Capital Intelektual, Efisiensi Modal, Kebijakan Deviden, dan Nilai Perusahaan
Abstract
Stakeholders have a tendency to judge the company in making policies. So that in the company appraisal process, it requires consideration of the various factors that shape the value of the company itself. Therefore, the purpose of this study is to see how much influence intellectual capital, capital efficiency and dividend policy have on the value of companies that have published their financial reports on the Indonesia Stock Exchange (IDX). The total population used was 90 companies and the samples taken were 25 companies in the financial sector. The sampling method uses purposive sampling which aims to ensure that the sample taken can meet the required criteria. Data analysis using PLS (Partial Least Square) in order to be able to analyze many variables at once, data analysis with PLS is assisted by the Smart PLS application. From the research results, it is found that intellectual capital has a positive effect on firm value, while the effect of dividend policy and capital efficiency on firm value has a negative effect.
Keywords: Intelectual Capital; Devidend Policy; Capital Efficiency; Corporate Value.
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References
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Solechan, A. (2017). Pengaruh Efisiensi Modal Intelektual Terhadap Kinerja Keuangan Perusahaan Di Indonesia. Jurnal Kajian Akuntansi, 1(1), 87–100. https://doi.org/10.33603/jka.v1i1.506
Ulum, I., Ghozali, I., & Chariri, A. (2008). Intellectual Capital Dan Kinerja Keuangan Perusahaan; Suatu Analisis Dengan Pendekatan Partial Least Squares. 19(19), 1–31.
Wati, T. K., Sriyanto, S., & Khaerunnisa, E. (2018). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Kebijakan Hutang Sebagai Variabel Intervening Pada Perusahaan Sub Sektor Industri Barang Konsumsi Periode 2011-2016. Sains: Jurnal Manajemen Dan Bisnis, 11(1), 49–74. https://doi.org/10.35448/jmb.v11i1.4319
Annisa, M. L. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan. Jurnal Profita, 12(3), 433. https://doi.org/10.22441/profita.2019.v12.03.006
Arikunto, S. (2014). Prosedur Penelitian Suatu Pendekatan Praktik. Rineka Cipta.
Harrison, J. S., & van der Laan Smith, J. (2015). Responsible Accounting for Stakeholders. Journal of Management Studies, 52(7), 935–960. https://doi.org/10.1111/joms.12141
Hörisch, J., Schaltegger, S., & Freeman, R. E. (2020). Integrating stakeholder theory and sustainability accounting: A conceptual synthesis. Journal of Cleaner Production, 275. https://doi.org/10.1016/j.jclepro.2020.124097
Jawade, A. A. (2020). Does promoter holding affect financed payout of dividends? Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2020.11.005
Juliani Putri, A., Agustin, H., & Helmayunita, N. (2020). Pengaruh Intellectual Capital Terhadap Nilai Perusahaan Dengan Financial Distress Sebagai Variabel Intervening. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan
Publik, 15(2), 169. https://doi.org/10.25105/jipak.v15i2.6263
Jumingan. (2019). Analisis Laporan Keuangan (7th ed.). Bumi Aksara.
Kaur, A., & Lodhia, S. (2018). Stakeholder engagement in sustainability accounting and reporting: A study of Australian local councils. Accounting, Auditing and Accountability Journal, 31(1), 338–368. https://doi.org/10.1108/AAAJ-12-2014-1901
Kim, J. M., Yang, I., Yang, T., & Koveos, P. (2020). The impact of R&D intensity, financial constraints, and dividend payout policy on firm value. Finance Research Letters, 101802. https://doi.org/10.1016/j.frl.2020.101802
Kurniawan, I. G. E., & Asmara Putra, I. N. W. (2019). Pengaruh Profitabilitas, Kebijakan Utang, dan Kebijakan Dividen Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 28(3), 1783. https://doi.org/10.24843/eja.2019.v28.i03.p10
Miswanto, Abdullah, yanuar R., & Suparti, S. (2017). Pengaruh Efisiensi Modal Kerja, Pertumbuhan Penjualan dan Ukuran Perusahaan Terhadap Profitabilitas Perusahaan. Jurnal Bisnis Dan Ekonomi (JBE), 53(9), 119 – 135.
Nuryaman. (2015). The Influence of Intellectual Capital on The Firm’s Value with The Financial Performance as Intervening Variable. Procedia - Social and Behavioral Sciences, 211(September), 292–298. https://doi.org/10.1016/j.sbspro.2015.11.037
Oktari, I. G. A. P., Widiastuty, E., & Handajani, L. (2016). Determinan Modal Intelektual (Intellectual Capital) pada Perusahaan Publik di Indonesia dan Implikasinya terhadap Nilai Perusahaan. Simposium Nasional Akuntansi XIX, 1–29. http://eprints.unram.ac.id/15998/
Orens, R., Aerts, W., & Lybaert, N. (2009). Intellectual capital disclosure, cost of finance and firm value. Management Decision, 47(10), 1536–1554. https://doi.org/10.1108/00251740911004673
Pulic, A. (1998). Measuring the Performance of Intellectual Potential in Knowledge Economy.
Pulic, A. (2000). VAICTM – An Accounting Tool for Intellectual Capital Management. International Journal Technology Management, 20(5/6/7/8), 702–714.
Putri, S. D., & Nuzula, N. F. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan dan Nilai Perusahaan (Studi pada Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2012-2017). Jurnal Administrasi Bisnis, 66(1), 28–36. http://administrasibisnis.studentjournal.ub.ac.id/index.php/jab/article/view/2775
Rabaya, A. J. R., Saleh, N. M., & Hamzah, N. (2020). Intellectual Capital Performance and Firm Value: The Effect of MFRS 139. The South East Asian Journal of Management, 14(1), 1–22. https://doi.org/10.21002/seam.v14i1.11851
Romadhon, F., & Diamastuti, E. (2020). Efek pemediasi modal intelektual pada ketidakpastian lingkungan, strategi inovasi dan kinerja organisasi. Jurnal Akuntansi Aktual, 7(1998), 45–56.
Samrotun, Y. C. (2015). Kebijakan Dividen Dan Faktor - Faktor Yang Mempengaruhinya. Jurnal Paradigma, 13(01), 92–103.
Santoso, S. (2011). Pengaruh Modal Intelektual dan Pengungkapannya Terhadap Kinerja Perusahaan. Jurnal Akuntansi Dan Keuangan, 14(1). https://doi.org/10.9744/jak.14.1.16-31
Sawarjuwono, T. (2003). Intellectual Capital: Perlakuan, Pengukuran Dan Pelaporan (Sebuah Library Research). Intellectual Capital: Perlakuan, Pengukuran Dan Pelaporan (Sebuah Library Research), 5(1), 35–57. https://doi.org/10.9744/jak.5.1.pp.35-57
Senata, M. (2016). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan Yang Tercatat Pada Indeks Lq-45 Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikrosil, 6(1), 73–84.
Solechan, A. (2017). Pengaruh Efisiensi Modal Intelektual Terhadap Kinerja Keuangan Perusahaan Di Indonesia. Jurnal Kajian Akuntansi, 1(1), 87–100. https://doi.org/10.33603/jka.v1i1.506
Ulum, I., Ghozali, I., & Chariri, A. (2008). Intellectual Capital Dan Kinerja Keuangan Perusahaan; Suatu Analisis Dengan Pendekatan Partial Least Squares. 19(19), 1–31.
Wati, T. K., Sriyanto, S., & Khaerunnisa, E. (2018). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Kebijakan Hutang Sebagai Variabel Intervening Pada Perusahaan Sub Sektor Industri Barang Konsumsi Periode 2011-2016. Sains: Jurnal Manajemen Dan Bisnis, 11(1), 49–74. https://doi.org/10.35448/jmb.v11i1.4319
Published
2021-06-26
How to Cite
ARDIANSYAH, Eka.
Capital Intelektual, Efisiensi Modal, Kebijakan Deviden, dan Nilai Perusahaan.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 6, p. 1413-1423, june 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/70732>. Date accessed: 26 apr. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i06.p05.
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