This study examined the effect of intellectual capital on the financial performance of the company. Independent variables consisted of structural capital efficiency (SCE), human capital efficiency (HCE), capital employed efficiency (CEE) control variables used in this research are the size and leverage. The population of this study are non-financial companies listed on the Indonesian Stock Exchange (BEI) 2014. Samples were selected using purposive sampling method and obtained 232 companies. This study using simple regression analysis and descriptive statistics for the analysis of the data processed by SPSS 22. Results showed that HCE has negative effect on the financial performance, SCE has significant positive effect on financial performance, and CEE has significant positive effect on financial performance. The limitation in the study is sample that are used only limited to the non-financial sector companies listed on the Indonesia Stock Exchange 2014. Future studies are expected to use other measurements to measure intellectual capital and value of the company, and further research is also expected to increase the research data and select other industrial sectors.
A Correlation of CSR and Intellectual Capital, its Implication toward Company...inventionjournals
Traditional accounting approach is not considered an intangible asset in determining the value of the company. Judging from the strategic aspect, the business is now growing process wherein, the company actively doing research, product innovation, development potential of the company, management and employee skill improvement and so on. So all the intangible aspects that are key to increasing the value of sustainable enterprises. One example of an intangible asset is intellectual capital (IC). On the other hand this aspect as neglected because it is not expressed in the financial statements which is the main basis in the valuation of the company. This study is exploratory research, has the main objective to assess the link CSR activities with IC in their influence on the creation of value for the company. Outcomes research studies be developed from the analysis of ratings and disclosures IC with antecedent and concequences which have been tested by previous research. However, these studies largely carried on the business environment in developed countries, and is still very limited studies conducted in developing countries that have a cultural background of eastern Indonesia. Based on reviews of an extant of literatures, several internal factors were identified as antecedents for IC. They are: CSR activities, firm growth and type of industry. The sample selection was based on certain criteria, and acquired 52 manufactured companies listed in IDX, from 2010-2014. Thisresearchfinds that CSR disclosure, specifically in the areas of social aspects and firm’s size significantly influences IC and firm value. There was no evidence to support the existence of significant influence of growth toward IC. IC is an intervening variable for the influence of CSR toward company’s value. Overall, findings of this research suggest that IC can be used to improve firm financial performance. The implication of this study is that companies should be concern to report their social activities and upgrade the quality of human capital who theirs.
The purpose of this study was to examine the effect of intellectual capital which proxied by VAICTM by Pulic (1999) and the average growth of intellectual capital (VAIC™) to firm performance. The data used in this study is the first 140 companies listed on the Stock Exchange which is divided into two sectors, manufacturing and non-manufacturing industry which following to research hypothesis. The results showed that the intellectual capital has significant effect to firm performance when firm performance is proxied by the ROA, not by ROE. And the average growth of intellectual capital has a significant effect to firm performance if the company's performance is proxied by ROE and ROA.
The Impact of Intellectual Capital on Firm Performance of Manufacturing SMEs ...IIJSRJournal
There are various factors from empirical studies that many factors influence firm performance. The purpose of this conceptual paper is to review the impact of intellectual capital as a unidimensional factor on the performance of manufacturing SMEs operating in Malaysia. The framework was developed after a systematic review of past literature. The present paper found the critical influence of the study's variables on firm performance. Furthermore, the study provided some understanding of how intellectual capital affects manufacturing SMEs' performance in Malaysia. Intellectual capital plays an important role in influencing a Manufacturing SMEs firm performance. The paper emphasizes the critical value of intellectual capital for SMEs owner/managers consideration when acting on behalf of their company, failing to experience poor performance. Resource-Based View (RBV) theory underlies the conceptual framework and explains the relationship among variables. In addition, some implications of this conceptual model for theory and practice are discussed.
A Correlation of CSR and Intellectual Capital, its Implication toward Company...inventionjournals
Traditional accounting approach is not considered an intangible asset in determining the value of the company. Judging from the strategic aspect, the business is now growing process wherein, the company actively doing research, product innovation, development potential of the company, management and employee skill improvement and so on. So all the intangible aspects that are key to increasing the value of sustainable enterprises. One example of an intangible asset is intellectual capital (IC). On the other hand this aspect as neglected because it is not expressed in the financial statements which is the main basis in the valuation of the company. This study is exploratory research, has the main objective to assess the link CSR activities with IC in their influence on the creation of value for the company. Outcomes research studies be developed from the analysis of ratings and disclosures IC with antecedent and concequences which have been tested by previous research. However, these studies largely carried on the business environment in developed countries, and is still very limited studies conducted in developing countries that have a cultural background of eastern Indonesia. Based on reviews of an extant of literatures, several internal factors were identified as antecedents for IC. They are: CSR activities, firm growth and type of industry. The sample selection was based on certain criteria, and acquired 52 manufactured companies listed in IDX, from 2010-2014. Thisresearchfinds that CSR disclosure, specifically in the areas of social aspects and firm’s size significantly influences IC and firm value. There was no evidence to support the existence of significant influence of growth toward IC. IC is an intervening variable for the influence of CSR toward company’s value. Overall, findings of this research suggest that IC can be used to improve firm financial performance. The implication of this study is that companies should be concern to report their social activities and upgrade the quality of human capital who theirs.
The purpose of this study was to examine the effect of intellectual capital which proxied by VAICTM by Pulic (1999) and the average growth of intellectual capital (VAIC™) to firm performance. The data used in this study is the first 140 companies listed on the Stock Exchange which is divided into two sectors, manufacturing and non-manufacturing industry which following to research hypothesis. The results showed that the intellectual capital has significant effect to firm performance when firm performance is proxied by the ROA, not by ROE. And the average growth of intellectual capital has a significant effect to firm performance if the company's performance is proxied by ROE and ROA.
The Impact of Intellectual Capital on Firm Performance of Manufacturing SMEs ...IIJSRJournal
There are various factors from empirical studies that many factors influence firm performance. The purpose of this conceptual paper is to review the impact of intellectual capital as a unidimensional factor on the performance of manufacturing SMEs operating in Malaysia. The framework was developed after a systematic review of past literature. The present paper found the critical influence of the study's variables on firm performance. Furthermore, the study provided some understanding of how intellectual capital affects manufacturing SMEs' performance in Malaysia. Intellectual capital plays an important role in influencing a Manufacturing SMEs firm performance. The paper emphasizes the critical value of intellectual capital for SMEs owner/managers consideration when acting on behalf of their company, failing to experience poor performance. Resource-Based View (RBV) theory underlies the conceptual framework and explains the relationship among variables. In addition, some implications of this conceptual model for theory and practice are discussed.
Achieving Corporate Competitiveness: The Establishment of Learning Organisati...AJHSSR Journal
ABSTRACT: As an industry providing protection, financial services and financial solution, life insurance plays an active role of informational transformation, which serves to improve the management of all resources in the companies. Obviously, the human resources management practices have a big opportunity to play an important role in supporting the industry to gain the competitive advantage. Human resources management practices, through their learning activities will establish learning organisation, cultivate it and eventually attain the desired competitive advantage. Since a learning organisation is characterised by an efficient organisation in transforming their internal and external resources, it is critical to study on how a life insurance company does the transformation through knowledge and learning activities following Senge‟s theory on the learning organisation (Senge, 2004). Through a comprehensive the utilisation of Resource-Based View, Learning Organisation and Sustainable Competitiveness Advantage theories, a quantitative approach is conducted at Sun Life Financial Indonesia, a dynamic and fast-growing life insurance company. The research tests five hypotheses, which cover the areas of: (1) the influence of mental model of the leader, (2) the influence of building shared vision, (3) the influence of Team Learning, (4) the influence of System Thinking and (5) the influence of Personal Mastery. Based on the research, the study illustrates positive impacts on four hypotheses and a negative impact on the fifth hypothesis. The values above show that all hypotheses have different factor loadings, which are needed for Sun Life Financial Indonesia’s continuous process of Learning Organisation. Those are referring to the study on the Learning Organisation in general to the dimension of personal mastery and building shared vision, which have higher affinity on the organisational competitive advantage. In general, the organisation needs to maintain its Learning Organisation as a part of its HR Strategy. The study provides a set of suggestion which covers the areas of: (1) The on-going careful maintenance of its organisational strategy to attain various sustainable business improvements, (2) The continuous acceleration to produce more talents through its High Performance Culture, and (3) The continuous exercise of Learning Organisation efforts through utilisation of development and career frameworks.
The Role of Employee Motivation to Knowledge Integration Mechanism: Service O...ijtsrd
The general trend in the business world is to gain a competitive advantage through the use of innovation. Innovation can be gain through new products, services or entering into new markets. In the Present context involving employees has proven that organizations gain significant success. As they have hand on experience and knowledge in product development and customer information have the capability of developing and delivering innovative products or services. However, mismanagement of information may reduce productivity and impede the innovation capability in service organizations. implementation of a knowledge integration mechanism helps the organization to soft the relevant information gained through employee involvement. There is a significant number of researches in relation to employee involvement and employee motivation. But there is a considerable lack of scholarly research in relation to service innovation capability and knowledge integration mechanism and impact of employee motivation to the above mentioned criteria. Service organizations in the hotel, financial, telecommunication, and Software were part of the research and data was collected from a hundred and fifty three respondents. Data collected through validated self administered questionnaires and analyzed Smart PLS testing the hypothetical relationships. The results indicated that a higher level of motivation will generate a high level of knowledge that will enhance the capability of the organization. D M T P Dassanayake "The Role of Employee Motivation to Knowledge Integration Mechanism: Service Organizations in Sri Lanka" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29451.pdfPaper URL: https://www.ijtsrd.com/management/management-development/29451/the-role-of-employee-motivation-to-knowledge-integration-mechanism-service-organizations-in-sri-lanka/d-m-t-p-dassanayake
IJRET : International Journal of Research in Engineering and Technology is an international peer reviewed, online journal published by eSAT Publishing House for the enhancement of research in various disciplines of Engineering and Technology. The aim and scope of the journal is to provide an academic medium and an important reference for the advancement and dissemination of research results that support high-level learning, teaching and research in the fields of Engineering and Technology. We bring together Scientists, Academician, Field Engineers, Scholars and Students of related fields of Engineering and Technology.
Impact of Human Capital Development on the Managerial Workforce of SMEs in Sabah, Malaysia ......1
Noraini Abdullah and Nurul Fatihah Rosli
A Survey of Mobile Cloud Computing: Advantages, Challenges and Approaches................................14
Mohammad Rasoul Momeni
An Efficient Authentication Protocol for Mobile Cloud Environments using ECC.................................29
Mohammad Rasoul Momeni
This study aims to determine the impact of intellectual capital on firm value, either directly or
indirectly through the company's financial performance in the financial sector. The population of this research
is 84 financial sector companies listed on the Indonesia Stock Exchange in 2020. The data analysis tool uses
path analysis with the help of the SPSS version 25 program
The Effect of Intellectual Capital and Profitability on Firm ValueAJHSSR Journal
ABSTRACT : This research aims to determine the effect of intellectual capital and profitability on firm value
in bank subsector companies listed on the Indonesia Stock Exchange from 2017 to 2021. The independent
variable, namely intellectual capital, is measured by VAIC™ which is proxied by value added capital employed
(VACA), value added human capital (VAHU), and structural capital value added (STVA), and profitability is
proxied by ROE (return on equity). The dependent variable in this study is firm value as proxied by Tobin's Q.
The data analysis technique used in this study was purposive sampling approach through the SPSS application.
Form the result of research show there is no significant effect between intellectual capital toward firm value and
there is a significant effect between profitability toward firm value.
KEYWORD: Intellectual Capital, VAICTM, VACA, VAHU,STVA, ROE, Tobins’ Q, Signalling Theory
Achieving Corporate Competitiveness: The Establishment of Learning Organisati...AJHSSR Journal
ABSTRACT: As an industry providing protection, financial services and financial solution, life insurance plays an active role of informational transformation, which serves to improve the management of all resources in the companies. Obviously, the human resources management practices have a big opportunity to play an important role in supporting the industry to gain the competitive advantage. Human resources management practices, through their learning activities will establish learning organisation, cultivate it and eventually attain the desired competitive advantage. Since a learning organisation is characterised by an efficient organisation in transforming their internal and external resources, it is critical to study on how a life insurance company does the transformation through knowledge and learning activities following Senge‟s theory on the learning organisation (Senge, 2004). Through a comprehensive the utilisation of Resource-Based View, Learning Organisation and Sustainable Competitiveness Advantage theories, a quantitative approach is conducted at Sun Life Financial Indonesia, a dynamic and fast-growing life insurance company. The research tests five hypotheses, which cover the areas of: (1) the influence of mental model of the leader, (2) the influence of building shared vision, (3) the influence of Team Learning, (4) the influence of System Thinking and (5) the influence of Personal Mastery. Based on the research, the study illustrates positive impacts on four hypotheses and a negative impact on the fifth hypothesis. The values above show that all hypotheses have different factor loadings, which are needed for Sun Life Financial Indonesia’s continuous process of Learning Organisation. Those are referring to the study on the Learning Organisation in general to the dimension of personal mastery and building shared vision, which have higher affinity on the organisational competitive advantage. In general, the organisation needs to maintain its Learning Organisation as a part of its HR Strategy. The study provides a set of suggestion which covers the areas of: (1) The on-going careful maintenance of its organisational strategy to attain various sustainable business improvements, (2) The continuous acceleration to produce more talents through its High Performance Culture, and (3) The continuous exercise of Learning Organisation efforts through utilisation of development and career frameworks.
The Role of Employee Motivation to Knowledge Integration Mechanism: Service O...ijtsrd
The general trend in the business world is to gain a competitive advantage through the use of innovation. Innovation can be gain through new products, services or entering into new markets. In the Present context involving employees has proven that organizations gain significant success. As they have hand on experience and knowledge in product development and customer information have the capability of developing and delivering innovative products or services. However, mismanagement of information may reduce productivity and impede the innovation capability in service organizations. implementation of a knowledge integration mechanism helps the organization to soft the relevant information gained through employee involvement. There is a significant number of researches in relation to employee involvement and employee motivation. But there is a considerable lack of scholarly research in relation to service innovation capability and knowledge integration mechanism and impact of employee motivation to the above mentioned criteria. Service organizations in the hotel, financial, telecommunication, and Software were part of the research and data was collected from a hundred and fifty three respondents. Data collected through validated self administered questionnaires and analyzed Smart PLS testing the hypothetical relationships. The results indicated that a higher level of motivation will generate a high level of knowledge that will enhance the capability of the organization. D M T P Dassanayake "The Role of Employee Motivation to Knowledge Integration Mechanism: Service Organizations in Sri Lanka" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29451.pdfPaper URL: https://www.ijtsrd.com/management/management-development/29451/the-role-of-employee-motivation-to-knowledge-integration-mechanism-service-organizations-in-sri-lanka/d-m-t-p-dassanayake
IJRET : International Journal of Research in Engineering and Technology is an international peer reviewed, online journal published by eSAT Publishing House for the enhancement of research in various disciplines of Engineering and Technology. The aim and scope of the journal is to provide an academic medium and an important reference for the advancement and dissemination of research results that support high-level learning, teaching and research in the fields of Engineering and Technology. We bring together Scientists, Academician, Field Engineers, Scholars and Students of related fields of Engineering and Technology.
Impact of Human Capital Development on the Managerial Workforce of SMEs in Sabah, Malaysia ......1
Noraini Abdullah and Nurul Fatihah Rosli
A Survey of Mobile Cloud Computing: Advantages, Challenges and Approaches................................14
Mohammad Rasoul Momeni
An Efficient Authentication Protocol for Mobile Cloud Environments using ECC.................................29
Mohammad Rasoul Momeni
This study aims to determine the impact of intellectual capital on firm value, either directly or
indirectly through the company's financial performance in the financial sector. The population of this research
is 84 financial sector companies listed on the Indonesia Stock Exchange in 2020. The data analysis tool uses
path analysis with the help of the SPSS version 25 program
The Effect of Intellectual Capital and Profitability on Firm ValueAJHSSR Journal
ABSTRACT : This research aims to determine the effect of intellectual capital and profitability on firm value
in bank subsector companies listed on the Indonesia Stock Exchange from 2017 to 2021. The independent
variable, namely intellectual capital, is measured by VAIC™ which is proxied by value added capital employed
(VACA), value added human capital (VAHU), and structural capital value added (STVA), and profitability is
proxied by ROE (return on equity). The dependent variable in this study is firm value as proxied by Tobin's Q.
The data analysis technique used in this study was purposive sampling approach through the SPSS application.
Form the result of research show there is no significant effect between intellectual capital toward firm value and
there is a significant effect between profitability toward firm value.
KEYWORD: Intellectual Capital, VAICTM, VACA, VAHU,STVA, ROE, Tobins’ Q, Signalling Theory
Purpose – This study aims to analyze the relationship between Innovativeness to Firm
Performance, IT Capability to Innovativeness, IT Capability to Firm Performance. This study also tests whether
IT Capability can be an Innovativeness moderator of Firm Performance
This research is a type of quantitative research, to determine the pattern of the relationship between profitability,
macroeconomics, capital structure and company value in manufacturing companies listed on the Stock Exchange for the
2014-2018 period. The unit of analysis in this study is financial reports, while the population is all manufacturing
companies. of this population,
Intellectual capital: A modern model to measure the value creation in a businessAI Publications
Using a sample of 92 patients, this study looked into the impact of intellectual capital on the efficiency of private hospitals. The researchers used a quantitative approach to assess the effect of Intellectual capital (Human capital, Structural capital, and Relational capital) on long-term competitive advantage in private hospitals in Iraq's Kurdistan region. The research sample was selected using a random sampling method and conducted in various locations across Iraq's Kurdistan province. A total of 110 questionnaires were distributed, but only 92 people correctly completed them. The findings revealed that the most effective relationship with firm success was between human capital as an element of Intellectual capital, while the least effective relationship was between ownership as an element of Intellectual capital. Furthermore, our findings indicate that finance managers should use debts as a last resort in terms of intellectual capital. Finally, our research can be improved by using more controlled variables, a greater sample size, and data from a longer time span in the regression models. Other methods and steps can be used as well.
Firm Value is a description of the level of triumph of the company that is related with stock prices.
High stock prices will affect the high firm value as well. This study was conducted to examine the effect of
financial performance on firm value with intellectual capital as an intervening variable in manufacturing
companies listed on the BEI in the 2015-2017 period
The company goal is to maximize the shareholders’ prosperity, not just to maximize profit. The fact is that the company not only has economic responsibility but also social responsibility to the community and its environment. The purpose of this study was to analyze the effect of good corporate governance (GCG) and corporate social responsibility (CSR) on the firm value. The research sample of 15 companies was taken using purposive sampling from companies listed in the LQ-45 on the Indonesia Stock Exchange for the period of 2014-2017. This study uses panel data regression analysis with Random Effect model method. GCG is a representation of managerial ownership, institutional ownership, independent commissioner, and audit committee. The results of this study indicate that there is a significant influence between GCG and CSR on firm value simultaneously. Partially, independent Commissioners and CSR each have an influence on the firm value, but there is an anomaly.
The role of intellectual capital in promoting knowledge management initiativesMansour Esmaeil Zaei
This paper investigates the role of intellectual capital in promotion of successful knowledge management (KM) initiatives. The conclusions are based on the results of field studies conducted in the subsidiary companies of Ministry of Energy of Islamic Republic of Iran (Sistan & Baluchestan
Province). Before designing the conceptual framework, relevant literature pertaining to the history of the work at hand, was reviewed by the researcher. Based on the opinions of external experts, university professors and organization’s experienced executives, a research model was developed. Tools such as textual analysis and interviews were employed to explore relationships between intellectual capital and knowledge management. A survey was conducted using a structured questionnaire which measured research variables
like intellectual capital indexes and KM processes. The output of structural equations models (SEM) and LISREL statistical software showed that intellectual capital and its components have direct effects in promoting KM processes in the subsidiary companies of Ministry of Energy of Islamic Republic of Iran (Sistan & Baluchestan Province). By improving intellectual
capital and its indexes, knowledge management can be improved.
EFFECT OF COMPANY SIZE, PROFITABILITY AND CAPITAL STRUCTURE ON FIRM VALUE IN ...AJHSSR Journal
ABSTRACT : Rated companies are certain conditions that have achieved by a company as an illustration of
public trust in the company after going through a process of activities for several years, from the time the
company was founded until now. Firm value is often associated with stock prices. The highest share price makes
the value of the company will also be high. This study aims to examine the effect of company size, profitability,
and capital structure on Firm value. This research was conducted on the Indonesia Stock Exchange (IDX) in
year 2019. The number of samples used in the study were413 companies, which were taken using a purposive
sampling method with several predetermined criteria. The data analysis technique used is multiple linear
regression. The results of this study indicate that company size, profitability, and capital structure have a
significant effect on Firm value. Partially, company size and profitability have a positive and significant effect
on firm value with a significance value of 0.00 each. While the capital structure does not affect the value of the
company indicated by the significance value of 0.54.
Effect of Firm Size and Capital Structure on the value of the Company with Pr...AJHSSR Journal
ABSTRACT: The purpose of this research was to analyze the effect of firm size and capital structure
on firm value with profitability as an intervening variable in manufacturing companies listed on the
Indonesia Stock Exchange. The population in this research are manufacturing sector companies listed
on the Indonesia Stock Exchange for the 2018-2020 period. The number of samples selected is 93
companies selected using the purposive sampling technique. The analysis technique used was
descriptive statistics and inferential statistical analysis using SmartPls software with path analysis test.
The results of this research indicate that firm size has a negative and significant effect on firm value,
capital structure has a positive and significant effect on firm value, firm size has a negative and
significant effect on firm value, capital structure has a positive and significant effect on firm value,
and profitability cannot mediate. relationship between firm size and capital structure to firm value.
KEYWORDS: company size, capital structure, company value, profitability
Post IFRS Convergence Investigation: Corporate Social Responsibility Disclosu...IJAEMSJORNAL
This research aims to determine the factors that influence the level of Corporate Social Responsibility Disclosures after International Financial Reporting Standards convergence by testing the effect of Institutional Ownership, Public Ownership, Board of Independent Commissioner Size and Company Size on Corporate Social Responsibility Disclosures index. Sample used are mining sector companies that listed on Indonesia Stock Exchange for period 2013-2016. The sources of the data were taken from audited financial reports and annual reports and sample were 19 banks which taken by using purposive sampling. This research uses quantitative approach with multiple linier regression analysis. The results show that institutional ownership, public ownership and company size have a positive and significant effect on corporate social responsibility disclosures. There is no evidence to suggest that board of independent commissioner size have any effect on corporate social responsibility disclosures. The results simultaneously show that Institutional Ownership, Public Ownership, Board of Independent Commissioner Size and Company Size have an influence on Corporate Social Responsibility Disclosures..
Abstract:- This study aims to determine the effect of Good Corporate Governance mechanism and Financial Performance on firm value in banking companies. The method used in this research is research method of descriptive associative. The analytical tool used is multiple linear regressions, processed by using SPSS program version 23. The results obtained are partially there is a negative influence of Good Corporate Governance mechanism (independent board of commissioner, institutional ownership, and audit committee) on the value of the company and there is positive influence profitability (ROE) on firm value. While simultaneously, there is influence together mechanism of Good Corporate Governance and profitability to company value. The suggestion is that companies should consider the implementation of Good Corporate Governance and to measure the company's financial performance can use other measurements such as ROA and NPM. While to measure the company's value can also use other measurements such as Price Earnings Ratio (PER) or Tobin's Q.
An Empirical Analysis on the Nature of Relationship between Capital Structure...iosrjce
The financing decision with regard to capital structure theory of finance has been a topic of many
theories and their conflicting output for past many years. This paper aims to analyse the nature of relationship
between the capital structure of a firm and its performance. The data of 40 firms excluding financial services
firms listed on Nifty indices on National Stock Exchange is studied (The composition of 50 firms on Nifty
represents a well branch out index reflecting precisely the overall market conditions). Financial services firms
have been excluded from purview of this paper, as they are in the business of collecting money and investing in
financial assets rather than producing goods, hence follow a unique business valuation model. Further financial
services sector being one of the most sensitive sectors. This paper analyzes a period of 13 years (2001-2014)
covering the phases of a business cycle starting from boom (2001/02-2006/07), recession (2007/08-2008/09)
and then recovery (2009/10-2013/14). The complete business cycle will aid to demonstrate the results more
accurately. This paper also surveys the topical developments in the empirical capital structure research. The
data for a period of 13 years is analysed using descriptive statistics, correlation and multiple regression
techniques. For research purpose, the ratios such as debt-equity ratio, debt-asset ratio and long term debt are
taken as independent variables whereas Net Profit, Net Profit Margin, ROCE, ROE and ROA are the ratios
taken as dependent variables.
Wages and Employees Performance: The Quality of Work Life as ModeratorHendra Gunawan
The wage factor and the quality of working life needs to get the attention of the management to be able for improve the employees performance. This research aims to know the effect of wages on employees performance are moderated by the quality of work life. The type of the data being used is the primary data in the form of a questionnaire. Sampling is done by stratified random sampling of 100 employees in a manufacturing company. Data analysis using linear regression and moderated regression analysis. The result showed a significant negative effect on the wages of employees performance. Other finding is negative effect of wages which are moderated by the quality of work life is caused by the effect of intrinsic motivation (quality of working life) is more powerful than extrinsic motivation (wages). Quality of work life is quasi moderators that weaken the wages variable. Further research is recommended to expand the research by adding independent variable that affects the performance of employees.
Mandatory and Voluntary Disclosure of Annual Report on Investor ReactionHendra Gunawan
This study aims to obtain empirical evidence about the influence of mandatory disclosure, voluntary disclosure on investor reaction to either partially or simultaneously. The study was conduct on 38 manufactured companies listed on Indonesian Stock Exchange. There are fve variables that mandatory disclosure, voluntary disclosure as the independent variable, cash flow operating activities (AKOp), cash flows investing activities (AKIn), cash flows fnancing activities (AKDa) as the control variable and the investor reaction was measured by using trading volume activity as the dependent variable. The result indicates that mandatory disclosure partially affect the investor reaction mandatory disclosure, voluntary disclosure simultaneously affect the investor reaction. Limitations are mandatory disclosure, voluntary disclosure, cash flow operating activities (AKOp), cash flow investing activities (AKIn), cash flow fnancing activities (AKDa) are less able to measure the volume of stock trading prediction of the future.
Wage System Manufacturing Company: Normative and ExpectationsHendra Gunawan
The study determine the wages models applied by the company in Batam which is expected to provide a wide range of reference models in different strata of wage and cluster companies. It is also expected to help the local government as a factor in determining the minimum wage policy making through recommendations wages models are ideal in Batam. Data was collected using interview techniques to the manufacturing industry in three related units in a company that is human resource, administrative staff and production staff. The results of the study were analyzed qualitatively to explore models that have been applied and the desire of employees. The model has been applied to remuneration in accordance with the general models that already exist, but there are still some wishes of the employees on the compensation of employees in the company they both administrative and production employees. Researchers also analyzed employee satisfaction with the existing system and the results are most of the employees did not feel satisfed with the remuneration system.
Impact of Information Technology Investment to Financial Performance on Banki...Hendra Gunawan
This study examines the impact of technology on the performance of financial investment in banking companies listed in Indonesia Stock Exchange to prove its influence on the development of the banking company's financial performance. The data used in this research is secondary data uses financial statements that have been audited. Data analysis technique used is simple regression analysis. Results showed that between investments in information technology affect the company's financial performance. The results of this study illustrate that the company's financial performance would be if the investment in information technology in the company are used effectively and efficiently. This research is important for companies and organizations, in order to better the use or utilization of information technology in the enterprise. The company is only limited to the banking companies listed in Indonesia Stock Exchange, then further research is recommended to add criteria and indicator others that have not been addressed in this study, in addition to subsequent authors can also extend the sample population to another company with a different field such as manufacturing companies.
Pengaruh Penerapan Enterprise Resource Planning terhadap Kinerja Perusahaan M...Hendra Gunawan
This study aims to examine the effect of enterprise resource planning implementation on the performance of
manufacturing companies moderated by the size of companies listed on the IDX period 2013-2015. Company size is
seen through sales and total assets. Samples were taken by using purposive sampling and meeting the sample
criteria. The analysis technique used in this research is multiple regression analysis. The results show that the
implementation of enterprise resource planning significantly affects the company's performance is reinforced by
high sales level and also affect the company's performance significantly reinforced by a large asset. The high sales
and total assets can improve the performance of companies implementing ERP. Both of these factors have a
significant influence. The results of this study are expected to add to the research literature on the factors that
strengthen the performance of manufacturing companies that implement ERP. Future research can change the size
of the company viewed from the income or the number of employees.
Bagaimana Perhitungan Unit Cost Kamar Hotel Melalui Pendekatan Metode Tradisi...Hendra Gunawan
The research discusses how the calculation and comparison of cost hotel rooms using traditional methods and activity based costing approach. The research uses data collection techniques case studies by observation and interview at a hotel and were analyzed descriptively. These results indicate that the determination of tariffs traditionally only allocate unit costs into one cost driver resulting in a lower cost for the kind of room with a high rate. Activity based costing method approach resulted in a lower room cost for this type of room with a low rate because the cost of each activity charged to the many cost driver. In addition to the activity based costing is able to properly allocate costs based on consumption activity of each activity.
Faktor-Faktor yang Mempengaruhi Keputusan Manajemen dalam Pemilihan Perusahaa...Hendra Gunawan
Outsourcing has vary in terms of activities being outsourced, reasons for and benefits from outsourcing, and how the decision was made. This research presents an empirical research on five companies. It found out, in most cases it was the peripheral support activities being outsourced with cost reduction as the primary driver. Outsourcing decision was being made early in process without active involvement of the in house provider, and there were problems in supplier selection and management.
Penentuan Struktur dan Skala Upah Metode Skala Ganda Berurutan SederhanaHendra Gunawan
Penentuan struktur dan skala upah dengan menggunakan metode skala ganda berurutan sederhana dapat menentukan upah tertinggi pada golongan jabatan di bawahnya yang lebih kecil dari upah terendah dari golongan jabatan di atasnya. Sehingga dalam menyusun struktur dan skala upah faktor-faktor seperti jabatan, golongan, masa kerja, pendidikan, kompetensi karyawan, serta kondisi perusahaan harus diperhatikan. Penentuan struktur dan skala upah menggunakan metode skala ganda berurutan sederhana mengacu kepada Keputusan Menteri Tenaga Kerja dan Transmigrasi Republik Indonesia Nomor KEP.49/MEN/IV/2004 tentang Ketentuan Struktur dan Skala Upah yaitu metode skala ganda dapat berbentuk skala ganda berurutan dan skala ganda tumpang tindih.
Penilaian Kesesuaian Persediaan Bahan Habis Pakai Dalam Lingkup Standar Akunt...Hendra Gunawan
The research aims to determine the valuation of inventory at the Hang Nadim Airport Batam. The data is processed using a qualitative approach and analyzed descriptively. Techniques of data collection using interviews, observation and documentation. The research concludes that there is conformity between the inventory valuation method Hang Nadim Airport Batam with Government Accounting Standards (SAP).
Effects of Task-Technology Fit and Information Technology Utilization on The ...Hendra Gunawan
Researches analyzing the relationship between information system and individual performance are grouped into two researches, streams focusing on task-technology fit and focusing on information technology utilization. The present research aimed to empirically examine part of model technology-to-performance chain as combination of two researches streams proposed by Goodhue and Thomson (1995) to obtain better knowledge on the relationship between information system and individual performance. Various researches conducted have provided inconsistent results. Based on the problem, this research tried to re-examine the effects of task-technology fit and information technology utilization on the individual performance of employees among industrial manufactures in Batam. Model examined in this research exploited multiple regression analysis. Testing results indicated that out of 104 researches collected through survey technique among industrial manufacture employees in Batam, it was indicated that task-technology fit significantly influenced the individual performance of manufacturing employees in Batam. However, research results were not able to prove that information technology utilization provided significant influences on the individual performance of employees among industrial manufactures in Batam.
Gender dalam Perspektif Academic Self-Efficacy dan Kecurangan Teknologi Infor...Hendra Gunawan
This study expands on the research of psychological variables related to link with the cheating information technology (IT). There is very little research that examines the cheating that focuses on IT. Ethical research on students is necessary because IT influences positively on student ethics IT is possible to affect in a positive direction in their IT ethics when they work after graduation. Using the methods of the survey, the research was succeeded in collecting 709 respondents for analysis and tested using the correlation test. The results of this research provide evidence of the relationship between academic self-efficacy with cheating IT.
The Relationship between Gender and Tax PaymentsHendra Gunawan
Paying taxes is one deduction from earnings in a company, a few companies are working to find a way to minimize tax payments but still within reasonable limits and do not violate the rules of law that have been defined. This study aims to determine the effect of gender on tax payments using control variables ROA, size, and leverage. Measurement gender is using dummy variables. Dependent measurements are measured using the tax payments CETR. The population used in this study is all companies except for the construction sector and the financial sector. The sample was selected using purposive sampling and data obtained as many as 237 companies. The results showed that gender had no effect on the payment of taxes, while the ROA and size control variables showed a significant result which means the ROA and size affect the payment of taxes. Leverage control variables showed significant results, which means leverage does not affect the payment of taxes in a company.
The Six Sigma Approach for the Development of Accounting Information System P...Hendra Gunawan
The study investigates six sigma approach in manufacturing companies to prove its influence on the development of accounting information systems performance. Total of 80 respondent data from processed questionnaire consist of low management (64%), middle management (38%) and top management (7%). Statistically significant were found for application six sigma and development of accounting information systems performance. The result shows six sigma has significant effect to accounting information system performance. The findings show that companies implement six sigma at high altitudes. Six sigma has criteria such as support and commitment from top management, organizational culture, customer focus, and training. Criteria for support and commitment from top management and organizational culture are not proven to significantly influence the development of accounting information system performance.
The Effect of Capital Structure on Company's PerformanceHendra Gunawan
The research determine the effect of capital structure on company performance. The population in this study is the Indonesian Stock Exchange listed company. The final sample was obtained 756 companies over three years. The sample was selected using purposive sampling technique with some criteria. The independent variable measured of capital structure with long term debt and short term debt and dependent variable measured of company performance with ROA and ROE. Research hypotheses were tested by multiple linear regression analysis. Based on test results, it was found that the long term debt and short term debt has a significant to company performance. The limitations of this research was only three years the company's data, does not include other variables that have a significant effect the dependent variable.
Penyusunan Sistem Akuntansi Aliston Buana Wisata BatamHendra Gunawan
The research was conducted at PT Aliston Buana Batam Tour which is engaged in tourism services. This research raises the topic of Accounting System Formulation at PT Aliston Buana Wisata Batam. The purpose of this study to find out how the accounting system in PT Aliston Buana Wisata Batam. Data collection techniques used is descriptive analysis with data collection techniques through interviews. This research provides guidance in making the recording of each transaction until the making of financial statements for PT Aliston Buana Wisata Batam can apply accounting records in every transaction and assist the accounting process.
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How Intellectual Capital Effects Firm’s Financial Performance
1. Journal of Applied Accounting and Taxation Article History
Vol. 3, No. 1, March 2018, 1-8 Received March, 2018
e-ISSN: 2548-9925 Accepted March, 2018
How Intellectual Capital Effects Firm’s
Financial Performance
Hendra Gunawana*
, Widya Ramadhanib
a
Jurusan Manajemen Bisnis, Politeknik Negeri Batam,hendra@polibatam.ac.id, Indonesia
b
Jurusan Manajemen Bisnis, Politeknik Negeri Batam, widya.ramadhan@ymail.com, Indonesia
Abstract. This study examined the effect of intellectual capital on the financial performance of the company. Independent
variables consisted of structural capital efficiency (SCE), human capital efficiency (HCE), capital employed efficiency (CEE)
control variables used in this research are the size and leverage. The population of this study are non-financial companies listed
on the Indonesian Stock Exchange. Samples were selected using purposive sampling method and obtained 232 companies.
Results showed that HCE has negative effect on the financial performance, SCE has significant positive effect on financial
performance, and CEE has significant positive effect on financial performance. The limitation in the study is sample that are
used only limited to the non-financial sector companies listed on the Indonesia Stock Exchange. Future studies are expected to
use other measurements to measure intellectual capital and value of the company, and further research is also expected to increase
the research data and select other industrial sectors.
Keywords: structural capital efficiency, human capital efficiency, capital employed efficiency, performance
Introduction
In the modern era of business competition, it takes
the right skills by company stakeholders to attempt to
repair and improve its performance in order to survive
and continue its business. Increased competition
among companies as well as the strategies that made
parties to make the company must begin to make
changes to the strategic direction of the business by
starting to reorganize the management of knowledge
so that companies can survive and dominate the
market. Suwarjono (2013) stated that the prosperity of
the company will depend on a transformation of
creation and capitalization of knowledge itself, along
with the increasing competition between businesses
that need their awareness of the importance of
knowledge resources as a source of corporate wealth.
According Haradian (2011), progress in the era of
competition, as now require businesses to develop a
knowledge-based economy gained from innovation to
deliver added value characterized by increased
investment company. Companies should be able to
*
Corresponding author. E-mail: hendra@polibatam.ac.id
make knowledge as a major capital companies to be
able to survive with the current competitive situation.
Choo (2009) stated that the company's ability to
compete begins with managing the resources and the
knowledge-based organizations that form the basis of
competence for the organization can continue to
thrive, namely the concept of intellectual capital.
Santos et al. (2011) found some companies that
exist today have not been able to find more value to
the companies they lead, so it requires companies to
be able to manage resources in order to stay ahead
among its competitors, the company is able to develop
and renew intangible assets will have the ability to
create more value in order to increase the wealth of the
company. According to Sullivan (2000), as has been
known to the company must define intellectual capital
as a form of technology is an important source for the
company. According to Michael (2001) intellectual
capital is an asset in a knowledge-based company that
can affect the development and excellence of the
company. According to Nahapiet (1998), intellectual
capital refers to the knowledge and skills possessed by
2. 2 H. Gunawan, W. Ramadhani | Journal of Applied Accounting and Taxation 3 (1) 1-8
a social collectivity, as an organization, intellectual
community, or professional practice. Farrier (2000)
argument that intellectual capital can also be defined
as the sum of what is produced by the three main
elements of the organization with regard to knowledge
and technology that can provide more value for the
company in the form of competitive advantage of the
organization.
Pulic (2008) stated that value added intellectual
capital (VAIC) is used to measure the value of a
company and the intellectual as a value-added
enterprise. Value added intellectual capital has three
categories of what we often call value added capital
employed (VACA), value added human capital
(VAHU), and structural capital value added (STVA).
The study determine whether the intellectual capital
affect the value of a company located in Indonesia.
This study refers to an earlier study conducted by
Fatimah (2015) examined the intellectual capital with
a sample of Islamic banking in Malaysia in 2008-2010.
The variables used to measure performance are ROA
and ROE and the results show that the efficiency of
intellectual capital in Islamic banks has the potential
to increase the profitability of banks in order to
improve the efficiency of intellectual capital that can
be profitable and still has an advantage in competing.
Research conducted by Ahangar (2011), which
examines the relationship between intellectual capital
and financial performance in one of the business
enterprise in Iran for 30 years 1980-2009. The
analytical method used is multiple linear regression
and the results showed that human capital has a strong
relationship with the company's financial
performance.
Zulyati (2012) which examines the intellectual
capital that affect the performance of the company by
using ROE, and ROI on the manufacturing sector in
Indonesia. The results show that human capital more
efficiency has a significant correlation with financial
performance in manufacturing companies, but the
other two components of human capital, structural
capital also has a significant relationship with financial
performance.
The difference of this study with previous research
that the researcher Fatima (2015) only focus on
researching in the Islamic banking sector in 2009-2010
and the variables used to measure performance is
return on assets (ROA) and return on equity (ROE).
While the current study used a sample of non-financial
companies listed on the Indonesia Stock Exchange in
2013-2014.
Literature Review
Stakeholder Theory
A theory maintaining corporate relationships of all
stakeholders are considered important and this
relationship is strengthened by Freeman (1984) which
states that stakeholder is any group or individual who
can affect or be affected by the achievement of the
goals of an organization. Assumptions stakeholder
theory is built on the basis of a statement that the
company developed into a very large and are highly
correlated and watch company, so the company needs
to demonstrate accountability and responsibility more
broadly and is not limited only to the shareholders.
This means, companies and stakeholders to form
relationships of mutual influence, this theory maintain
stakeholder relationship that includes all forms of
relationship between the company and all its
stakeholders, as well as to minimize possible losses for
stakeholders (Randa and Solon, 2012).
Resource based Theory
Resource usage-based theory (RBT) in intellectual
capital because want to see relevant existing resources
within the company one of them if there are significant
intellectual capital to financial performance or there is
a contribution to the company's financial performance.
Nothnagel (2008) alludes whether a company has the
resources or capability that is also owned by other
companies who are competitors, the resource
heterogeneity and resource immobility. Resource
heterogeneity (also called resource diversity) alludes
whether a company has the resources or capability that
is also owned by other companies who are competitors
Barney (1991) states that the resource-based theory
covers all assets, capabilities, organizational
processes, information, knowledge, and others are
controlled by companies that allow companies to
understand and implement strategies to improve the
efficiency and effectiveness of the company to have a
good long-term performance, so that the resources
owned durable and not easily imitated, and
replaceable.
Value Added Intellectual Coefficient
Performance of intellectual capital is the process of
value creation generated by human capital by using
existing physical resources. Human capital cannot do
anything without their physical capital. So that human
3. H. Gunawan, W. Ramadhani | Journal of Applied Accounting and Taxation 3 (1) 1-8 3
capital, structural capital and capital employed
together-were needed in the value creation process.
Intellectual performance in this study was measured
by value added intellectual coefficient. Value added
intellectual coefficient is a method developed by Pulic
(2008) to provide information about the value creation
efficiency of tangible assets and intangible assets
owned by the company.
Intellectual Capital
There are a few existing literature is very diverse.
According Nahapiet et al. (1998), one asset intangible
that is very important in the era of information and
knowledge is intellectual capital, which refers to the
knowledge and capabilities of an organization, or a
professional practice, intellectual capital represent
valuable resources and ability to acts that are based on
knowledge. Anatan (2004) stated that the model of
intellectual capital originally started in the 1980s with
the advent of the shift from production-based to
service-based economy and to knowledge.
Sawarjuono and Kadir (2003) defines intellectual
capital as the sum of which is generated by three main
elements contained in intellectual capital which are
human capital, structural capital, capital employed and
costumer capital if these elements can be put to good
use the knowledge that is able to contribute or
contribute can add value and different usage for the
company.
Return on Assets and Return on Equity
ROA and ROE are ratios that used to measure a
company's profitability. Profitability reflected on how
efficiently the company's net income from its assets.
ROE is obtained by dividing net income by total equity
of the company. The higher the ROA, it means that the
company can generate greater revenue, but with a
smaller investment Chen et al. (2005). ROA is
obtained by dividing net income by total assets of the
company. The higher the ROA, it means that the
company can generate greater revenue, but with a
smaller investment Chen et al. (2005).
Firm Size
The size of the company explains on a scale where
the size of the company can be classified in various
ways, namely total assets, log size, and the stock
market value (Suhermin, 2014). The greater the total
assets, sales and market capitalization are, the greater
the size of the company. The size of the company is
also a number of different capacities or capabilities of
the company, a variety of services that can be provided
to customers. Company size is a major factor in
determining profitability, company size using the
concept of economies of scale. The profitability of the
company determines the success of the company in
performance of operation.
Leverage
Leverage is the amount of the company's assets that
financed by debt. The level of leverage ratio can be
determined by comparing the total debt to total assets
(Suhermin, 2014). Leverage refers to the debt of the
company, the source of funds the company can be
divided into two funding sources of internal and
external funding sources. The leverage ratio consists
of two kinds of debt to equity ratio which is calculated
on the total debt divided by shareholders' equity and
the ratio of debt to total assets is calculated on the total
debt divided by total assets.
Previous empirical research provides empirical
evidence of the intellectual capital on the financial
performance of companies found mixed results in each
study. Fatimah (2015) examined the intellectual
capital with a sample of Islamic banking in the country
of Malaysia in 2008-2010, variables used to measure
performance are ROA and ROE and the results show
that the efficiency of intellectual capital in Islamic
banks has the potential to increase the profitability of
banks in order to improve the efficiency of intellectual
capital that can be profitable and still has an advantage
in competing.
Arya (2011) indicates that there is positive effect
from intellectual capital on the financial performance
of the company. The empirical evidence of this study
states that human capital, structural capital and ROA
is an indicator of significant intellectual capital and
financial performance.
Research conducted by Ahangar (2011), which
examines the relationship between intellectual capital
and financial performance in one of the business
enterprise in Iran for 30 years 1980-2009. The
analytical method used is multiple linear regression
and the results showed that human capital has a strong
relationship with the company's financial performance
as measured by ROA.
Rehman et al. (2011), which examines the
performance of intellectual capital and the impact on
company performance ROE, and ROA manufacturing
sector in Pakistan. The results show that human capital
4. 4 H. Gunawan, W. Ramadhani | Journal of Applied Accounting and Taxation 3 (1) 1-8
more efficiency has a significant correlation with
financial performance in manufacturing companies,
but the other two components of structural capital
efficiency, human capital efficiency, capital employed
efficiency also has a significant relationship with
financial performance.
Chen et al. (2005) conducted a study of intellectual
capital by using a sample of listed companies in
Taiwan, the results of this study indicate that the 28
structural capital efficiency, human capital efficiency,
capital employed efficiency are positively related to
financial performance. It was further added by Mariya
et al. (2012) which provides empirical evidence that is
based on specific industry shows that the efficiency of
structural capital, human capital efficiency, and capital
employed efficiency significantly influence the ROA
and ROE.
Research Framework
Based on the review of the literature that has been
described can be seen that almost all previous studies
stating that intellectual capital has a significant
influence on the company. Strengthened by the study
of stakeholder theory that stated the stakeholder is any
group or individual who can affect or be affected by
the achievement of the goals of an organization.
Assumptions stakeholder theory is reinforced also by
the resource-based theory by Barney (1991) which
states that all assets, capabilities, organizational
processes, information, knowledge, and others that are
controlled by the company to understand and
implement strategies to improve the efficiency and
effectiveness of the company's which have a good
long-term performance, so that the resources owned
durable and not easily imitated, and replaceable, built
on the basis of a statement that the company developed
into a very large and are highly correlated and watched
the company.
The theory that has been described above is
instrumental in intellectual capital because in order to
implement the strategy in a competitive business today
companies should be able to utilize and streamline all
elements within the company, so bring added value to
prospective stakeholders, so that the company and
prospective stakeholders to form relationships
interplay.
Stakeholder theory explains that the stakeholder is
any group or individual who can affect or be affected
by the achievement of the goals of an organization.
Assumptions stakeholder theory is reinforced also by
the resource-based theory by Barney (1991) which
states that all assets, capabilities, organizational
processes, information, knowledge, and others that are
controlled by the company to understand and
implement strategies to improve the efficiency and
effectiveness of the company have a good long-term
performance, so that the resources owned durable and
not easily imitated, and replaceable, built on the basis
of a statement that the company developed into a very
large and are highly correlated and watched the
company.
Human Capital Efficiency Effects on Financial
Performance
Human capital reflects the company's collective
ability to produce the best solution based on the
knowledge of people who are in the company
(Sawarjuwono and Kadir, 2003). How companies
manage human capital that provides training
programs, salaries, and benefits on the other side of
creativity and experience have had able to create a
competitive advantage. The better a company manages
its resources better the productivity of assets in
generating net income. Ahangar study (2011) showed
that human capital efficiency positive effect on
company performance.
H1: Human capital efficiency (HCE) effects on
financial performance
Structural Capital Efficiency Effects on Financial
Performance
Companies that are able to manage organizational
resources properly will create competitive advantage
by stressing the ability of the company and the
structure that supports employee efforts to generate
intellectual capital that is optimal, suggesting that the
improvements in the company in utilizing intellectual
capital owned by the company can increase the level
of profitability companies and investor confidence.
Fajarini and Firmansyah (2012) the management of
structural capital efficiency that would increase
income from assets that are measured by the
company's financial performance. Research conducted
shows that structural capital efficiency positive effect
on financial performance.
H2: Structural capital efficiency (SCE) effects on
financial performance
5. H. Gunawan, W. Ramadhani | Journal of Applied Accounting and Taxation 3 (1) 1-8 5
Capital Employed Efficiency Effects on Financial
Performance
Capital employed efficiency illustrates the
company's ability to manage resources in the form of
capital assets which, if managed properly will improve
the company's financial performance. Research
Rehman et al. (2011), which examines the
performance of intellectual capital and the impact on
company performance ROE, and ROA manufacturing
sector in Pakistan. The results show that human capital
more efficiency has a significant correlation with
financial performance in manufacturing companies,
but the other two components of structural capital
efficiency, human capital efficiency, capital employed
efficiency also has a significant relationship with
financial performance.
H3: Capital employed efficiency (CEE) effects on
financial performance
Chen et al. (2005) stated return on assets is a ratio
used to measure a company's profitability. Profitability
reflected on how efficiently the company's net income
from its assets, reflecting the business benefits and
efficiency in the utilization of total assets. Return on
equity is a profitability ratio that relates to investment
gains, ROE measures how much profit is generated by
a company of shareholders Vanhome (1989).
The independent variables to be taken in this study
is a model Pulic (2008), i.e. value added intellectual
capital (VAIC) has three components, structural
capital efficiency (SCE), human capital efficiency
(HCE), capital employed efficiency (CEE).
VAIC = CEE + HCE + SCE
𝐶𝐸𝐸 =
𝑉𝐴𝐿𝑈𝐸 𝐴𝐷𝐷𝐸𝐷
𝐶𝐴𝑃𝐼𝑇𝐴𝐿 𝐸𝑀𝑃𝐿𝑂𝑌𝐸𝐷
𝐻𝐶𝐸 =
𝑉𝐴𝐿𝑈𝐸 𝐴𝐷𝐷𝐸𝐷
𝐻𝑈𝑀𝐴𝑁 𝐶𝐴𝑃𝐼𝑇𝐴𝐿
𝑆𝐶𝐸 =
𝑆𝑇𝑅𝑈𝐶𝑇𝑈𝑅𝐴𝐿 𝐶𝐴𝑃𝐼𝑇𝐴𝐿
𝑉𝐴𝐿𝑈𝐸 𝐴𝐷𝐷𝐸𝐷
Control variables are variables that are controlled or
are made so that the effect on the dependent variable,
cannot be influenced by external factors not examined.
The control variables in this study, there are two that
leverage and size (Weston & Brigham, 2000).
Size = Natural Logarithm of Total Asset
Leverage is the amount of the company's assets
which are financed by debt. The level of leverage ratio
can be determined by comparing the total debt to total
assets (Suhermin, 2014). Leverage refers to the debt of
the company. Researchers made the leverage as
control variables based on research done by Iranmahd,
et al. (2014).
Research Design
The data used are secondary data from the financial
statements of the company and the type of data in the
form of a ratio. The research data was taken at the
Indonesia Stock Exchange (IDX). The objects of this
research are non-financial companies listed on the
IDX which have the annual report and annual financial
statements from 2013 to 2014 period. Companies in
the financial sector, comprising banking, insurance,
leasing and investment or financial services, is not
used in this study, because the company is highly
regulated.
Sampling method in this research is purposive
sampling method in which the sampled companies
meet the necessary criteria, non-financial companies
listed on the IDX 2013-2014 study period of one year,
the fiscal year end of the annual financial statements
December 31, it is to maintain the uniformity of the
samples and analysis company that uses rupiah in the
financial statements do not experience negative ETR
during the study period from 2013 to 2014 the
company has a complete data needed by researchers.
Data collection techniques used in this study is the
archive data collection techniques by using the
technique of collecting data in the database to obtain
secondary data such as financial statements of non-
financial companies listed on the Stock Exchange in
2013-2014. Other necessary supporting data in the
study was obtained from books, articles, internet, and
other resources to complete the research data.
Results and Discussion
Companies that the population in this study includes
the company's non-financial sector, with the total of all
companies listed on IDX Fact Book 2014 as many as
515 companies. The entire populations of non-
financial sector in the period of 2014 are 428
companies. The amount obtained after eliminating
companies that were in the financial sector, including
the banks sector with a number of 41 companies,
6. 6 H. Gunawan, W. Ramadhani | Journal of Applied Accounting and Taxation 3 (1) 1-8
financial institution sector of 15 companies, securities
companies sector of 10 companies, insurance sector of
11 companies, and investment fund of 10 companies.
Sample were selected by purposive sampling
method, with the criteria that must be met in this
research, the company published complete annual
report per December 31, 2014, and the company
presents financial statements using the currency of
rupiah. The results of companies that do not publish
annual reports until December 31, 2014 as many as 25
companies, companies that do not present a financial
report with the currency of rupiah as many are 85
companies, and companies that suffered losses as
many as 86 companies. The final result of the sample
selection this study found 232 companies that had
complete data for one year.
HCE has an average of 2.85 which indicates that
non-financial companies in Indonesia use the value
obtained as the capital structure of the company
amounted to 2.85. HCE variable standard deviation of
1.76, for a minimum value of the variable HCE was
0.12 which showed the lowest value for HCE, while
the maximum value of the company is 7.64 which
indicates the use of the highest value obtained by the
company.
The independent variable SCE has an average of
0.52, which means the average non-financial
companies issued the wages of employees amounted
to 0.52 for each additional value given by the product.
The standard deviation for this variable by 0.27, for the
minimum value of the variable SCE was 0.00 which
showed the lowest value of the efficiency of structural
capital, while the maximum value of 0.89 which
showed the highest efficiency value for structural
capital.
ROA has an average of 0.06 which indicates that
any net income derived from the company's assets
amounted to 0.06. Standard deviation of ROA is 0.04,
for a minimum value of ROA is 0.00 while the
maximum value of ROA is 0.19. ROE has an average
of 0.12 which shows the average non-financial
companies in Indonesia using the capital of 0.12 for
any profits earned. ROE has standard deviation of
0.08. The minimum value of ROE is 0.00 while the
maximum value of the company is 0.33.
Control variables in this study are size has an
average of 28.38 which indicates the average non-
financial corporations in Indonesia has total assets of
28.38. Size variable has standard deviation of 1.58.
The minimum value of the size is 23, while the
maximum value of the size is 32.36. Leverage has an
average of 0.44 which indicates that any debt of the
company guaranteed by the company's assets
amounted to 0.44. The value of the variable leverage
has standard deviation of 0.21. The minimum value of
the variable leverage is 0.00, while the maximum
value of the variable leverage is 0.95.
Table 1 Hypotheses Test
The HCE does not affect the ROA with a
probability value of 0.058 (sig> 0.05). This means that
for any company to lower or raise the cost of human
capital with the aim to add value to the company's
products will not affect the company's financial
performance as measured by ROA. The HCE has
positive effect on ROE with a probability value of
0.026 (sig <0.05). This means that the larger the
company uses a cost to human capital with the aim to
add value to the company's products will improve the
company's financial performance as measured by
ROE.
The SCE does not affect the ROA with a probability
value of 0.72 (sig> 0.05). This means that for any
company using the value obtained by the company to
improve the structural capital will not affect the
financial performance as measured by ROA. The SCE
has positive effect on ROE with a probability value of
0.048 (sig <0.05). This means that the companies use
the value obtained by the company to improve the
structural capital will increase the company's financial
performance as measured by ROE.
The CEE has negative effect on ROA with a
probability value of 0.001 (sig> 0.05). This means that
the larger the company uses capital employed to value
the company's products will reduce the company's
financial performance as measured by ROA. The CEE
has negative effect on ROE with a probability value of
0.001 (sig> 0.05). This means that for any company
uses capital employed to value the company's products
will lower financial performance as measured by ROE.
Conclusion
The study investigate the effect of intellectual
capital on the financial performance of the company.
This study uses the independent variable efficiency of
Variable HCE SCE CEE
ROA
Coeff. 0.003 0.019 -0.022
t-stat. 1.908 1.810 -3.292
Prob. 0.058 0.72 0.001***
ROE
Coeff. 0.006 0.037 -0.042
t-stat. 2.246 1.989 -3.362
Prob. 0.026*** 0.048*** 0.001***
Significant *p < 0.1, **p < 0.05, ***p < 0.01
Samples 216
7. H. Gunawan, W. Ramadhani | Journal of Applied Accounting and Taxation 3 (1) 1-8 7
human capital, structural capital efficiency and capital
employed as the measurement for the efficiency of
intellectual capital, while the dependent variable using
ROA and ROE as a measure of financial performance.
This study includes the control variables are firm size
and leverage. The observation period of this study is
2014. The samples of companies in this study are 232
non-financial sector companies are eligible to be
sampled.
Human capital efficiency has no effect on ROA,
however HCE positive effect on ROE. This means, the
use of human capital to add value to the product
generated more influencing the use of equity than the
use of assets to earn profits for the company. More
companies use the equity for human capital is one
component of capital for the company in the form of
intellectual capital.
Structural capital efficiency has no effect on ROA,
but positive effect on ROE. This means, the use of the
results of value-added products to enhance the
structural capital has more influence on the increase in
corporate profits from equities compared to that
obtained from the asset. This increase in equity can
occur because of structural capital is also one
component of capital for companies such as human
capital in the form of intellectual capital.
Capital employed efficiency affect the company's
ROA and ROE. These results indicate that the use of
capital employed for adding value to products made
only affect the profit decline resulting from the
company's equity and assets. This can happen due to
capital employed is the entire capital, including capital
assets and equity, which is used by companies to make
a profit in its operations so that the increase in capital
employed in the enterprise can be a bad influence in
gaining profit.
This study has some limitations that are expected to
be improved in future studies. The limitations in this
study is the sample used is only limited to the non-
financial sector companies listed on the Indonesia
Stock Exchange in 2014 which had a number of
relatively limited sample is 232 companies, so the
results cannot be generalized to companies engaged in
the financial sector.
According to the research conducted by the
researchers, the advice that can be given is as follows:
Firstly, suggested the need for other measurements to
measure intellectual capital and corporate value in
companies. Second, further research is expected to
increase the sample used and also the study period is
longer. Based on the results obtained, the implications
of this research are companies expected to better
manage intellectual capital. Good management of
intellectual capital which may affect the financial
performance and how companies can make a profit.
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