Kinerja Keuangan Sebagai Variabel Moderasi Antara Faktor Modal Intelektual Dengan Nilai Perusahaan Manufaktur

Liliek Nur Sulistiyowati

doi:10.31294/widyacipta.v5i2.10135

Kinerja Keuangan Sebagai Variabel Moderasi Antara Faktor Modal Intelektual Dengan Nilai Perusahaan Manufaktur

Widya Cipta - Jurnal Sekretari dan Manajemen ◽

10.31294/widyacipta.v5i2.10135 ◽

2021 ◽

Vol 5 (2) ◽

pp. 90-99

Author(s):

Liliek Nur Sulistiyowati

Keyword(s):

Competitive Advantage ◽

Intellectual Capital ◽

Value Added

Salah satu komponen yang sangat penting dalam mempertahankan competitive advantage adalah intellectual capital (IC). IC adalah aset yang sifatnya tidak berwujud yang dimiliki perusahaan untuk menggerakkan kinerja perusahaan dan mempunyai karakteristik yang berbeda dari perusahan lain. IC pada penelitian ini mengacu pada metode VAIC (Value Added Intelectual Capital) yang dikemukakan oleh Pulic (1998), yang terdiri atas aset sumber daya manusia (VAHU), aset struktural (STVA) dan aset capital employed (VACA). Penelitian ini bertujuan untuk membuktikan pengaruh IC terhadap kinerja keuangan perusahaan. Selain itu untuk membuktikan pengaruh IC terhadap nilai perusahaan dan membuktikan kinerja keuangan sebagai variabel moderasi diantara intellectual capital dengan nilai perusahaan. Sampel penelitian terdiri atas 30 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2017 sampai dengan 2019. Teknik analisis data yang dipergunakan adalah model analisis jalur. Hasil penelitian yang diperoleh adalah IC berpengaruh signifikan dan positif terhadap kinerja perusahaan terutama pada variabel VAHU dan STVA, sementara VACA tidak berpengaruh signifikan. IC berpengaruh signifikan dan positif terhadap nilai perusahaan pada VAHU, STVA dan VACA. Kinerja keuangan mampu memoderasi IC dengan nilai perusahaan pada variabel STVA

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PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA PERUSAHAAN PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Jurnal Riset Akuntansi & Keuangan ◽

10.54367/jrak.v4i1.452 ◽

2019 ◽

pp. 39-60

Author(s):

Gembira Marbun ◽

Afni Eliana Saragih

Keyword(s):

Human Capital ◽

Competitive Advantage ◽

Intellectual Capital ◽

Value Added ◽

Structural Capital ◽

Customer Capital

Intellectual capital merupakan asset tidak berwujud, sumber daya, iptek dan pengetahuan yang dimiliki perusahaan yang membedakannya dengan perusahaan lain. Intellectual capital telah berkembang dan menjadi modal yang sangat penting dan menjadi bagian yang sangat kritikal bagi perusahaan untuk memperoleh keunggulan bersaing (competitive advantage) dalam menghadapi perkembangan ekonomi global di mana persaingan semakin kuat. Penelitian ini bertujuan untuk menganalisis pengaruh intellectual capital terhadap kinerja perusahaan. Penelitian ini akan dilakukan pada Perusahaan Perbankan yang terdaftar di Bursa Efek Indonesia. Metode Value Added Intellectual Coefficient (VAIC) digunakan untuk menghitung Intellectual Capital. Hasil penelitian ini menunjukkan bahwa secara simultan Intellectual Capital berpengaruh signifikan positif terhadap kinerja perusahaan. Secara parsial, Customer Capital (VACA ) berpengaruh signifikan positif terhadap kinerja perusahaan. Sedangkan variabel Human Capital (VAHU) dan Structural Capital (STVA) tidak berpengaruh signifikan terhadap kinerja perusahaan.

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MODAL INTELEKTUAL DAN KINERJA PERUSAHAAN (STUDI PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2009 S/D 2012)

ACCOUNTABILITY ◽

10.32400/ja.4945.3.1.2014.95-107 ◽

2014 ◽

Vol 3 (1) ◽

pp. 95

Author(s):

Novi Budiarso

Keyword(s):

Human Capital ◽

Competitive Advantage ◽

Intellectual Capital ◽

Value Creation ◽

Value Added ◽

Physical Capital ◽

Resource Base ◽

Structural Capital ◽

Turn Over ◽

Productive Assets

ABSTRAK Penelitian ini mengeksplorasi bagaimana karakteristik modal intelektual memberikan kontribusi terhadap keuntungan kompetitif. Tujuan utama dari penelitian ini adalah menguji hubungan antara efisiensi dari Value Added Intellectual Coeficient (VAICTM)yang terdiri atas komponen sumber daya perusahaan, physical capital(VACA), human capital(VAHU) and structural capital(STVA)dan tradisional dimensi dari kinerja keuangan perusahaan: Asset Turn Over. Hasil penelitian menunjukan bahwa secara parsial modal intelektual (VAICTM), modal fisik tidak signifikan mempengaruhi kinerja perusahaan. Secara simultan, modal fisik, modal karyawan dan modal structural mempengaruhi kinerja perusahaan.Hasil empiris menyatakan bahwa telah terjadi pergeseran pemikiran tentang struktur baru dan proses penjunjang produktivitas aset perusahaan. Modal karyawan, merupakan indicator yang paling signifikan bagi VAICTM dan kinerja perusahaan, berperan sebagai penggerak utama untuk pencipataan nilai. Kata Kunci: Modal Intelektual, Kinerja Perusahaan ABSTRACT This study explores the way in which intellectual capital characteristics contribute towards a competitive advantage. The principal purpose of this study was to investigate the association between the efficiency ofValue Added Intellectual Coeficient (VAICTM) by the major components of a firm’s resource base, physical capital(VACA), human capital(VAHU) and structural capital(STVA) and traditional dimensions offinancial company’s performance:Asset Turn Over. The findings show that:as partial,intellectual capital (VAICTM), physical capital not significantly influences to company’s performance.. Simultaneously, physical capital, human capital, structural capital influences company’s performance. The empirical findings suggest thattransition in thinking about a new structure and process supporting a company’s productive assets. Human capital, remains the most significant indicator for VAICTM and financial company’s performance, role as principal driver for value creation. Keywords: Intelectual Capital, Firm Performance

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INTELLECTUAL CAPITAL, COMPETITIVE ADVANTAGE (EVIDENCE FROM INDONESIA’S MANUFACTURING SECTOR)

Research In Management and Accounting ◽

10.33508/rima.v3i1.2743 ◽

2020 ◽

Vol 3 (1) ◽

pp. 1-11

Author(s):

Louis Waluyo ◽

◽

Luky Patricia Widianingsih ◽

Keyword(s):

Competitive Advantage ◽

Intellectual Capital ◽

Manufacturing Sector

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The Impact of Intellectual Capital on Achieving Competitive Advantage: A Study of Non-Governmental Universities in Erbil City

Polytechnic Journal ◽

10.25156/ptj.2018.8.3.211 ◽

2018 ◽

Vol 8 (3) ◽

pp. 45-75

Author(s):

Fakhraldin Ali

Keyword(s):

Competitive Advantage ◽

Intellectual Capital ◽

The Impact

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

Jurnal ULTIMA Accounting ◽

10.31937/akuntansi.v9i2.726 ◽

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

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How Can Agricultural Corporate Build Sustainable Competitive Advantage through Green Intellectual Capital? A New Environmental Management Approach to Green Agriculture

International Journal of Environmental Research and Public Health ◽

10.3390/ijerph18157900 ◽

2021 ◽

Vol 18 (15) ◽

pp. 7900

Author(s):

Chulin Pan ◽

Yufeng Jiang ◽

Mingliang Wang ◽

Shuang Xu ◽

Ming Xu ◽

...

Keyword(s):

Environmental Management ◽

Competitive Advantage ◽

Intellectual Capital ◽

Moderated Mediation ◽

Mediation Effect ◽

Relational Model ◽

Management Approach ◽

Sustainable Competitive Advantage ◽

Green Innovation ◽

Mediation Effects

Based on natural resource-based theory, this study constructed a relational model between green intellectual capital, green innovation, and an agricultural corporate sustainable competitive advantage. The samples included a total of 341 agricultural companies in China, and multiple regression methods are used for the analysis. The results showed that green product innovation and green process innovation had a mediation effect between green human capital, green structural capital, green relational capital, and the sustainable competitive advantage of agricultural corporate. Beyond the simple moderation effect, a new integrated moderated-mediation effect model was established. It was shown that environmental leadership, green organizational identification, and green dynamic capability had different moderated-mediation effects under different conditions. The study is expected to close the previous research gaps and insufficiency in agricultural corporate environmental management and green agricultural. The empirical results and conclusions bring enlightenment and meaningful theoretical guidance to managers, researchers, practitioners, and policy makers in the green and sustainable development of agricultural corporates. The new environmental management path can help agricultural corporates conduct green innovation effectively, adapt to the green agricultural products market, and achieve sustainable competitive advantage. Ultimately, this will help to accelerate the development of green agriculture.

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The impact of intellectual capital on firm performance: a study of Indian firms listed in COSPI

Journal of Intellectual Capital ◽

10.1108/jic-11-2017-0156 ◽

2018 ◽

Vol 19 (5) ◽

pp. 935-964 ◽

Cited By ~ 34

Author(s):

Neha Smriti ◽

Niladri Das

Keyword(s):

Firm Performance ◽

Intellectual Capital ◽

Value Creation ◽

Generalized Method Of Moments ◽

Value Added ◽

Secondary Data ◽

Share Price ◽

Content Type ◽

Listed Firms ◽

The Impact

Purpose The purpose of this paper is to examine the effect of intellectual capital (IC) on financial performance (FP) for Indian companies listed on the Centre for Monitoring Indian Economy Overall Share Price Index (COSPI). Design/methodology/approach Hypotheses were developed according to theories and literature review. Secondary data were collected from Indian companies listed on the COSPI between 2001 and 2016, and the value-added intellectual coefficient (VAIC) of Pulic (2000) was used to measure IC and its components. A dynamic system generalized method of moments (SGMM) estimator was employed to identify the variables that significantly contribute to firm performance. Findings Indian listed firms appear to be performing well and efficiently utilizing their IC. Overall, human capital had a major impact on firm productivity during the study period. Furthermore, the empirical analysis showed that structural capital efficiency and capital employed efficiency were equally important contributors to firm’s sales growth and market value. The growing importance of the contribution of IC to value creation was consistently reflected in the FP of these Indian companies. Practical implications This study has robust theoretical grounds and employs a validated methodology. The present study extends knowledge of IC among academicians and managers and highlights its contribution to value creation. The findings may help stakeholders and policymakers in developing countries properly reallocate intellectual resources. Originality/value This study is the first study to evaluate IC and its relationship with traditional measures of firm performance among Indian listed firms using dynamic SGMM and VAIC models.

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Intellectual capital and bank productivity in emerging markets: evidence from Ghana

Management Decision ◽

10.1108/md-01-2015-0025 ◽

2016 ◽

Vol 54 (3) ◽

Cited By ~ 28

Author(s):

Abdul Latif Alhassan ◽

Nicholas Asare

Keyword(s):

Regression Analysis ◽

Emerging Markets ◽

Intellectual Capital ◽

Productivity Growth ◽

Design Methodology ◽

Emerging Market ◽

Value Added ◽

Malmquist Productivity Index ◽

Productivity Index ◽

Practical Implications

Purpose This paper examines the effect of intellectual capital on bank productivity in an emerging market in Africa. Design/methodology/approach The Malmquist Productivity Index is employed to estimate productivity growth of 18 banks in Ghana from 2003 to 2011 while the Value Added Intellectual Coefficient is used to measure bank intellectual capital performance. The panel-corrected standard errors estimation technique is used to estimate a panel regression model with Malmquist Productivity Index as the dependent variable. Bank market concentration and bank size are controlled for in the regression analysis. Findings We find productivity growth to be largely driven by efficiency changes compared to technological changes. The results from the regression analysis indicate that Value Added Intellectual Coefficient has a positive effect on the productivity of banks in Ghana. We also find human capital efficiency and capital employed efficiency as the components of Value Added Intellectual Coefficient that drive productivity growth in the banking industry. Bank size and industry concentration are also identified as significant drivers of productivity in the market. Practical implications The study’s findings support investments in intellectual capital as a means of improving the performance of banks in emerging markets Originality/value To the best of our knowledge, this is the first study to empirically examine the relationship between intellectual capital and productivity in an emerging banking market in Africa.

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