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 The Role of the Company's Value in the Mediate Influence the Structure of Capital, Return on Assets and Return on Equity Against the Share Price

2018 ◽  
Author(s):  
Rio Monoarfa
Keyword(s):  
Capital Structure ◽  
Path Analysis ◽  
Structural Equation ◽  
Stock Exchange ◽  
Secondary Data ◽  
Share Price ◽  
Equation Modeling ◽  
Manufacturing Companies ◽  
Analysis Model ◽  
Company Value

The aims of this research to analyze: (1)Influence of Capital Structure, ROA, ROE to CompanyValue, (2) Influence of Capital Structure, ROA, ROE toStock Price, (3) Influence of Capital Structure, ROA,ROE to Share Price through Company Value, (4)Influence of Company Value on Stock Price.This study uses secondary data throughtechniques of collecting documentation in the form offinancial statements of manufacturing companies listedon the Indonesia Stock Exchange period 2012 to 2016.Samples used through the method of PurposiveSampling based on certain criteria. The total populationof 147 manufacturing companies. Data analysis in thisstudy using Path Analysis Model (Path Analysis) withthe help of Structural Equation Modeling (SEM). Theanalysis method uses Multiple Linear RegressionAnalysis which operated through SPSS program.The results of this study indicate that: (1) CapitalStructure has a negative and significant effect onCorporate Value, ROA and ROE have a positive andsignificant impact on Corporate Value; (2) CapitalStructure negatively and insignificant to Price of Sahan,ROA and ROE have positive and insignificant effect toStock Price; (3) Capital Structure has negative andsignificant effect to Share Price through CompanyValue, ROA and ROE have positive and significanteffect to Share Price through Company Value, (4)Company Value has positive and significant effect toStock Price.

scholarly journals INTELLECTUAL CAPITAL TERHADAP FINANCIAL PERFORMANCE DAN SUSTAINABLE GROWTH

2021 ◽  
Vol 5 (2) ◽  
Author(s):  
Dian Agustia ◽  
Nur Fadjrih Asyik ◽  
Nidia Midiantari
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Stock Price ◽  
Stock Exchange ◽  
Sustainable Growth ◽  
Company Performance ◽  
Manufacturing Companies ◽  
Company Value ◽  
Main Driver

ABSTRACT   This study aims to examine the effect of intellectual capital on company financial performance and company sustainability growth. This study uses manufacturing companies listed on the Indonesia Stock Exchange in 2014-2018. This study found that the components of intellectual capital have an effect on company performance, this is because well-managed intellectual capital is the main driver of increasing company performance and is also supported by superior intellectuals that will have an impact on the company's sustainable growth. Intellectual capital which includes human capital, structural capital, and relational capital is able to improve the company's financial performance, which in turn will be able to increase investment. This investment will ultimately increase the market reaction which is reflected in the company's stock price (company value). Intellectual capital is also an impetus for companies to be able to grow sustainably, especially in terms of human capital owned by the company. Companies must continue to develop and empower their potential resources in order to advance the company so that the company can win in the competition which is getting heavier.

scholarly journals Analisis Struktur Kepemilikan, Faktor Eksternal, Internal Terhadap Struktur Modal, Dividen, Nilai Perusahaan Manufaktur

2020 ◽  
Vol 30 (6) ◽  
pp. 1484
Author(s):  
Nurianah Nurianah ◽  
Muslich Anshori
Keyword(s):  
Capital Structure ◽  
Ownership Structure ◽  
Firm Value ◽  
Structural Equation ◽  
Dividend Policy ◽  
Stock Exchange ◽  
External Factors ◽  
Equation Modeling ◽  
Internal Factors ◽  
Company Value

This study discusses and analyzes the Ownership Structure, External Factors, Internal Against Capital Structure, Dividends and Company Value. The population used in this study is companies listed on the Indonesia Stock Exchange using 37 companies. The data used are from 2010 to 2019, this study uses descriptive statistical analysis and inference with Structural Equation Modeling (SEM). The analysis shows: ownership structure does not oppose capital structure, dividend policy, and firm value, external factors affect internal factors, external factors do not oppose capital structure, external factors do not significantly influence firm value, internal factors related to capital structure, factors internal does not oppose dividend policy, internal factors oppose company value, capital structure opposes dividend policy, dividend policy has no effect on capital structure, capital structure is related to company value, and dividend policy is related to company value. Keywords: Ownership Structure; External and Internal Factors; Dividend Policy; Manufacture.

scholarly journals Analisis Modal Intelektual Dan Kinerja Keuangan Serta Pengaruhnya Terhadap Nilai Perusahaan

2019 ◽  
Author(s):  
Riski Wahyudi ◽  
Lidya Martha
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Firm Value ◽  
Stock Exchange ◽  
Value Added ◽  
Financial Statements ◽  
Manufacturing Companies ◽  
Return On Assets ◽  
Book Value ◽  
Company Value

This study aims to examine the effect of intellectual capital and financial performance on the value of companies in manufacturing companies listed on the Indonesia Stock Exchange (IDX). The research population is all manufacturing companies listed on the Indonesia Stock Exchange for the period 2013 - 2017. This sample was selected using a purposive sampling method with sample criteria. Manufacturing is listed on the IDX during the end of 2017 period, Manufacturing is listed consecutively during the period 2013 - 2017, Manufacturing that uses Rupiah, Manufacturing that has complete financial statements for the period 2013 - 2017, Manufacturing that has financial data in accordance with the variables to be tested, namely Price to Book Value, Value Added Intellectual Coefficient, Return On Assets, and Manufacturing that does not has data outliers, and obtained a sample of 11 companies. The data source is the annual financial statements of manufacturing companies taken through the official website of the Indonesia Stock Exchange ( www.idx.co.id ). Testing uses panel data regression analysis with the Eviews Program tool. Intellectual capital is measured using Value Added Intellectual Coefficient (VAIC), while financial performance is measured by Return on Assets (ROA) and company value measured by Price to Book Value (PBV). The results showed that the variable intellectual capital had a negative and not significant effect on firm value, while financial performance had a positive and significant effect on firm value.

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, CAPITAL STRUCTURE, AND CORPORATE INVESTMENT: AN EMPIRICAL STUDY ON PROPER MANUFACTURING INDUSTRY IN INDONESIA

2021 ◽  
Vol 19 (1) ◽  
pp. 130-140
Author(s):  
Gilda Maulina ◽  
◽  
Nila Firdausi Nuzula ◽  
Cacik Rut Damayanti ◽  
◽  
...  
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Structural Equation ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Corporate Investment ◽  
Equation Modeling ◽  
Environmental Programs ◽  
Units Of Analysis ◽  
The Capital Structure

Investment is one of the most crucial decisions that a company must create to achieve higher financial performance and to maintain long-term sustainability. This study predicts that two significant factors determine corporate investment, i.e., the firms’ corporate governance and capital structure. The article also assumes that companies that are aware and engage in environmental programs would find it much easier to gain investors’. This study used 39 units of analysis of 13 manufacturers listed on the Indonesia Stock Exchange that received a good ranking in PROPER during the 2016-2018 period and analyzed with structural equation modeling (SEM). This study finds that corporate governance is negatively related to the capital structure but positively related to corporate investment. However, the capital structure does not affect corporate investment implying environmental performance’s significance in leading corporate governance and enhancing corporate investment. Further research can extend the observation period, use other sectors as the sample, use the different indicators in each variable, and develop the relationship between variables on a broader framework.

scholarly journals INNOVATION, PROCESS CAPITAL AND FINANCIAL PERFORMANCE: MEDIATING ROLE OF MARKETING PERFORMANCE (EVIDENCE FROM MANUFACTURING INDUSTRY IN INDONESIA)

2019 ◽  
Vol 7 (1) ◽  
pp. 278-290 ◽  
Author(s):  
Bambang Tjahjadi ◽  
Hanna Miriam Shanty ◽  
Noorlailie Soewarno
Keyword(s):  
Financial Performance ◽  
Structural Equation ◽  
Manufacturing Industry ◽  
Equation Modeling ◽  
Manufacturing Companies ◽  
Data Set ◽  
Mediating Role ◽  
Marketing Performance ◽  
The Relationship

Purpose of the Study: This paper aims to investigate the mediating role of marketing performance on innovation-financial performance relationship as well as on process capital-financial performance relationship using the publicly listed manufacturing firms on the Indonesia Stock Exchange (IDX). Methodology: This is a quantitative research employing marketing performance as the mediation variable. A mediation research model is constructed to test the hypotheses of this research using the Partial Least Squares Structural Equation Modeling. A new data set is prepared which involves the publicly listed manufacturing companies on the IDX covering a period of thirteen years from 2005 to 2017. Main Findings: The results of this research provide the following empirical evidence. Firstly, marketing performance partially mediates the relationship between innovation and financial performance. Secondly, marketing performance fully mediates the relationship between process capital and financial performance. Conclusion: This study provides a better understanding of managers regarding the mechanism of how innovation affects financial performance via marketing performance as well as on the mechanism of how to process capital affects financial performance via marketing performance. Application/Implication: This study implies that managers need to continuously innovate, improve manufacturing processes, and enhance marketing management to achieve better financial performance.

scholarly journals Intellectual Capital, Financial Performance and Companies’ Sustainable Growth: Evidence from the Korean Manufacturing Industry

2018 ◽  
Vol 10 (12) ◽  
pp. 4651 ◽  
Author(s):  
Jian Xu ◽  
Binghan Wang
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Manufacturing Industry ◽  
Positive Impact ◽  
Stock Exchange ◽  
Influencing Factor ◽  
Physical Capital ◽  
Sustainable Growth ◽  
Manufacturing Companies ◽  
The Impact

Intellectual capital (IC) is considered to be a wealth generator and driver of financial performance thus creating competitive advantage and sustainability in business. This paper empirically investigates the impact of IC on financial performance and sustainable growth in the Korean manufacturing industry. Multiple regression models are applied with data collected from 390 manufacturing companies listed on the Korean Stock Exchange during 2012–2016. The results of the analysis show that IC has a positive impact on financial performance and companies’ sustainable growth. In addition, companies’ performance and sustainable growth are positively related to physical capital, human capital (HC), and relational capital (RC). RC is found to be the most influencing factor. Finally, innovative capital captures additional information on structural capital (SC) which negatively affects the performance of Korean manufacturing companies. The results extend the understanding of IC in creating corporate value and building sustainable advantages in emerging economies.

scholarly journals The Effect of Capital Structure and Sales Growth on Company Profitability and Value in the Cosmetics Manufacturing and Household Needs Manufacturing Companies

2021 ◽  
Vol 8 (2) ◽  
pp. 187-193
Author(s):  
Ni Putu Erlin Pramesti ◽  
Putu Ngurah Suyatna Yasa ◽  
Ni Luh Anik Puspa Ningsih
Keyword(s):  
Capital Structure ◽  
Stock Prices ◽  
Firm Value ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sales Growth ◽  
Manufacturing Companies ◽  
Company Value ◽  
Good Signal

Company value is very important for a company, because the company's value reflects the company's performance which will be associated with stock prices, where the higher the stock price, the higher the value of the company. With a high company value will give a good signal to investors that the company's financial performance is increasing. This study aims to determine the effect of capital structure and sales growth on profitability and firm value. The population in this study is cosmetics and household needs manufacturing companies listed on the IDX. Determination of the sample is done by a purposive sampling method of judgment sampling type and based on predetermined criteria; the number of samples is 5 companies manufacturing cosmetics sub-sectors and household needs. This study uses secondary data obtained from the Indonesia Stock Exchange in 2008-2018. Testing the hypothesis of the study used descriptive statistical test techniques and path analysis test with SPSS (Statistical Product and Service Solutions) application tools. The results showed that: 1) Capital structure has a positive and significant effect on profitability 2) Sales growth has a negative and not significant effect on profitability 3) Capital structure has a positive and significant effect on firm value 4) Sales growth has a positive and significant effect on firm value 5) profitability has a positive and significant effect on firm value 6) Capital structure is able to influence the value of the company through profitability 7) Sales growth is not able to affect the value of the company through profitability.

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.

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