scholarly journals PERAN INFORMASI MODAL INTELEKTUAL SEBAGAI VARIABEL MODERASI PADA HUBUNGAN ANTARA MODAL INTELEKTUAL DAN NILAI PERUSAHAAN

2021 ◽  
Vol 8 (2) ◽  
pp. 133
Author(s):  
Saring Suhendro ◽  
Usep Syaipudin ◽  
Mega Metalia
Keyword(s):  
Intellectual Capital ◽  
Voluntary Disclosure ◽  
Firm Value ◽  
Banking Industry ◽  
Stock Exchange ◽  
Market Value

<p><em>This paper </em><em>empirically </em><em>examines whether </em><em>type of </em><em>intellectual capital (IC) information affect market value of the firm. This paper </em><em>also </em><em>examines whether </em><em>voluntary disclosure of </em><em>intellectual capital information </em><em>will strengthen the </em><em>affect </em><em>of </em><em>intellectual capital information</em><em> to </em><em>market value of the firm.</em><em> </em><em>The samples were the banking industry firm listed on the Indonesia Stock Exchange</em><em> from 2017-2019</em><em>. The variable of </em><em>type of </em><em>IC information measured by Intellectual Capital Disclosure Index (ICDI) by modifying the approach of García-Meca and Martínez (2007). The study finds that IC positively effect on market value of the firms. Moreover, this study finds that IC information</em><em>-especially voluntary disclosure</em><em> also strengthen (as moderating variable) the IC effect on firm value. </em></p>

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 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.

scholarly journals Determinants of Profitability and Firm Value: Evidence from Indonesian Banks

2017 ◽  
Vol 7 (1) ◽  
pp. 84 ◽  
Author(s):  
Sutardjo Tui ◽  
Mahfud Nurnajamuddin ◽  
Mukhlis Sufri ◽  
Andi Nirwana
Keyword(s):  
Firm Size ◽  
Intellectual Capital ◽  
Firm Value ◽  
Banking Industry ◽  
Stock Exchange ◽  
Insignificant Effect ◽  
Firm Profitability

<div><p><em>This study aims to analyze the effect of intellectual capital, firm size and bank liquidity on profitability and firm value. The experiment was conducted in the banking industry listed in Indonesia stock exchange from 2013 to 2015 as many as 40 banks. Data were analyzed using of </em><em>Analysis of Moment Structures Ver.22</em><em>. The results showed (1) intellectual capital has a positive and significant effect on the firm profitability and firm value; (2) firm size have a positive and insignificant effect on the firm profitability and firm value; (3) liquidity has a positive and significant effect on firm profitability, but liquidity have a negative not significant effect on the firm value; and (4) the firm profitability has a positive and significant effect on firm value.</em></p></div>

scholarly journals PENGARUH INTELLECTUAL CAPITAL DISCLOSURE DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN

2021 ◽  
Vol 8 (1) ◽  
pp. 123
Author(s):  
Muhammad Rivandi ◽  
Renil Septiano
Keyword(s):  
Data Analysis ◽  
Intellectual Capital ◽  
Firm Value ◽  
Sampling Method ◽  
Stock Exchange ◽  
Market Value ◽  
Multiple Regression Model ◽  
Manufacturing Companies ◽  
Analysis Method ◽  
Share Prices

<p>The Companys value reflects the assets owned by the company. This study aims to examine the effect of intellectual capital disclosure and profitability on firm value. The Population are manufacturing companies listed on the Indonesia Stock Exchange in 2014 2018. The samples of this study are forty-four companies listed in Indonesia Stock Exchange (IDX) selected by using purposive sampling method. Data analysis method used is multiple regression model. Based on the hypothesis tasted proves that the intellectual capital disclosure and profitability have the positive and significant effect on firm value. Market value is able to provide maximum welfare to shareholders. An increase in share prices can reflect the company's assets</p>

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

Is Voluntary Disclosure Value Relevant? Evidence from Top Listed Firms in India

2021 ◽  
pp. 097226292098629
Author(s):  
Rupjyoti Saha ◽  
Kailash Chandra Kabra
Keyword(s):  
Voluntary Disclosure ◽  
Value Relevance ◽  
Stock Exchange ◽  
Market Value ◽  
Policy Implications ◽  
Positive Contribution ◽  
Listed Firms ◽  
Strategic Disclosure ◽  
Relevant Evidence ◽  
The Relationship

In view of ongoing reforms in India with emphasis on improving transparency of corporate, the present study aims to examine the influence of voluntary disclosure on the market value of India’s top-listed firms. To this end, the study uses a sample of top 100 non-financial and non-utility firms listed at Bombay Stock Exchange based on market capitalization over a 5-year period (2014–2018). To control potential endogeneity in the relationship between voluntary disclosure and firms’ market valuation, fixed effect panel data model and two-stage least squares model of estimation have been employed. The result obtained from the analysis suggests that enhanced level of voluntary disclosure significantly improves the market value of sample firms. The study further undertakes additional analysis by categorizing voluntary disclosure into its sub-components wherein the findings reveal that three components of voluntary disclosure such as corporate and strategic disclosure, forward looking disclosure and corporate governance disclosure make positive contribution towards market value of firms, while the remaining components of voluntary disclosure such as human and intellectual capital disclosure and financial and capital market disclosure do not appear to have any significant influence on the same. Overall, the finding suggests that voluntary disclosure made by sample firms is considered relevant by investors. However, value relevance of different components of voluntary disclosure varies with the nature and extent of information disclosed. The study offers some important policy implications.

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.

Intellectual Capital Investment, Stakeholders' Value, Firm Market Value and Financial Performance: The Case of Tunisia Stock Exchange

2013 ◽  
Vol 12 (02) ◽  
pp. 1350010 ◽  
Author(s):  
Hedia Fourati ◽  
Habib Affes
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Capital Investment ◽  
Positive Impact ◽  
Stock Exchange ◽  
Value Added ◽  
Market Value ◽  
Market Valuation ◽  
Using Data

The purpose of this paper is to investigate the role of intellectual capital investment in improving the firm's market value, stakeholders' value and financial performance. Using data drawn from 21 listed companies in Tunisia Stock Exchange, we conducted two studies. On one hand, from using Charreaux (Charreaux (2006). La valeur partenariale: Vers une mesure opérationnelle. Cahier de FARGO no. 1061103, November) measure of stakeholders' value, we demonstrate that financials come to present the weakest stakeholders' value and clients monopolises in term of value acquisition due to a weak ability of negotiation of firms. On the other hand, we construct a regression model of Pulic's value added intellectual capital investment (VAIC) as the measure of the value added from intellectual capital, in market valuation and financial performance. Our results stressed the fact that there is a positive impact of intellectual capital by human capital efficiency and capital employed efficiency on improving firm's market value. Nevertheless, financial performance measured by ROA is still justified by the traditional measure relying on capital employed efficiency. Indeed for Tunisian quoted firms, human capital investment is a pilar for ameliorating firm market valuation of financial performance.

scholarly journals Determinants of intellectual capital disclosure in initial public offerings: case of Canadian firms

2016 ◽  
Vol 4 (1) ◽  
pp. 52 ◽  
Author(s):  
Hanen Ghorbel ◽  
Hela Elleuch
Keyword(s):  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Intellectual Capital ◽  
Voluntary Disclosure ◽  
Audit Committee ◽  
Audit Quality ◽  
Stock Exchange ◽  
Multiple Regression Model ◽  
Reporting Practices ◽  
Public Offering

<p>The purpose of this paper is to investigate the determinants of intellectual capital information’s of firms that went through IPO.              Our sample includes 43 firms that IPOs listed in the Toronto Stock Exchange in 2012 of which the prospectuses for the initial public offering are available. Our study, unlike other studies focuses on the issuing prospectuses. The paper applied a disclosure index comprising of 78 items (Bukh and al (2005)) to quantify the amount of information regarding intellectual capital included in the IPO prospectuses of canadian firms. Multiple regression model and Correlation is used. The results revealed that the managerial ownership, the presence of an audit committee and industry are significantly associated with the voluntary disclosure of information about the intellectual capital in prospectuses. While firm size, age, the audit committee’ activity and audit quality do not affect disclosure. The results are interpreted in the light of the increasing importance of disclosing information on intellectual capital to the capital market a in case of IPO and constitute a contribution to the ongoing debate on corporate reporting practices.</p>

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>

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