scholarly journals The Effect of Capital Structure and Intellectual Capital on Corporate Value with Financial Performance as Intervening Variable

2020 ◽  
Author(s):  
Diyo Yurianda ◽  
Erni Masdupi
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Corporate Value

scholarly journals Intellectual Capital and Capital Structure Effect on Firms’ Financial Performances

2020 ◽  
Vol 3 (2) ◽  
pp. 127-138
Author(s):  
Ani Wilujeng Suryani ◽  
Alfin Nadhiroh
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Financial Distress ◽  
Least Square ◽  
Manufacturing Companies ◽  
Negative Effect ◽  
Asean Economic Community ◽  
Fierce Competition ◽  
The Impact

Objective – This study aims to determine the influence of intellectual capital and capital structure on financial performance in manufacturing companies in Indonesia. Design/methodology – The data were collected from all 140 manufacturing companies from 2015 to 2019. While most studies of intellectual capital were conducted by using multiple regression analysis, we investigate the impact of intellectual capital and capital structure on the financial performance by using weighted least square regression.Results – The results showed that intellectual capital has a significant positive effect on firms’ financial performances, but the capital structure has a negative effect. The results of this study are beneficial for managers to consider increasing intellectual capital to create a competitive advantage in the midst of fierce competition of the ASEAN Economic Community era. In addition, managers need to consider the optimum capital structure to fulfill funding needs, hence financial distress can be minimized.Limitation/Suggestion - This study is a quantitative study limited to the availability of the data. Also, a number of outliers were found in the data and treated prior to the analysis.

scholarly journals Pengaruh Intellectual Capital dan Struktur Modal Terhadap Return Saham Dengan Kinerja Keuangan Sebagai Variabel Intervening (Studi pada Perusahaan Yang Terdaftar pada JII (Jakarta Islamic Index) Periode 2012-2016)

2018 ◽  
Vol 1 (1) ◽  
pp. 93
Author(s):  
Yefi Marlinda
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Quantitative Research ◽  
Stock Return ◽  
Sampling Method ◽  
Financial Statements ◽  
Return On Equity ◽  
Indirect Influence ◽  
The Relationship

Intellectual capital is the company's wealth that is the power behind the company's value creation that includes knowledge, experience, skills, reputation, and also technological capabilities. Capital structure relates to sources of funds, both internal and external. The main purpose of this research is to investigate the relationship between intellectual capital and capital structure on stock return with financial performance as intervening variable. This type of research is quantitative research. The sample of this study is the annual financial statements of companies registered on JII (Jakarta Islamic Index) on period 2012-2016). The sample‟s were chosen by using purposive sampling method and 11 companies were able to fulfill the sample‟s criteria. The research data were analyzed by using path analysis method. The result of this research reported that there is indirect influence between intellectual capital and capital structure to stock return through financial performance measured by return on equity. Intellectual capital insignificance to indirect effect on stock return through financial performance measured through earning per share but there is indirect influence between capital structure on stock return through financial performance measured through earning per share. The study also found that intellectual capital insignificance on stock return. But the finding of direct influence between capital structure on stock return. From these findings it can be concluded that intellectual capital and capital structure indirect significance on stock return through financial performance measured through return on equity.

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 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,

Influence of financial architecture, intangible assets on financial performance and corporate value in the Indonesian capital market

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
I. Wayan Widnyana ◽  
I. Gusti Bagus Wiksuana ◽  
Luh Gede Sri Artini ◽  
Ida Bagus Panji Sedana
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Financial Performance ◽  
Ownership Structure ◽  
Capital Market ◽  
Intangible Assets ◽  
Corporate Value ◽  
Content Type ◽  
Financial Architecture ◽  
Company Value

PurposeThis study aims to analyze and explain the effect of financial architecture (with three dimensions: ownership structure, capital structure and corporate governance) and intangible assets on performance financial and corporate value in the Indonesian capital market.Design/methodology/approachThis research was conducted on nonfinancial sector companies that were registered in the Indonesian capital market, namely Indonesia Stock Exchange (IDX) in 2015. This study used quantitative data and used secondary data sources, meaning that data were obtained, collected and processed from other parties. In this study, the hypothesis testing of the effect of financial architecture (included the dimensions of ownership structure, capital structure and corporate governance) and intangible assets on financial performance and corporate value using path analysis was performed.FindingsThe results of this study have provided findings that follow the research model that has been built (1) This research has been able to provide a theoretical model of the influence of financial architecture (with dimensions of ownership structure, capital structure and corporate governance), intangible assets, board processes on financial performance and company value in the Indonesian capital market. (2) To develop a theoretical model about the effect of corporate governance on financial performance in accordance with the two-tier system adopted by Indonesia. (3) An empirical study of the concept of financial architecture put forward by Myers (1999).Originality/valueThis research update lies in the research variable, which determines one value of the financial architecture variable comprehensively, combines the financial architecture variable and intangible assets to then be tested for its effect on company value and the use of the financial process variable as a board process as an intervening variable.

scholarly journals INFLUENCE OF INTELLECTUAL CAPITAL AND CAPITAL STRUCTURE OF THE COMPANY VALUE THROUGH FINANCIAL PERFORMANCE AS AN INTERVENING VARIABLE (CASE STUDY AT MANUFACTURING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE PERIOD 2013-2017)

2020 ◽  
Vol 4 (02) ◽  
pp. 101
Author(s):  
Syari Octavia ◽  
Ahmad Fauzan Fathoni ◽  
Yulia Efni
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Stock Price ◽  
Structural Equation ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Equation Modeling ◽  
Manufacturing Companies ◽  
Company Value

<p><em>Manufacturing industry is the industry that the largest contribution to GDP growth until 2017. Although still the largest source of the increase in GDP, the contribution of manufacturing to GDP continued to decline since 2015. However, this does not cause the stock price decline of manufacturing. Based on this phenomenon, this study aims to examine the internal factors are thought to be able to increase the value of the company. The population in this study are all manufacturing companies listed in Indonesia Stock Exchange in 2013-2017 as many as 144 companies with a total sample of 76 companies that obtained by purposive sampling. Then, samples were analyzed using Structural Equation Modeling results show that IC and capital structure does not directly affect the value of the company. But IC and capital structure directly affects financial performance. Thus, the financial performance is able to mediate the effects of IC and capital structure to the company's value. The better the financial performance of a company, the better is also the company's value in the eyes of investors.</em></p><p><em><strong><em>Keywords</em></strong><em>: Intellectual Capital, Capital Structure, Financial Performance, Company Value</em></em></p>

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