PENGARUH INTELLECTUAL CAPITAL TERHADAP FINANCIAL PERFORMANCE, GROWTH, DAN FIRMS, MARKET VALUE PADA PERUSAHAAN MANUFAKTUR YANG LISTING DI BURSA EFEK INDONESIA (2005-2009)
Daftar Isi:
- Nastiti, Nur Dyah, 2011; The Influence of Intellectual Capital on The Financial Performance, Growth, and Firms’ Market Value. Generally the purpose of the research are: 1) To know whether intellectual capital have influence to financial performance, 2) To know whether intellectual capital have influence to firms’ growth, 3) To know whether intellectual capital have influence to firms’ market value. Competitive advantages and firms’ sustainability is a sign that firm have been able to creating a value creation, which is created when firm was having an efficiently resource base compared with competitors. Efficiently resource based that is intellectual capital which impact to firm business performance and firm business success. This research using the Value Added Intellectual CoefficientTM / VAICTM (The Pulic Model). This research examined influences of intellectual capital which consist of three main resources base: VACA (physical capital and financial capital), VAHU (human capital), and STVA (structural capital) to financial performance (ROA, ROE, EP), firms’ growth (EG, GR), and firms’ market value (MtBV, PER). This research used data from 33 manufacturing companies which listing in Indonesia Stock Exchange between the year 2005 to 2009. The method used in this research is SEM with alternative method of Partial Least Square (PLS) and used application SMARTPLS 1.0. The result of this research is show that intellectual capital influences to financial performance, firms’ market value, and intellectual capital doesn’t influence to growth on manufacturing companies in Indonesia (2005-2009). The results are consistent with research’s Chen, et. al (2005) on public companies in Taiwan (1992-2002), that intellectual capital influences to financial performance, and firms’ market value. Future research are expected to add a control variable R & D, classify intellectual capital intensive industries, and increase the growth indicator.