Stock Exchange ◽  
Market Value ◽  
Investment Strategy ◽  
Sources Of Information ◽  
Content Type ◽  
Italian Context ◽  
The Impact ◽  
The Relationship

Purpose The purpose of this paper is to investigate the relationship between intellectual capital (IC), measured in terms of the market to book (MTB) ratio, and potential key determinants of IC value such as intangible assets (IA) and a range of other factors. Design/methodology/approach The study is conducted for a sample of 140 Italian corporations over the period 2009-2013. Applying a holistic market-based approach, the relationship between IC value and selected determinants from the extant literature is tested. Five hypotheses are tested using a pooled OLS regression model, while controlling for time. ROE is employed as a useful firm profitability indicator from the perspective of an equity investor. Moreover, four robustness tests are undertaken. Findings The results show that IA, profitability, leverage, industry type, auditor type, and family ownership positively affect IC value, whereas SIZE and AGE negatively affect IC value. Moreover, the findings of the robustness tests suggest that all firms, and not just knowledge-intensive business service industry firms, manage knowledge. Research limitations/implications The validity of the findings is limited to the Italian context, as the study focuses on a sample of companies listed on the Milan Stock Exchange, all of which prepare their individual financial statements according to IFRS. Further limitations are related to the use of market value in the short term, as it is influenced by market volatility. The study may allow academic researchers to investigate the impact of other non-accounting sources of information on market value within a multidisciplinary perspective. Practical implications This paper also has implications for managers and practitioners. The findings suggest that managers should not take for granted that firm growth (an increase in SIZE) alone will lead to an increase in IC value, in the absence of a consistent IC-oriented investment strategy. Managers should also avoid smoothing their IC investment as the company grows, in order to maintain a stable MTB ratio. Further, standard setters should seek to explore better means of disclosing non-accounting information relating to IC value. Originality/value This paper contributes to the IC literature as it is the first study which applies the market capitalization approach to analyze IC value determinants in the Italian context, within the framework of IFRS. The findings reveal some interesting relationships between the MTB ratio and recognized intangible investments, which are found to be insignificant in previous studies, confirming that, through the holistic effect, the MTB ratio may be a good proxy for IC.

scholarly journals Pengaruh Cash Ratio, Debt to Equity Ratio, dan Return On Assets Terhadap Return Saham dengan Nilai Tukar sebagai Variabel Moderating Pada Perusahaan Perkebunan yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2014-2018

2020 ◽  
Vol 5 (1) ◽  
pp. 57
Author(s):  
Yunan Surono ◽  
Andrian Hadinata
Keyword(s):  
Stock Returns ◽  
Stock Exchange ◽  
Descriptive Analysis ◽  
Secondary Data ◽  
Sampling Technique ◽  
Return On Assets ◽  
Significance Level ◽  
Independent Variables ◽  
Equity Ratio ◽  
The Relationship

The purpose of the research is to analyze the Influence of Cash Ratio, Debt To Equity Ratio and Return On Assets to Stock Return With Exchange Rate as Moderating Variables In Plantation Companies Listed In Indonesia Stock Exchange. This research uses descriptive analysis and statistical analysis methods. data that uses secondary data. This study focuses on the influence of 3 independent variables on the dependent variable by adding moderation variables to determine whether the moderating variable can affect the relationship between the independent variables on the dependent variable. Hypothesis testing in this study uses the F test and t test, with a brief significance level (a) 5%. This data analysis uses SPSS 20 data processing software for Windows. The population of this study is companies engaged in the plantation sector in the Indonesia Stock Exchange period 2014 - 2018, with a purposive sampling technique, obtained 6 companies that have fullfill criteria in this research. The results of this study partially Cash Ratio, Debt to Equity Ratio, and Return On Assets have a significant effect on stock returns, partially Debt to Equity Ratio and Return On Assets have a significant positive effect on stock returns, while Cash Ratio has no significant effect on stock returns. and the value is not able to affect the relationship between independent variable and dependent variable.

scholarly journals Peran intellectual capital terhadap market to book value dan return on assets dengan research and development sebagai pemoderasi

2020 ◽  
Vol 9 (2) ◽  
pp. 297
Author(s):  
Pandu Alvi Baskoro ◽  
Suratno Suratno ◽  
Syahril Djaddang
Keyword(s):  
Research And Development ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Value Added ◽  
Market Value ◽  
Physical Capital ◽  
Book Value ◽  
Structural Capital ◽  
Corporate Resources

This study aims to support the role of Research and Development on Intellectual Capital on market value (MtBV) and corporate financial performance (ROA).  Using the Pulic model - Intellectual Value Coefficient (VAIC), this study examines the relationship between value added (VAIC) of the three main corporate resources (ie Physical Capital, Human Capital and Structural Capital), the company's market value (MtBV) and corporate finance ( ROA), and also Research and Development (R&D).  The data is gathered from 43 selected banking companies listed on the Indonesia Stock Exchange in 2013-2017.  Data analysis uses multiple regression.  The results show that Intellectual Capital (VAIC) does not affect to market value (MtBV), but the compilation of Intellectual Capital (VAIC) developed by Research and Development (R&D) as full moderation can support market value.  Intellectual Capital (VAIC) affects financial performance (ROA), as well as Intellectual Capital (VAIC) supported by Research and Development (R & D) as a quasi-moderation which also strengthening the financial performance (ROA).Keyword : Intellectual Capital (IC), Market to Book Value (MtBV), Financial Performance (ROA), Research and Development (R&D).

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 PENGARUH RETURN ON ASSETS, DEBT TO EQUITY RATIO, PRICE EARNING RATIO DAN FIRM-SIZE TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN KATEGORI INDEKS LQ-45 DI BURSA EFEK INDONESIA

2018 ◽  
Vol 1 (2) ◽  
pp. 12
Author(s):  
Triana Zuhrotun Aulia
Keyword(s):  
Linear Regression ◽  
Firm Size ◽  
Firm Value ◽  
Positive Impact ◽  
Stock Exchange ◽  
Market Value ◽  
Analysis Tool ◽  
Return On Assets ◽  
Book Value ◽  
Equity Ratio

Price to Book Value (PBV) is the ratio of the market value of equity to the book value of equity. PBV is the level of ability to create a company's value relative to the amount of capital invested. This study will analyze both simultaneous and partial effect of return on assets, debt to equity ratio, price earning ratio and firm-size to price book value. Companies classified in LQ-45 selected as the population used in this study are listed on the Stock Exchange 2012-2016 period. Purposive sampling is used to get the sample in this research using criterias and 18 companies or 72 firm-years are the samples. Analysis tool in this research using spss 23.0. This research is using multiple linear regression. Based on the results of the partial test (t test) on the real level (α) = 5% can be seen that the variabel return on assets, debt to equity ratio and price earning ratio have a significant and positive impact on price book value, meanwhile firm-size have no significant effect on price book value. Keywords :   Firm value, Price Book Value, Return on Asset, Debt to Equity Ratio, Price Earning Ratio, Firm-size. 

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

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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