PENGARUH INTELLECTUAL CAPITAL TERHADAP FINANCIAL PERFORMANCE, GROWTH, DAN MARKET VALUE

Abstract

Intellectual capital (IC) that consists of human capital, structural capital, and customer capital has a key role in the effort to increase the value of a company. This is due to the awareness that IC is one of the resources for company to be more competitive. The objectives of this research to examine the effect of intellectual capital towards financial performance, growth, and market value of a firm. Independent variable intellectual capital is measure by using VAIC (Value Added Intellectual Capital) model. Variable financial performance is measured by return on equity (ROE), return on assets (ROA), current ratio (CR), debt-to-equity ratio (DER) and employee productivity (EP). Variable growth is measured by growth in revenue (GR), growth in earnings (GE), and growth in assets. Variable market value is measured by price-to-book ratio and price-to-earnings ratio. The data is examined by using linear regression analysis. The samples of this research are manufacture public companies that listed at Indonesia Stock Exchange during 2007-2010. Number of total sample is 19 firms. The analysis showed that intellectual capital has a negative significant effect on ROE, ROA, DER, EP and GE just the opposite has a positive significant on CR, GR, GA, PBV, and PER.