Intellectual Capital Performance, Prestasi Reputasi Perusahaan dan Financial Distress
Abstract
The company's going concern ability should be able to compete and survive in business activities to avoid financial distress. This study aims to determine the effect of intellectual capital performance, company achievement, company reputation, profitability, and leverage on financial distress. This study uses samples from manufacturing companies listed on the Indonesia Stock Exchange in 2015-2019. The sample used was 125 observations taken using purposive sampling technique. Data analysis was performed using logistic regression analysis. The results showed that the performance of intellectual capital and profitability had a negative effect on financial distress and leverage had a positive effect on financial distress. Meanwhile, company achievement and company reputation have no effect on financial distress.
Keywords: Intellectual Capital Performance; Company Achievement; Company Reputation; Financial Distress.
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References
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Ardalan, B., & Askarian, H. (2014). The Impact of Intellectual Capital on the Risk of Financial Distress of Listed Companies in Tehran Stock Exchange, Iran. Indian Journal of Fundamental and Applied Life Sciences, 4(S1), 840–853. http://http//www.cibtech.org/sp.ed/jls/2014/01/jls.html
Bravo, F., & Moreno, E. (2020). Does Compliance With Corporate Governance Codes Help to Mitigate Financial Distress? Research in International Business and Finance, 1(1), 1–28. https://doi.org/10.1016/j.ribaf.2020.101344
Chung, K. H., & Pruitt, S. W. (1994). A Simple Approximation of Tobin’s Q. Financial Management, 23(3), 70–74. https://doi.org/10.2307/3665623
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling Theory: A Review and Assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Edvinsson, L. (1997). Developing Intellectual Capital at Skandia. Long Range Planning, 30(3), 366–373. https://doi.org/10.1016/S0024-6301(97)90248-X
Elloumi, F., & Gueyie, J.-P. (2001). Financial Distress and Corporate Governance: An Empirical Analysis. Corporate Governance, 1(1), 15–23. https://doi.org/10.1108/14720700110389548
Fachrudin, K. A. (2008). Kesulitan Keuangan Perusahaan dan Personal. USU Press.
Farooq, U., Qamar, M. A. J., & Haque, A. (2018). A three-stage dynamic model of financial distress. Managerial Finance, 44(9), 1101–1116. https://doi.org/10.1108/MF-07-2017-0244
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. Badan Penerbit Universitas Diponegoro.
Handayani, Y. D., Iskandar, D., & Yuvisaibrani, E. (2019). Corporate governance and intellectual capital on financial distress. Global Journal of Management and Business Research: C Finance, 19(5), 63–71.
Hastuti, R. K. (2019). Kisah Krakatau Steel: Rugi 7 Tahun Beruntun dan Utang Segunung. CNBC Indonesia.
Inekwe, J. N., Jin, Y., & Valenzuela, M. R. (2017). The Effects of Financial Distress: Evidence from US GDP Growth. Economic Modelling, 1–14. https://doi.org/10.1016/j.econmod.2018.01.001
Khurshid, M. R. (2013). Determinants of Financial Distress Evidence from KSE 100 Index. Journal of the Institute of Business Administration Karachi, 8(1), 7–19.
Marr, B. (2018). Intellectual Capital. In The Palgrave Encyclopedia of Strategic Management. Macmillan Publishers Ltd.
Masdupi, E., Tasman, A., & Davista, A. (2018). The Influence of Liquidity , Leverage and Profitability on Financial Distress of Listed Manufacturing Companies in Indonesia. Advances in Economics, Business and Management Research, 57(1), 223–228. https://doi.org/10.2991/piceeba-18.2018.51
Mondayri, S., & Tresnajaya, R. T. J. (2022). Analisis Pengaruh Good Corporate Governance, Intellectual Capital, Dan Arus Kas Operasi Terhadap Financial Distress. Jurnalku, 2(1), 25–43. https://doi.org/10.54957/jurnalku.v2i1.132
Nadeem, M., Silva, T. De, & Kayani, U. N. (2016). Predicting Corporate Financial Distress for New Zealand Listed Firms Using Intellectual Capital Indicators Predicting Corporate Financial Distress for New Zealand Listed Firms Using Intellectual Capital Indicators. New Zealand Journal of Applied Business Research, 14(2), 1–15.
Pham Vo Ninh, B., Do Thanh, T., & Vo Hong, D. (2018). Financial Distress and Bankruptcy Prediction: An Appropriate Model for Listed Firms in Vietnam. Economic Systems. https://doi.org/10.1016/j.ecosys.2018.05.002
Pires, V., & Trez, G. (2018). Corporate Reputation: A Discussion on Construct Definition and Measurement and Its Relation to Rerformance. Revista de Gestão, 25(1), 47–64. https://doi.org/10.1108/REGE-11-2017-005
Pulic, A. (1998). Measuring the Performance of Intellectual Potential in Knowledge Economy. 2nd McMaster World Congress on Measuring and Managing Intellectual Capital.
Pulic, A. (2004). Intellectual Capital - Does It Create or Destroy Value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757
Raharja, & Sari, M. P. (2008). Kemampuan Rasio Keuangan dalam Memprediksi Peringkat Obligasi (PT Kasnic Credit Rating). Jurnal Manajemen, Akuntansi, dan Sistem Informasi (Maksi), 8(2), 212–232.
Rika, H. (2020). Mengenal Permasalahan yang Membelit Krakatau Steel. CNN Indonesia.
Sabate, J. M. de la F., & Puente, E. de Q. (2003). Empirical Analysis of the Relationship Between Corporate Reputation and Financial Performance: A Survey of the Literature. Corporate Reputation Review, 6(2), 161–177. https://doi.org/10.1057/palgrave.crr.1540197
Shahwan, T. M. (2015). The Effects of Corporate Governance on Financial Performance and Financial distress: Evidence from Egypt. The International Journal of Business in Society, 5(5), 1–22. https://doi.org/10.1108/CG-11-2014-0140
Shahwan, T. M., & Habib, A. M. (2020). Does the Efficiency of Corporate Governance and Intellectual Capital Affect a Firm’s Financial Distress? Evidence from Egypt. Journal of Intellectual Capital, 21(3), 403–430. https://doi.org/10.1108/JIC-06-2019-0143
Soewarno, N., & Tjahjadi, B. (2020). Measures That Matter: An Empirical Investigation of Intellectual Capital and Financial Performance of Banking Firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085–1106. https://doi.org/10.1108/JIC-09-2019-0225
Stewart, T. (1998). Intellectual Capital: The New Wealth of Organizations. Doubleday Dell Publishing Group Inc.
Sudiyatno, B., & Puspitasari, E. (2010). 223-Article Text-431-1-10-20120216(1). Kajian Akuntansi, 2(1), 9–21.
Sugiyono. (2013). Statistika untuk Penelitian. Alfabeta.
Taouab, O., & Issor, Z. (2019). Firm Performance: Definition and Measurement Models. European Scientific Journal ESJ, 15(1), 93–106. https://doi.org/10.19044/esj.2019.v15n1p93
Thim, C. K., Choong, Y. V., & Nee, C. S. (2011). Factors affecting financial distress: The case of Malaysian public listed firms. Corporate Ownership and Control, 8(4), 345–351. https://doi.org/10.22495/cocv8i4c3art3
Udin, S., Khan, M. A., & Javid, A. Y. (2017). The Effects of Ownership Structure on Likelihood of Financial Distress: An Empirical Evidence. Corporate Governance: International Journal of Business Society, 14(4), 589–612. https://doi.org/10.1108/CG-03-2016-0067
Ulum, I. (2015). Intellectual Capital: Model Pengukuran, Framework Pengungkapan, dan Kinerja Organisasi. UMM Press.
Ulum, I., Ghozali, I., & Purwanto, A. (2014). Intellectual Capital Performance of Indonesian Banking Sector: A Modified VAIC (M-VAIC) Perspective. Asian Journal of Finance & Accounting, 5(3), 380–392. https://doi.org/10.5296/ajfa.v6i2.5246
Verhezen, P. (2015). The Vulnerability of Corporate Reputation. Palgrave Macmillan.
Wernerfelt, B. (1984). A Resource-Based View of the Firm. Journal of Management, 5(2), 171–180. https://doi.org/10.1002/smj.4250050207
Whitaker, R. B. (1999). The Early Stages of Financial Distress. Journal of Economics and Finance, 23(2), 123–133. https://doi.org/10.1007/bf02745946
Wruck, K. H. (1990). Financial distress, reorganization, and organizational efficiency. Journal of Financial Economics, 27(2), 419–444. https://doi.org/10.1016/0304-405X(90)90063-6
Yazdanfar, D., & Öhman, P. (2019). Financial Distress Determinants among SMEs: Empirical Evidence from Sweden. Journal of Economic Studies, 47(3), 547–560. https://doi.org/10.1108/JES-01-2019-0030
Zmijweski, M. E. (1984). Methodological Issues Related to the Estimation of Financial Distress Prediction Models. Journal of Accounting Research, 22, 59–82. https://doi.org/10.2307/2490859
Altman, E. I., Hotchkiss, E., & Wang, W. (2019). Corporate Financial Distress, Restructuring, and Bankruptcy. John Wiley & Sons.
Andriani, L., & Sulistyowati, E. (2021). Pengaruh Leverage, Sales Growth, Dan Intellectual Capital Terhadap Financial Distress. Seminar Nasional Akuntansi …, 1(1), 542–550. http://senapan.upnjatim.ac.id/index.php/senapan/article/view/105
Ardalan, B., & Askarian, H. (2014). The Impact of Intellectual Capital on the Risk of Financial Distress of Listed Companies in Tehran Stock Exchange, Iran. Indian Journal of Fundamental and Applied Life Sciences, 4(S1), 840–853. http://http//www.cibtech.org/sp.ed/jls/2014/01/jls.html
Bravo, F., & Moreno, E. (2020). Does Compliance With Corporate Governance Codes Help to Mitigate Financial Distress? Research in International Business and Finance, 1(1), 1–28. https://doi.org/10.1016/j.ribaf.2020.101344
Chung, K. H., & Pruitt, S. W. (1994). A Simple Approximation of Tobin’s Q. Financial Management, 23(3), 70–74. https://doi.org/10.2307/3665623
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling Theory: A Review and Assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Edvinsson, L. (1997). Developing Intellectual Capital at Skandia. Long Range Planning, 30(3), 366–373. https://doi.org/10.1016/S0024-6301(97)90248-X
Elloumi, F., & Gueyie, J.-P. (2001). Financial Distress and Corporate Governance: An Empirical Analysis. Corporate Governance, 1(1), 15–23. https://doi.org/10.1108/14720700110389548
Fachrudin, K. A. (2008). Kesulitan Keuangan Perusahaan dan Personal. USU Press.
Farooq, U., Qamar, M. A. J., & Haque, A. (2018). A three-stage dynamic model of financial distress. Managerial Finance, 44(9), 1101–1116. https://doi.org/10.1108/MF-07-2017-0244
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. Badan Penerbit Universitas Diponegoro.
Handayani, Y. D., Iskandar, D., & Yuvisaibrani, E. (2019). Corporate governance and intellectual capital on financial distress. Global Journal of Management and Business Research: C Finance, 19(5), 63–71.
Hastuti, R. K. (2019). Kisah Krakatau Steel: Rugi 7 Tahun Beruntun dan Utang Segunung. CNBC Indonesia.
Inekwe, J. N., Jin, Y., & Valenzuela, M. R. (2017). The Effects of Financial Distress: Evidence from US GDP Growth. Economic Modelling, 1–14. https://doi.org/10.1016/j.econmod.2018.01.001
Khurshid, M. R. (2013). Determinants of Financial Distress Evidence from KSE 100 Index. Journal of the Institute of Business Administration Karachi, 8(1), 7–19.
Marr, B. (2018). Intellectual Capital. In The Palgrave Encyclopedia of Strategic Management. Macmillan Publishers Ltd.
Masdupi, E., Tasman, A., & Davista, A. (2018). The Influence of Liquidity , Leverage and Profitability on Financial Distress of Listed Manufacturing Companies in Indonesia. Advances in Economics, Business and Management Research, 57(1), 223–228. https://doi.org/10.2991/piceeba-18.2018.51
Mondayri, S., & Tresnajaya, R. T. J. (2022). Analisis Pengaruh Good Corporate Governance, Intellectual Capital, Dan Arus Kas Operasi Terhadap Financial Distress. Jurnalku, 2(1), 25–43. https://doi.org/10.54957/jurnalku.v2i1.132
Nadeem, M., Silva, T. De, & Kayani, U. N. (2016). Predicting Corporate Financial Distress for New Zealand Listed Firms Using Intellectual Capital Indicators Predicting Corporate Financial Distress for New Zealand Listed Firms Using Intellectual Capital Indicators. New Zealand Journal of Applied Business Research, 14(2), 1–15.
Pham Vo Ninh, B., Do Thanh, T., & Vo Hong, D. (2018). Financial Distress and Bankruptcy Prediction: An Appropriate Model for Listed Firms in Vietnam. Economic Systems. https://doi.org/10.1016/j.ecosys.2018.05.002
Pires, V., & Trez, G. (2018). Corporate Reputation: A Discussion on Construct Definition and Measurement and Its Relation to Rerformance. Revista de Gestão, 25(1), 47–64. https://doi.org/10.1108/REGE-11-2017-005
Pulic, A. (1998). Measuring the Performance of Intellectual Potential in Knowledge Economy. 2nd McMaster World Congress on Measuring and Managing Intellectual Capital.
Pulic, A. (2004). Intellectual Capital - Does It Create or Destroy Value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757
Raharja, & Sari, M. P. (2008). Kemampuan Rasio Keuangan dalam Memprediksi Peringkat Obligasi (PT Kasnic Credit Rating). Jurnal Manajemen, Akuntansi, dan Sistem Informasi (Maksi), 8(2), 212–232.
Rika, H. (2020). Mengenal Permasalahan yang Membelit Krakatau Steel. CNN Indonesia.
Sabate, J. M. de la F., & Puente, E. de Q. (2003). Empirical Analysis of the Relationship Between Corporate Reputation and Financial Performance: A Survey of the Literature. Corporate Reputation Review, 6(2), 161–177. https://doi.org/10.1057/palgrave.crr.1540197
Shahwan, T. M. (2015). The Effects of Corporate Governance on Financial Performance and Financial distress: Evidence from Egypt. The International Journal of Business in Society, 5(5), 1–22. https://doi.org/10.1108/CG-11-2014-0140
Shahwan, T. M., & Habib, A. M. (2020). Does the Efficiency of Corporate Governance and Intellectual Capital Affect a Firm’s Financial Distress? Evidence from Egypt. Journal of Intellectual Capital, 21(3), 403–430. https://doi.org/10.1108/JIC-06-2019-0143
Soewarno, N., & Tjahjadi, B. (2020). Measures That Matter: An Empirical Investigation of Intellectual Capital and Financial Performance of Banking Firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085–1106. https://doi.org/10.1108/JIC-09-2019-0225
Stewart, T. (1998). Intellectual Capital: The New Wealth of Organizations. Doubleday Dell Publishing Group Inc.
Sudiyatno, B., & Puspitasari, E. (2010). 223-Article Text-431-1-10-20120216(1). Kajian Akuntansi, 2(1), 9–21.
Sugiyono. (2013). Statistika untuk Penelitian. Alfabeta.
Taouab, O., & Issor, Z. (2019). Firm Performance: Definition and Measurement Models. European Scientific Journal ESJ, 15(1), 93–106. https://doi.org/10.19044/esj.2019.v15n1p93
Thim, C. K., Choong, Y. V., & Nee, C. S. (2011). Factors affecting financial distress: The case of Malaysian public listed firms. Corporate Ownership and Control, 8(4), 345–351. https://doi.org/10.22495/cocv8i4c3art3
Udin, S., Khan, M. A., & Javid, A. Y. (2017). The Effects of Ownership Structure on Likelihood of Financial Distress: An Empirical Evidence. Corporate Governance: International Journal of Business Society, 14(4), 589–612. https://doi.org/10.1108/CG-03-2016-0067
Ulum, I. (2015). Intellectual Capital: Model Pengukuran, Framework Pengungkapan, dan Kinerja Organisasi. UMM Press.
Ulum, I., Ghozali, I., & Purwanto, A. (2014). Intellectual Capital Performance of Indonesian Banking Sector: A Modified VAIC (M-VAIC) Perspective. Asian Journal of Finance & Accounting, 5(3), 380–392. https://doi.org/10.5296/ajfa.v6i2.5246
Verhezen, P. (2015). The Vulnerability of Corporate Reputation. Palgrave Macmillan.
Wernerfelt, B. (1984). A Resource-Based View of the Firm. Journal of Management, 5(2), 171–180. https://doi.org/10.1002/smj.4250050207
Whitaker, R. B. (1999). The Early Stages of Financial Distress. Journal of Economics and Finance, 23(2), 123–133. https://doi.org/10.1007/bf02745946
Wruck, K. H. (1990). Financial distress, reorganization, and organizational efficiency. Journal of Financial Economics, 27(2), 419–444. https://doi.org/10.1016/0304-405X(90)90063-6
Yazdanfar, D., & Öhman, P. (2019). Financial Distress Determinants among SMEs: Empirical Evidence from Sweden. Journal of Economic Studies, 47(3), 547–560. https://doi.org/10.1108/JES-01-2019-0030
Zmijweski, M. E. (1984). Methodological Issues Related to the Estimation of Financial Distress Prediction Models. Journal of Accounting Research, 22, 59–82. https://doi.org/10.2307/2490859
Published
2022-07-26
How to Cite
SETIAWAN, Ilham; YURNIWATI, Yurniwati; PUTRI, Anne.
Intellectual Capital Performance, Prestasi Reputasi Perusahaan dan Financial Distress.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 7, p. 1688-1702, july 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/83910>. Date accessed: 26 apr. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i07.p02.
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