Green Intellectual Capital on Value Relevance in Indonesia’s
Manufacturing Companies

Objective - Corporate concern for the environment is an important stakeholder demand. A company is obliged to preserve the environment with various investments, one of which is green intellectual capital to maintain the sustainability of the company, especially for companies that carry out their business activities in countries that are in conditions of high pollution such as Indonesia. The importance of green intellectual capital investment information for stakeholders can be seen from the value relevance of the information. This study aims to examine and analyze the effect of investment in green intellectual capital, which consists of the following dimensions: human, structural, and relation to value relevance. Methodology/Technique – This study will explain the causal relationship between the independent and the dependent variables through hypothesis testing based on the theory that has been formulated with data that obtained and tested through quantitative panel data testing. Findings - The results of a survey of 515 samples of data from a population of 183 manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2015-2019 found that green intellectual capital with its three dimensions had a significant positive effect on value relevance. This study also proves that green structural intellectual capital has influenced more on value relevance than human and relation intellectual capital. Novelty - The measurement of variables is green intellectual capital and value relevance in this study develops previous research with related government conditions and regulations in Indonesia. Green intellectual capital investment is measured by using content analysis from disclosures in annual reports and sustainability reports, and value relevance is measured by the Olhson model with beta correction by the stock market in Indonesia. Type of Paper: Empirical. JEL Classification: G32, O34 Keywords: Green Intellectual Capital; Value relevance; Human Capital; Structural Capital, Relational Capital

Download Full-text

Intellectual Capital and Its Disclosure on Firm Value

International Journal of Finance & Banking Studies (2147-4486) ◽

10.20525/ijfbs.v10i1.1108 ◽

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.

Download Full-text

INTENSITAS RESEARCH AND DEVELOPMENT, GOODWILL, INTELLECTUAL CAPITAL DAN PERFORMA FINANSIAL SEBAGAI PENENTU NILAI PERUSAHAAN

Duconomics Sci-meet (Education & Economics Science Meet) ◽

10.37010/duconomics.v1.5456 ◽

2021 ◽

Vol 1 ◽

pp. 296-306

Author(s):

Ellen Monata Wahono ◽

Shinta Permata Sari

Keyword(s):

Research And Development ◽

Financial Performance ◽

Intellectual Capital ◽

Firm Value ◽

Stock Exchange ◽

Total Sample ◽

Annual Reports ◽

Manufacturing Companies ◽

Fierce Competition ◽

A Company

The increasingly fierce competition that occurs between companies in the current era of globalization is forcing the company to improve its strategies. Therefore, the main purpose of establishing a company is to increase the value of the firm. To achieve that purpose,managers have to understand the factors that can increase the value of the firms and also fulfillthe interests of stakeholders. This study aims to analyze the effect of Research and Development Intensity (RnD), Goodwill (GDW), Intellectual Capital (IC), and Financial Performance (PF) on Firm Value. The research data is obtained from the annual reports of manufacturing companies listed on the Indonesia Stock Exchange in 2015-2019 with a total sample of 60 after meeting certain criteria. The data is analyzed using multiple linear regression analysis.The results show that goodwill, intellectual capital, and financial performance have an effect on firm value. Meanwhile, the intensity of research and development has no effect on firm value The increasingly fierce competition that occurs between companies in the current era of globalization is forcing the company to improve its strategies. Therefore, the main purpose of establishing a company is to increase the value of the firm. To achieve that purpose,managers have to understand the factors that can increase the value of the firms and also fulfillthe interests of stakeholders. This study aims to analyze the effect of Research and Development Intensity (RnD), Goodwill (GDW), Intellectual Capital (IC), and Financial Performance (PF) on Firm Value. The research data is obtained from the annual reports of manufacturing companies listed on the Indonesia Stock Exchange in 2015-2019 with a total sample of 60 after meeting certain criteria. The data is analyzed using multiple linear regression analysis.The results show that goodwill, intellectual capital, and financial performance have an effect on firm value. Meanwhile, the intensity of research and development has no effect on firm value

Download Full-text

The Influence of Intellectual Capital on Firm Value towards Manufacturing Performance in Indonesia

International Conference on Eurasian Economies 2015 ◽

10.36880/c06.01192 ◽

2015 ◽

Author(s):

Euphrasia Susy Suhendra

Keyword(s):

Firm Performance ◽

Intellectual Capital ◽

Firm Value ◽

Structural Equation ◽

Stock Exchange ◽

Value Added ◽

Secondary Data ◽

Market Valuation ◽

Annual Reports ◽

Manufacturing Companies

The aim of this study is to analyse the influence of intellectual capital on firm value through firm performance (profitability, productivity, market valuation and growth). Intellectual capital is measured by using a Value Added Intellectual Coefficient (VAIC™). Firm value is measured by Tobin's Q. The financial performance consists of Return on assets (ROA), Asset turn over (ATO), Market to Book Value (MB) and Earnings per Share (EPS). Data from this study was obtained from financial statements and annual reports of manufacturing companies that are taken from the Indonesia Stock Exchange. The sample of this study is manufacturing companies listed on the Indonesia Stock Exchange during the year of 2011-2013 for 37 companies. The types of data used are secondary data in the form of annual reports by the manufacturing companies. Empirical analysis is conducted by using Structural Equation Modelling (SEM). The results of this study indicate that Intellectual capital has a significant effect on profitability, market valuation and growth. Intellectual capital does not significantly affect productivity and firm value. Market valuation significantly affects the firm value. Profitability, productivity and growth do not significantly affect firm value. Furthermore, Intellectual capital which is intervened by the firm performance has a positive effect on firm value.

Download Full-text

YAN vOL.8 ED 2

10.31219/osf.io/cv6p5 ◽

2019 ◽

Author(s):

Yan Irianis

Keyword(s):

Intellectual Capital ◽

Ownership Structure ◽

Stock Exchange ◽

Secondary Data ◽

Sampling Technique ◽

Annual Reports ◽

Managerial Ownership ◽

Company Size ◽

Company Performance ◽

Manufacturing Companies

The purpose of the research is to analyze the effect of Intellectual Capital, Company Size, and Ownership Structure, namely managerial ownership and institusional ownership toward company performance. This research used samples from manufacturing companies that listed on Indonesia Stock Exchange (IDX) during 2012-2015. Based on purposive sampling technique, it got 17 companies as research samples, so as long as 4 years observation there were 68 annual reports were analyzed. Type of data used is secondary data obtained from www.idx.co.id. The analyctical method used is multiple regression analysis.The results of this research showed than Intellectual Capital doesn’t have significant effect to company performance, company size has significant effect to company performance, managerial ownership has significant effect to company performance, and institutional ownership doesn’t have significant effect to company performance.

Download Full-text

PENGARUH INTELLECTUAL CAPITAL DAN UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PERUSAHAAN

Jurnal Muara Ilmu Ekonomi dan Bisnis ◽

10.24912/jmieb.v4i1.7497 ◽

2020 ◽

Vol 4 (1) ◽

pp. 64

Author(s):

Herni Kurniawati ◽

Rosmita Rasyid ◽

Fanny Andriani Setiawan

Keyword(s):

Human Capital ◽

Financial Performance ◽

Intellectual Capital ◽

Stock Exchange ◽

Sampling Technique ◽

Manufacturing Companies ◽

Purposive Sampling ◽

Structural Capital ◽

Capital Efficiency ◽

Positive Effect

Tujuan penelitian ini bertujuan untuk mengetahui dan menganalisis pengaruh intellectual capital (human capital efficiency, capital employed efficiency, structural capital efficiency) dan ukuran perusahaan terhadap kinerja keuangan perusahaan. Metode penelitian yang digunakan adalah regresi data panel dengan teknik pengambilan sampel purposive sampling yang menghasilkan jumlah sampel sebanyak 64 perusahaan yang terdaftar di Bursa Efek Indonesia (BEI). Penelitian ini dilakukan dengan menggunakan tahun pengamatan yaitu 2015-2017. Jenis data yang digunakan adalah data sekunder. Data diperoleh dari laporan keuangan yang diambil dari www.idx.com. Penelitian ini dibantu dengan program software eviews 9. Hasil penelitian ini membuktikan bahwa Intellectual capital yang diukur dengan Capital employed efficiency (VACA) berpengaruh positif signifikan terhadap kinerja keuangan perusahaan manufaktur. Pengukuran intellectual capital yang diukur dengan Human capital efficiency (VAHU) berpengaruh positif terhadap kinerja keuangan perusahaan. Pengukuran intellectual capital yang diukur structural capital efficiency yang berpengaruh positif terhadap kinerja keuangan perusahaan. Dan ukuran perusahaan manufaktur tidak berpengaruh terhadap kinerja keuangan perusahaan. The purpose of this study aims to determine and analyze the effect of intellectual capital (human capital efficiency, capital employed efficiency, structural capital efficiency) and company size on the company's financial performance. The research method used is panel data regression with purposive sampling technique that produces a total sample of 64 companies listed on the Indonesia Stock Exchange (IDX). This research was conducted using observation years 2015-2017. The type of data used is secondary data. Data obtained from financial reports taken from www.idx.com. This research was assisted with a software eviews 9. The results of this study prove that Intellectual capital as measured by Capital employed efficiency (VACA) has a significant positive effect on the financial performance of manufacturing companies. Intellectual capital measurement as measured by Human capital efficiency (VAHU) has a positive effect on the company's financial performance. Intellectual capital measurement that is measured structural capital efficiency that affects the company's financial performance. And the size of the manufacturing company has no effect on the company's financial performance.

Download Full-text

Audit Committee Characteristics and their Impact on Intellectual Capital Disclosure: A Study of Listed Manufacturing Companies in Sri Lanka

Asia-Pacific Management Accounting Journal ◽

10.24191/apmaj.v14i1-07 ◽

2019 ◽

Vol 14 (1) ◽

pp. 135-149

Author(s):

Nimalathasan Balasundaram ◽

Keyword(s):

Sri Lanka ◽

Intellectual Capital ◽

Audit Committee ◽

Stock Exchange ◽

Listed Companies ◽

Annual Reports ◽

Global Reporting Initiative ◽

Sri Lankan ◽

Manufacturing Companies ◽

The Impact

In the today’s knowledge based economy, intellectual capital (IC) is considered as a strategic asset which determines the value of the company. Different practices of disclosing IC information in annual reports that do not show the real financial position of a company, is a main problem in Sri Lankan companies. The objective of this study was to find out the impact of audit committee characteristics on Intellectual Capital Disclosure (ICD) of listed companies on the Colombo Stock Exchange (CSE) for a period of five- years from 2012/2013 to 2017/2018. The ICD index comprised of 30 items in terms of Relational Capital Disclosure (RCD), Structural Capital Disclosure (SCD) and Human Capital Disclosure (HCD). The data was analyzed using correlations and regression analysis. Most of the Sri Lankan Listed companies disclosed ICD in text, sentences, pictures, tables and graphs in line with the Global Reporting Initiative (GRI) guidelines in their annual reports. ICD was measured by a disclosure index score. The independent variables comprised various forms of audit committee characteristics: audit committee size, frequency of audit committee meetings and audit committee independence. The study confirms that the size of the audit committee and audit committee meetings are important attributes to explain ICD in Sri Lanka. However, the study found a negative significant relationship between ICD and audit committee independence. Keywords: audit committee independence, audit committee meeting, audit committee size, intellectual capital disclosure

Download Full-text

Modal Intelektual (Intellectual Capital) dan Nilai Perusahaan Pada Industri Manufaktur

Owner ◽

10.33395/owner.v5i2.471 ◽

2021 ◽

Vol 5 (2) ◽

pp. 295-306

Author(s):

Gita Puspita ◽

Tri Wahyudi

Keyword(s):

Human Capital ◽

Intellectual Capital ◽

Quantitative Research ◽

Stock Exchange ◽

Value Added ◽

Tobin’S Q ◽

Manufacturing Companies ◽

Tobin's Q ◽

Company Value ◽

Structural Capital

Information about company value and intellectual capital is important information to be known by investors. This research aimed to find out the influence of intellectual capital against the value of the company's of manufacturing companies listed on the Indonesia stock exchange year 2014 – 2017. This type of research is quantitative research. This population includes all manufacturing companies listed on the Indonesia stock exchange and obtained samples of as many as 17 companies. Based on the results of research, partially Value Added Capital Employed (VACA) and Value Added Intellectual Coefficient (VAIC) have an effect on company value (Tobin's Q). Value Added Human Capital (VAHU) and Value Added Structural Capital (STVA) have no effect on company value (Tobin's Q). Based on the suitability test of Value Added Capital Employed (VACA) models, Value Added Human Capital (VAHU), Value Added Structural Capital (STVA), and Intellectual Capital were proxied by Value Added Intellectual Coefficient (VAIC) simultaneously has an effect on Company Value (Tobin's Q). From the result of this research, investors in order to make intellectual capital as a consideration before making investment decisions because better company value will show better growth prospects so as to provide prosperity for investors and shareholders.

Download Full-text

Intellectual capital vs the book-value of assets

Journal of Intellectual Capital ◽

10.1108/jic-04-2013-0048 ◽

2014 ◽

Vol 15 (1) ◽

pp. 65-82 ◽

Cited By ~ 16

Author(s):

Sang Ho Kim ◽

Dennis Taylor

Keyword(s):

Human Capital ◽

Intellectual Capital ◽

Value Relevance ◽

Share Price ◽

Annual Reports ◽

Content Type ◽

Book Value ◽

Listed Firms ◽

Structural Capital ◽

Tangible Assets

Purpose – The purpose of this paper is to provide new evidence, made possible by human capital data that became available after IFRS adoption, on the productivity of intellectual capital and its components. These productivity measures are modelled to determine their value-relevance in the share market, and the modelling is extended to comparative productivity measures for the book-value of assets. Design/methodology/approach – Financial data are sourced from financial databases and company annual reports on a sample of 160 Australian listed firms over a five-year period. Panel regression analysis is used to test five models built from Riahi-Belkaoui's (1999) general price model of the value-relevance of accounting numbers. Findings – The results show that the productivity of human capital, structural capital and intellectual capital are each significantly positively related to share price (i.e. have value-relevance), whereas the productivity of total assets at book-value is non-significant and tangible assets is inversely significant. Originality/value – This study constructs a new improved method of computing the amount of structural capital, and uses recently available financial statement data to provide first-time evidence on human capital and its inclusion in the determination of the amount of intellectual capital. These new models and data enable a direct comparison to be made between the value-relevance of intellectual and the book-value of assets.

Download Full-text

Pengaruh Intellectual Capital terhadap Profitabilitas pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

Jurnal Riset Akuntansi & Perpajakan (JRAP) ◽

10.35838/jrap.2015.002.01.1 ◽

2015 ◽

Vol 2 (01) ◽

pp. 1-18

Author(s):

Ramadhania Intan Cahyani ◽

Tara Widiarti S ◽

Jelita Listya Ferdiana

Keyword(s):

Decision Making ◽

Intellectual Capital ◽

Stock Exchange ◽

Value Added ◽

Partial Least Square ◽

Least Square ◽

Manufacturing Companies ◽

Structural Capital ◽

Coefficient Method ◽

Capital Value

A B S T R A C T This study aims to determine the effect of Intellectual Capital (IC) on profitability of manufacturing companies listed in Indonesia Stock Exchange (IDX). The independent variable of this study is Intellectual Capital (IC) while the dependent variable is profitability. Intellectual Capital (IC) was measured using VAICTM (Value Added Intellectual Coefficient) method which has 3 indicators, namely VAHU (Value Added Human Capital), VACA (Value Added Capital Employed), and STVA (Structural Capital Value Added). Meanwhile, profitability was measured using ROA (Return On Asset). Purposive sampling method was used in this study. Moreover, the populations involved were companies specializing on manufacturing. The total of samples used was 58 manufacturing companies listed in Indonesia Stock Exchange (IDX) from 2010-2013 period. In addition, Partial Least Square (PLS) was used as data analysis method. The result showed that Intellectual Capital (IC) has significant effect on profitability of manufacturing companies listed in Indonesia Stock Exchange (IDX). Therefore, VAICTM (Value Added Intellectual Coefficient) method can be used as a tool of decision making for stakeholder by integreting Intellectual Capital (IC) in the decision making process. A B S T R A K Penelitian ini bertujuan untuk mengetahui pengaruh Intellectual Capital (IC) terhadap profitabilitas perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI). Variabel bebas dari penelitian ini adalah Intellectual Capital (IC) sedangkan variabel terikat adalah profitabilitas. Modal intelektual (IC) diukur dengan menggunakan metode VAIC (Value Added Intellectual Coefficient) yang memiliki 3 indikator, yaitu VAHU (Value Added Human Capital), VACA (Value Added Capital Employed), dan STVA (Structural Capital Value Added). Sementara itu, profitabilitas diukur dengan menggunakan ROA (Return On Asset). Metode purposive sampling yang digunakan dalam penelitian ini. Selain itu, populasi yang terlibat perusahaan yang mengkhususkan diri pada manufaktur. Total sampel yang digunakan adalah 58 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) dari periode 2010-2013. Selain itu, Partial Least Square (PLS) digunakan sebagai metode analisis data. Hasil penelitian menunjukkan bahwa Intellectual Capital (IC) memiliki pengaruh yang signifikan terhadap profitabilitas perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI). Oleh karena itu, metode VAIC (Value Added Intellectual Coefficient) dapat digunakan sebagai alat pengambilan keputusan bagi stakeholder dengan integreting Intellectual Capital (IC) dalam proses pengambilan keputusan. JEL Classification: G14, G30

Download Full-text

The Value Relevance of Corporate Disclosures: Social Responsibility, Intellectual Capital, Corporate Governance

Assets Jurnal Akuntansi dan Pendidikan ◽

10.25273/jap.v9i1.5128 ◽

2020 ◽

Vol 9 (1) ◽

pp. 61

Author(s):

Amrie Firmansyah ◽

Yusuf Yusuf

Keyword(s):

Corporate Governance ◽

Corporate Social Responsibility ◽

Social Responsibility ◽

Intellectual Capital ◽

Value Relevance ◽

Secondary Data ◽

Annual Reports ◽

Manufacturing Companies ◽

Purposive Sampling ◽

Corporate Social

ABSTRACTThis study is aimed to investigate the relationship of corporate social responsibility, intellectual capital, and corporate governance on value relevance. The sample employed in this research is manufacturing companies listed on the IDX using secondary data from financial statements and annual reports from 2014 to 2016. The sample was selected by using a purposive sampling method with the number of samples amounted to 159 firm-year. The results of this study suggest that corporate social responsibility and intellectual capital disclosure are not associated with value relevance. Meanwhile, corporate governance is positively associated with value relevance.ABSTRAKPenelitian ini bertujuan untuk menginvestigasi pengaruh tanggung jawab sosial perusahaan, modal intelektual, dan tata kelola perusahaan terhadap relevansi nilai. Sampel penelitian ini menggunakan perusahaan manufaktur yang terdaftar di BEI berupa data sekunder dari laporan keuangan dan laporan tahunan dari 2014 hingga 2016. Sampel dipilih dengan menggunakan metode purposive sampling dengan jumlah sampel berjumlah 159 firm-year. Hasil penelitian ini menunjukkan bahwa tanggung jawab sosial perusahaan dan pengungkapan modal intelektual tidak berpengaruh terhadap relevansi nilai. Sementara itu, tata kelola perusahaan berpengaruh positif terhadap relevansi nilai.

Download Full-text