Faktor-Faktor Nilai Perusahaan: Kajian Berdasarkan Modal Intelektual, Pertumbuhan dan Kinerja Perusahaan

Moch. Adam Ferdiansyah; Fahmi Achmad Faisal

doi:10.24843/EJA.2020.v30.i04.p09

Moch. Adam Ferdiansyah Fakultas Ekonomi dan Bisnis Universitas Airlangga, Indonesia
Fahmi Achmad Faisal Fakultas Ekonomi dan Bisnis Universitas Airlangga, Indonesia

DOI: https://doi.org/10.24843/EJA.2020.v30.i04.p09

Abstract

This study aims to examine the effect of intellectual capital, growth and company performance on firm value with independent variables namely intellectual capital, company growth and company performance. This research uses a quantitative approach and the sample used is 32 manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2013-2017 period which were obtained through a purposive sampling method. The analytical technique used is multiple linear regression. The results of the study show that the variable intellectual capital and company performance have a significant positive effect on the value of the company in manufacturing companies, this indicates that these two variables can be made by investors as a measure of investment in the company. Instead the growth variable of the company shows a non-significant negative effect on the value of the company, it can be interpreted that the growth of the company is not a consideration of investors to invest in the company.

Keywords: Company Performance; Intellectual Capital; Company Value; Company Growth.

Downloads

Download data is not yet available.

References

Barney, J. (1991). Firm Resources and Sustained Copetitive Advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108

Bambang, B. S., & Mukhtaruddin, M. (2015). Intellectual capital, firm value and ownership structure as moderating variable: Empirical study on banking listed in Indonesia stock exchange period 2009-2012. Asian Social Science, 11(16), 1-12.

Bontis, N., William Chua Chong, K., & Richardson, S. (2000). Intellectual capital and business performance in Malaysian industries. Journal of Intellectual Capital, 1(1), 85–100. https://doi.org/10.1108/14691930010324188

Hamdan, A. M., Buallay, A. M., & Alareeni, B. A. (2017). The Moderating Role Of Corporate Governance On The Relationship Between Intellectual Capital Efficiency And Firm's Performance: Evidence From Saudi Arabia. International Journal of Learning and Intellectual Capital, 14(4), 295-318.

Hanafi, M., & Halim, A. (1996). Analisis Keuangan. YKPN, Yogyakarta

Helfert, E. A. (1997). Teknik Analisis Keuangan. Terjemahan, Herman. Wibowo. Edisi kedelapan. Erlangga. Jakarta.

IAI. (2009). Pernyataan standar akuntansi keuangan. Salemba Empat. Jakarta.

Indriantoro, N., & Supomo, B. (2002). Metode Penelitian Bisnis. Yogyakarta: BPFE.

Kallapur, S., and Trombley, M. A. (1999). The Association Between Investment Opportunity Set Proxies and Realized Broth. Journal of Business and Accounting, 26(3), 505–519. https://doi.org/10.1111/1468-5957.00265

IAI (2013). Standar Akuntansi Keuangan. Salemba Empat. Jakarta, (2), 2013.

Iswati, S. (2018). Memprediksi kinerja keuangan dengan modal intelektual pada perusahaan perbankan terbuka di Bursa Efek Jakarta. EKUITAS (Jurnal Ekonomi dan Keuangan), 11(2), 159-174.

Kusumajaya, D. K. O. (2011b). Pengaruh Struktur Modal dan Pertumbuhan Perusahaan terhadap Profitabilitas dan Nilai Perusahaan pada Perusahaan Manufaktur di Bursa Efek Indonesia. Unpublished Thesis. Universitas Udayana, 1–132.

Lin, C. Y.-Y., & Edvinsson, L. (2010). National intellectual capital: A comparison of 40 countries: Springer Science & Business Media.

Maditinos, D., Chatzoudes, D., Tsairidis, C., & Theriou, G. (2011). The impact of intellectual capital on firms' market value and financial performance. Journal of Intellectual Capital.

Pulic, A. (1998). Measuring the Performance of Intellectual Potential in Knowledge Economy. The 2nd" World Congress on the Management of Intellectual Capital. https://doi.org/10.1016/j.clinph.2014.05.007

Purnomosidhi, B. (2005). Analisis Empiris Terihadap Diterminan Praktik Pengungikapan Modal Intelektual Pada Perusahaan Publik di BEJ. Tema, 6(2), 111–149. https://doi.org/10.1017/CBO9781107415324.004

Safrida, E. (2008). Pengaruh struktur modal dan pertumbuhan perusahaan terhadap nilai perusahaan pada perusahaan manufaktur di Bursa Efek Jakarta. Jurnal Akuntansi Riset UPI, 1(1).

Salvatore, D. (2005). Ekonomi Manajerial dalam Perekonomian Global. Salemba Empat: Jakarta. Schoubben, F.,
dan C. Van Hulle. 2004.” The Determinant of Leverage: Difference beetwen Quoted and Non Quoted Firms”. Tijdsc Hrift Voor Economie En Management, 589–621.

Sardo, F., & Serrasqueiro, Z. (2018). Intellectual Capital, Growth Opportunities, And Financial Performance In European Firms. Journal of Intellectual Capital.

Sawarjuwono, T. (2003). Intellectual Capital : Perlakuan, Pengukuran Dan Pelaporan. Jurnal Akuntansi Dan Keuangan, 5(1), 35–57. https://doi.org/10.1024/0301-1526.32.1.54

Smriti, N., & Das, N. (2018). The impact of intellectual capital on firm performance: a study of Indian firms listed in COSPI. Journal of Intellectual Capital.

Sukiati, W., Nuryani, N., & Leviany, T. (2015). Pengaruh Modal Intelektual , Kinerja Keuangan , Investasi pada Riset dan yang terdaftar di BEI ) munculnya Pernyataan Standar Akuntansi, 7(2), 29–42.

Taswan. (2003). Analisis Pengaruh Insider Ownership, Kebijakan Hutang dan Deviden Terhadap Nilai Perusahaan Serta Faktor-Faktor yang Mempengaruhinya. Jurnal Ekonomi Dan Bisnis.

Ulum, I. (2009). Intellectual Capital Konsep dan Kajian Empiris. Jurnal Inferensi, 7(1), 183–204.

Vo, D. H. (2018). Should bankers be concerned with Intellectual capital? A study of the Thai banking sector. Journal of Intellectual Capital.

Wijayanti, P. (2012). Pengaruh Intellectual Capital Terhadap Harga Saham Melalui Kinerja Keuangan Pada Perusahaan Perbankan Yang Terdaftar di Bursa Efek Indonesia (BEI) Pada Tahun 2009-2011. Jurnal Ilmiah Mahasiswa FEB, 1(2).