Pengaruh Intellectual Capital terhadap Profitabilitas, Produktivitas, dan Penilaian Pasar Perusahaan Sektor Perbankan

Abstract

Emerging of knowledge based industry era indicate that corporate from various industrial sector, particularly from banking sector have been using intangible asset as one of corporate main resource to keep sustainability through creation of competitive advantage. The principal purpose of this research is to investigate Intellectual Capital influence on corporate profitability, productivity and market valuation performance. Data used on this research was taken from Bursa Efek Indonesia for the period 2009-2011. Multiple linear regression method was used to investigate the influence of Intellectual Capital measured by VAIC model on corporate profitability measured by ROA, productivity measured by ATO and market valuation measured by MB. The statistics test result showed that Capital Employed (VACA) has positive significant influence to profitability, productivity and market valuation. Human Capital (VAHU) has negative significant influence to profitability and productivity. Meanwhile, Structural Capital (STVA) significantly positive influencing profitability. This research also ranked corporate Intellectual Capital performance based on Best Performance Index (BPI). This research is limited to sample 31 Indonesian “go public” bank. The findings may serve as a useful input for managers to applying Intellectual Capital as resource to build corporate competitive advantage, and also increase investor perspective in assessing corporate performance.