scholarly journals APAKAH KINERJA KEUANGAN MEMEDIASI PENGARUH INTELLECTUAL CAPITAL TERHADAP REAKSI INVESTOR PADA PERUSAHAAN PERBANKAN DI INDONESIA (?)

2020 ◽  
Vol 13 (2) ◽  
pp. 1-23
Author(s):  
Crescentiano Agung Wicaksono ◽  
Afni Sirait ◽  
Heri Susanto
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Structural Equation ◽  
Banking Sector ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Value Added ◽  
Equation Modeling ◽  
Process Data ◽  
Investor Reaction

Intellectual capital is vital for companies to improve competitiveness. Company stakeholders are starting to realize that intellectual capital is one of the intangible assets that need to be managed properly because it helps companies compete. This study aims to examine financial performance in mediating the effect of intellectual capital on investor reaction. Financial performance is measured using a return on assets, intellectual capital as an independent variable is measured using value-added Intellectual capital (VAICTM) which consists of three components, namely: human capital, structural capital, and relational capital, while investor reactions are measured using abnormal returns. The object of research is the banking sector companies listed on the Indonesia Stock Exchange (IDX) in 2016-2018 by the determined purposive sampling. This study uses Structural Equation Modeling (SEM) for data analysis and hypothesis testing, and uses the WarpPLS version 7.0 software to process data. Based on the test results, several conclusions: (a) Intellectual has a positive and significant effect on investor reaction, (b) Intellectual capital has a positive and significant effect on financial performance, (c) financial performance has a positive and significant effect on investor reaction, and (d) financial performance can fully mediate the effect of Intellectual capital on investor reactions.

scholarly journals Influence of Intellectual Capital and Banking Risk through Corporate Perform in the Banking Industry in Indonesia Stock Exchange

2018 ◽  
Vol 10 (1) ◽  
pp. 27
Author(s):  
, Sudirman ◽  
Masdar Mas'ud ◽  
Lukman Halik ◽  
Zainuddin Rahman
Keyword(s):  
Intellectual Capital ◽  
Firm Value ◽  
Structural Equation ◽  
Banking Sector ◽  
Corporate Performance ◽  
Stock Exchange ◽  
Equation Modeling ◽  
Corporate Value ◽  
Company Value ◽  
Banking Risk

<p>This study aims to know and analyze and influence of intellectual capital on corporate performance, analyze the influence of intellectual capital through corporate perform to company value, analyze the influence of intellectual capital to company value, analyze the influence of banking risk through corporate, analyze the influence of banking risk through corporate performance to company value , analyze the influence of banking risk to company value, and analyze the influence of corporate performance value of company. This research is in the form of explanatory research by pooling the data used. This research was conducted on banking sector companies in Indonesia. Observations were made for four consecutive years such us: 2012-2016. Method of analysis of data used models of structural equation modeling (SEM). Result of this study shown: 1) Intellectual capital has a positive and significant effect to corporate performance, 2) Intellectual capital has no significant effect on firm value through corporate performance, 3) Intellectual capital has a positive and significant effect to company value, 4) Banking risk positive and significant impact on corporate performance 5), banking risk has a positive and significant impact on the corporate value through corporate performance, 6). Banking risk has a positive and significant impact on corporate value, 7) Corporate performance has a positive and significant impact on firm value.</p>

scholarly journals Corporate governance vs management of the intellectual capital of banks: Structural equation modeling (SEM)

2019 ◽  
Vol 55 (4) ◽  
pp. 319-330
Author(s):  
Marlena Smuda-Kocoń
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Structural Equation ◽  
Stock Exchange ◽  
Equation Modeling ◽  
Warsaw Stock Exchange ◽  
Capital Efficiency ◽  
The Subject ◽  
The Relationship

AbstractObjectiveThe aim of this paper is to identify basic relationships between intellectual capital efficiency in banks, their corporate governance, and their financial performance. Examining these relationships seems justified as up to now the topic has been investigated relatively rarely.MethodsStructural Equation Modeling was used to accomplish the research objective. The structure of the research tool and the subject matter analysed in the study were drawn from reviews of the subject literature. Quarterly data for the years 2007–2017 published in reports and financial statements of banks listed on the Warsaw Stock Exchange formed the basis for the analysis.FindingsThe results of the conducted analysis do sustain the postulated hypothesis that corporate governance and intellectual capital of banks listed on the Warsaw Stock Exchange have a concurrent, positive impact on financial performance At the same time the relationship between intellectual capital efficiency and (selected features of) corporate governance turned out to be ambiguous and statistically insignificant.Practical implicationThe proposed model of structural equations may be used to identify the relationship in question, or its lack, in other areas of organisational activity. Furthermore, the study results provide guidelines for executives with respect to intellectual capital management and corporate governance.Originality/valueSEM is a new, original proposal for measurement and presentation of the relationship between intellectual capital efficiency in banks, their corporate governance, and their financial performance.

scholarly journals The Relationship between Intellectual Capital and Firm Financial Performance; An Econometric Analysis on the Banks which Processed to the BIST

2017 ◽  
Author(s):  
Reşat Sakur
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Banking Sector ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Rapid Development ◽  
Value Added ◽  
Company Performance ◽  
Firm Financial Performance ◽  
The Relationship

Nowadays, the rapid development of information, communication and information technology increases the importance of information. The concept of knowledge management for businesses is becoming the biggest competitive element of the business and the prospect of intangible assets is steadily increasing. This situation gives priority to the concept of intellectual capital, which contributes the most to the value of the enterprises. In the literature, there are many studies on the relationship between intellectual capital concept and firm financial performance, and these studies generally focus on how intellectual capital is calculated. Human capital, structural capital and customer capital, which are the elements of the intellectual capital concept, are more prominent in the banking sector than the service producing sectors and are more evident than the company performance. The aim of our work is to examine the effect of intellectual capital on banks operating in Turkey and whose stocks are traded on the Stock Exchange Istanbul. In this context, the Intellectual Value Added Coefficient (VAIC) method developed by Ante Pulic was used to calculate the intellectual capital of the banks. In our study, the data of 13 banks under independent supervision during the period of 2009-2016 were analyzed by panel data analysis method and the relationship between intellectual capital and profitability of the banks, profitability of assets, net profit margin and equity profitability ratios were tested. As a result of the analysis made, a positive relationship was found between the intellectual capital of the banks and the financial performance.

Intellectual Capital, Innovation and Firm Performance of Pharmaceuticals: A Study of the London Stock Exchange

2017 ◽  
Vol 16 (02) ◽  
pp. 1750017 ◽  
Author(s):  
Shahid Amin ◽  
Shoaib Aslam
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Structural Equation ◽  
Stock Exchange ◽  
Value Added ◽  
Secondary Data ◽  
Sem Analysis ◽  
Annual Reports ◽  
London Stock Exchange ◽  
The Impact

The objective of this study is to explore the empirical structural links among intellectual capital (IC), innovation and firm’s financial performance, furthermore, the impact of IC and innovation on firm’s financial performance has also been measured. Value added intellectual coefficient model (VAIC) has been used for the measurement of IC. Innovation is measured through research and development (R&D), products development and products in pipeline, whereas, financial performance is measured through traditional financial measures such as return on assets (ROA), return on equity (ROE), earnings per share (EPS), assets turnover ratio (ATO) and market-to-book ratio (MB). The study was based on secondary data, and it has been collected from the published annual reports of listed pharmaceutical firms in London Stock Exchange. The research was carried for the three year period of 2012–2014 and our sample consists of 207 firm-year observations. Structural Equation Modelling (SEM) technique is used to address cause–effect relationships among endogenous and exogenous constructs. Empirical results of SEM analysis support that IC and its components have positive and significant impact on innovation and firms’ financial performance. Moreover, innovation also has significant impact on firms’ financial performance. The study is valuable for the manager, decision makers and policy makers to recognise the value of IC and its philosophy to obtain and sustain competitive advantage through innovation.

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>

scholarly journals INTELLECTUAL CAPITAL, KINERJA KEUANGAN, DAN NILAI PERUSAHAAN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX: PENDEKATAN SEM-PLS

2020 ◽  
Vol 7 (8) ◽  
pp. 1468
Author(s):  
Ira Ragelia ◽  
Puji Sucia Sukmaningrum
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Firm Value ◽  
Structural Equation ◽  
Value Added ◽  
Partial Least Square ◽  
Least Square ◽  
Equation Modeling ◽  
Performance Variables ◽  
Structural Capital

This study aims to analyze the effect of intellectual capital on firm value through financial performance as a intervening variable on companies that are consistently listed on the Jakarta Islamic Index from 2014 to 2018. Based on purposive sampling techniques, there are 15 companies used as research samples. This research tested used the Structural Equation Modeling method with Partial Least Square (SEM-PLS). The measurement of intellectual capital in this study uses the VAICTM method, which consists of Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). It was found that intellectual capital influence on firm's value directly and indirectly. Financial performance as a partial intermediary reflected through Return on Assets (ROA), Current Ratio (CR), Debt to Total Assets Ratio (DAR), Total Assets Turnover (TATO), and Earnings per Share (EPS). However, only ROA and TATO indicators can reflect financial performance variables. In the intellectual capital variable, there is only one valid indicator, namely physical and financial capital (VACA). The company's value in this study reflected through Market to Book Value and Tobin's Q.Keywords: intellectual capital, financial performance, firm’s value, SEM-PLS, Jakarta Islamic Index

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.

Intellectual capital and performance of Islamic and conventional banking

2019 ◽  
Vol 38 (7) ◽  
pp. 518-537 ◽  
Author(s):  
Amina Buallay
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Positive Relationship ◽  
Banking Sector ◽  
Market Performance ◽  
Value Added ◽  
High Tech ◽  
Islamic Banks ◽  
Content Type ◽  
Conventional Banks

Purpose Intellectual capital (IC) is considered as a lifeblood of the high-tech and knowledge-based sectors. Therefore, there is a great need to highlight the importance of IC in the banking sector. Since the banking sector in the gulf countries is mainly based on Islamic and conventional banking, the purpose of this paper is to provide a comparative empirical analysis between IC efficiency in Islamic and conventional banks, and its impacts on a bank’s operational, financial and market performance. Design/methodology/approach This study examined 59 banks for five years to end up with 295 observations. The independent variable is the modified value added IC components; the dependent variables are performance indicators (return on assets, return on equity and Tobin’s Q). Two control variables are utilized in this study: bank-specific and macroeconomic. Findings The findings deduced from the empirical results demonstrate that there is a positive relationship between IC efficiency and financial performance (ROE) and market performance (TQ) in Islamic banks. However, in conventional banks, there is a positive relationship between IC and operational performance (ROE) and financial performance (ROE). Originality/value The results of this study can be used to present a successful model for the Islamic and conventional banks to concentrate more on the role of IC in enhancing the bank’s performance. In addition, the results of this study may provide a wake-up call for Islamic banks to examine the reasons for the imperfect relationship between the IC and asset efficiency (ROA), as well as for conventional banks to examine the reasons for an imperfect relationship between the IC and market value (TQ).

An Assessment of Risk Management Practices of SME Taxpayers in Malawi and their Impact on Tax Compliance

2018 ◽  
Vol 4 (4) ◽  
pp. 7-17 ◽  
Author(s):  
Stella Binauli Nanthuru ◽  
Liu Pingfeng ◽  
Nie Guihua ◽  
Victoria Lucas Mkonya
Keyword(s):  
Risk Management ◽  
Financial Performance ◽  
Structural Equation ◽  
Management Practices ◽  
Risk Mitigation ◽  
Tax Compliance ◽  
Value Added ◽  
Partial Least Square ◽  
Least Square ◽  
Equation Modeling

This study assesses understanding of Risk, and extent of risk management practices in Small and Medium Enterprise (SME) taxpayers in Malawi, subsequently, investigates their relationship with financial performance and tax compliance. The study focuses on unlimited business sectors of SME taxpayers which drew a representation of our sample of 324 SMEs, using Partial Least Square-Structural Equation Modeling (PLS-SEM) to analyze and test hypotheses. Results indicate that half of the SME taxpayers are aware of risks, but only 23% of respondents underwent any training on risk management. 90% of respondents revealed that tax rates are the most significant business constraint; value-added tax (VAT) being the most challenging tax to file. Most respondents identified risks through experience, with risk management practices centering on Chief Executive Officers. Empirical evidence on Path analysis and bootstrapping results established a significant relationship between understanding risks, risk management practices, financial performance and Tax compliance, which is positive, signaling a roadmap for risk mitigation if tax administration is to widen its SME tax net.

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).

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