INTELLECTUAL CAPITAL DAN MARKET VALUE: STUDI PERUSAHAAN HIGH-IC INTENSIVE DI BURSA EFEK INDONESIA

Zaki Fakhroni, Irwansyah Irwansyah

Abstract


Abstract. This research aims to examine the effect of intellectual capital on firms’ market value. Using Pulic’s VAICTM, this study examines the effect of intellectual capital, VACA, VAHU and STVA both partially and aggregately to firms’ market value using market to book value (MBV) as proxy. Population in this study are companies listed on the indonesia Stock Exchange from two different subsectors advertising, printing and property and real estate in the period of observation in 2007-2016. The number of sample is 254 units of observation. Sampling techique using methods of probability/random sampling. The results show that aggregately, intellectual capital (VAICTM) has a positive and significant effect on firms MBV. VACA, VAHU and STVA component proven to have a positive and significant effect towards MBV. Thus, indicates that most investors in Indonesia prefer firms physical assets efficiency to firms efforts in developing intangible assets.

Keywords:  intellectual capital; MBV; VACA; VAHU; STVA.

Abstrak. Penelitian ini bertujuan untuk mengetahui pengaruh intellectual capital terhadap nilai pasar perusahaan. Dengan menggunakan model Pulic VAICTM (Value Added Intellectual Capital), penelitian ini menguji pengaruh intellectual capital, VACA, VAHU, STVA secara parsial dan agregat terhadap nilai pasar perusahaan menggunakan nilai market to book value (MBV) sebagai proxy. Populasi penelitian ini perusahaan terdaftar di Bursa Efek indonesia dari dua subsektor yaitu periklanan, media cetak serta properti dan real estat. periode pengamatan 2007-2016. Jumlah sampel adalah 254 unit observasi. Teknik sampling menggunakan metode probability/random sampling. Hasil penelitian menunjukkan bahwa secara agregat, intellectual capital (VAICTM) memiliki pengaruh positif dan signifikan terhadap nilai MBV perusahaan. Komponen VACA, VAHU dan STVA terbukti memiliki efek positif dan signifikan terhadap MBV. Dengan demikian, hal ini mengindikasikan sebagian besar investor di Indonesia lebih memilih efisiensi aset fisik perusahaan terhadap usaha perusahaan dalam mengembangkan aset tak berwujud.

Kata Kunci:  intellectual capital; MBV; VACA; VAHU; STVA.


Full Text:

PDF

References


Berzkalne, I., & Zelgalve, E. (2014). Intellectual Capital and Company Value. Procedia - Social and Behavioral Sciences, 110, 887-896.

Boekestein, B. (2006). The relation between intellectual capital and intangible assets of pharmaceutical companies. Journal of Intellectual Capital, 7(2), 241 - 253.

Bontis, N. (1998). Intellectual capital: an exploratory study that develops measures and models. Management Decision, 36 (2), 63-76.

Chen, M.C, Cheng S.J, & Hwang Y. (2005). An Empirical Investigation Of The Relationship Between Intellectual Capital And Firm’s Market Value And Financial Performance, Journal Of Intellectual Capital, 6 (2): 159-176.

Edvinsson, L., & Malone, M. (1997). Intellectual capital: Realizing your company's true value by finding its hidden brainpower. New York: HarperBusiness.

Firer, S., & Williams, M. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348-360.

Gitman, L., & Zutter, C. (2015). Principles of Managerial Finance. England: Pearson.

Hair, J.F., Sarstedt, M., Hult, T.M., Ringle, C.M. (2013). A Primer On Partial Least Squares Structural Equation Modeling (PLS SEM). Los Angeles: Sage.

Hassett, K., & Shapiro, R. (2012). What Ideas Are Worth: The Value of Intellectual Capital and Intangible Assets in the American Economy.

Horngren, Charles T., Walter T. Harrison Jr., M. Suzanne Oliver. (2009). Accounting, Eighth Edition. Pearson Education, Inc. USA.

Lev, B. (2003, September). Remarks on the Measurement, Valuation, and Reporting of Intangible Assets. FRBNY Economic Policy Review.

Lipunga, A. (2014). Intellectual Capital Performance of the Commercial Banking Sector of Malawi. International Journal of Business and Management, 10(1), 210 – 222.

Madinitos, Dimitrios, Dimitrios Chatzoudes, Charalampos Tsairidis, & Georgios Theriou. (2011). The Impact Of Intellectual Capital On Firms’ Market Value And Financial Performance, Journal Of Intellectual Capital 12 (1) 132-151.

Moore, L., & Craig, L. (2008). Intellectual Capital in Enterprise Success: Strategy Revisited. John Wiley & Sons.

Nimtrakoon, S. (2015). The relationship between intellectual capital, firms’ market value and financial performance. Journal Of Intellectual Capital, 16(3), 587-618.

Penrose, E.T. (1959). The Theorv of The Growth of The Firm. New York: Wiley.

Pramelasari, Yosi Metta. (2010). Pengaruh Intellectual Capital Terhadap Nilai Pasar Dan Kinerja Keuangan Perusahaan. Skripsi. Universitas Diponegoro.

Pulic, A. (1998). Measuring the performance of intellectual potential in knowledge economy, paper presented at the 2nd World Congress on Measuring and Managing Intellectual Capital, McMaster University, Hamilton.

Reich, R. & DeFillippi, R. (1990). Causal ambiguity, barriers to imitation, and sustainable competitive advantage. Academy of Management Review, 15, 88-102.

Sianipar, Mutiara Basuki. (2012). Intellectual Capital And Its Impact On Financial Profitability And Investor’s Capital Gain On Shares, Journal Of Economics, Business, And Accountancy Ventura Accreditation 15 (1) April: 101-116.

Soedaryono, Bambang, Murtanto, Ari Prihatini. (2012). Effect Intellectual Capital (Value Added Intellectual Capital) To Market Value And Financial Performance Of Banking Sector Companies Listed In Indonesia Stock Exchange. Paper dipresentasikan pada The 2012 International Conference On Business And Management . Phuket.

Stewart, T. (1997). Intellectual capital: The New Wealth of Organization (Vol. 1st ed). New York: Doubleday / Currency.

Sullivan, P. (2000). Value Driven Intellectual Capital: How to Convert Intangible Corporate Assets into Market Value. New York: John Wiley & Sons, Inc.

Sveiby, K. E. (1998). Measuring Intangibles and Intellectual Capital - An Emerging First Standard.

Ulum, Ihyaul. (2007). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan Perbankan Di Indonesia. Tesis. Semarang: Universitas Diponegoro.

Ulum, Ihyaul. (2009). Intellectual Capital: Konsep dan Kajian Empiris. Graha Ilmu. Yogyakarta.

Wicaksana, Adityas. (2011). Pengaruh Intellectual Capital Terhadap Pertumbuhan Dan Nilai Pasar Perusahaan Pada Perusahaan Perbankan yang Tercatat di Bursa Efek Indonesia. Skripsi. Semarang: Universitas Diponegoro.

Wright, P.M., McMahan, G.C., McWilliams, A. (2017). Human Resources and Sustained Competitive Advantage: A Resource Based Perspective, Marshal School of Business, http://www.marshall.usc.edu/ceo




DOI: https://doi.org/10.17509/jrak.v5i3.9232

Refbacks

  • There are currently no refbacks.


Creative Commons License

Jurnal Riset Akuntansi dan Keuangan  is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats