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Implikasi Intellectual Capital terhadap Financial Performance, Growth dan Market Value
(Studi Empiris dengan Pendekatan Simplistic Specification)
Badingatus Solikhah, S.E.
Universitas Negeri Semarang
Dr. H. Abdul Rohman, M.Si, Akt
Wahyu Meiranto, M.Si., Akt
Universitas Diponegoro
ABSTRACT
Intellectual Capital has been examined in several countries, but in Indonesia Intellectual Capital study which related to market value is limited. The results in previous research also show to different findings. The purpose of this study is to investigate the influence of Intellectual Capital of firm toward their financial performance, growth and market value. Furthermore, the purpose of this study is to investigate differensiation of Intellectual Capital Performance in each industry.
The Value Added Intellectual Coefficient (VAICTM) methode is used to measure of Intellectual Capital. This study uses data from 116 publicly listed companies in Indonesian Stock Exchange between the years 2006 to 2008. It is an empirical study using Partial Least Square (PLS) and one-way ANOVA for the data analysis.
The results show that: Intellectual Capital influences positively to financial performance and growth; Intellectual Capital doesn’t influence firm’s market value. The Performance of Intellectual Capital is differs by industry. But this differenciation is low because the samples in this study are only in manufacturing sectors which have same characters.
Key words: Intellectual Capital, financial performance, growth, firm’s market value, Partial Least Square (PLS).
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Developments in the economic impact is quite significant changes to the management of a business and the determination of competitive strategy. The business began to realize that the ability to compete not only lies in the ownership of tangible assets, but more on innovation, information systems, organizational management and human resources it has. Therefore, business organizations increasingly emphasize the importance of knowledge assets (knowledge assets) as a form of intangible assets (Agnes, 2008). Even Starovic et.al. (2003) found that knowledge has become a new engine in the development of a business.
One approach used in the assessment and measurement of knowledge assets (knowledge assets) is Intellectual Capital (hereinafter abbreviated as IC) (Petty and Guthrie, 2000). One area that attracted the attention of academics and practitioners is associated with the use of IC as a tool to determine the value of the company (Edvinsson and Malone, 1997) in Ulum (2008).
Recognition of intellectual capital which is driving corporate value and competitive advantage is increasing, though the exact measurement of intellectual capital is still sought out and developed (Chen et.al, 2005). The difficulty of directly measuring Intellectual Capital, and then Pulic (1998) propose an indirect measurement of the IC with a measure to assess the efficiency of value added as a result of the company’s intellectual ability (Value Added Intellectual Coefficient – VAIC ™).
Chen et al. (2005) using a model Pulic (VAIC ™) to examine the relationship between the IC to the market value and financial performance, where the results showed that IC affects positively on market value and corporate performance. While the research conducted Tan et al. (2007) on the Singapore Stock Exchange showed that the IC (VAIC ™) is positively related to performance of the company’s future corporate performance. In addition, this study indicates that the contribution of the IC (VAIC ™) on the performance of different companies based on the type of industry. The findings of Tan et al. (2005) is aligned with the research Bontis (2001) and Belkaoui (2003) which states that the IC (VAIC ™) positive influence on corporate financial performance. ….
