PENGARUH INTELLECTUAL CAPITAL TERHADAP FIRM’S MARKET VALUE DAN FINANCIAL PERFORMANCE PADA PERUSAHAAN HIGH INTELLECTUAL CAPITAL INTENSIVE INDUSTRIES YANG TERDAFTAR DI BEI
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Abstract
Penelitian ini bertujuan untuk melihat pengaruh intellectual capital terhadap market value dan financial performance perusahaan saat ini dan di masa yang akan datang. Sampel penelitian ini menggunakan data dari perusahaan high intellectual capital intensive menurut Whiting and Woodcock (2011) yang terdaftar di BEI (Bursa Efek Indonesia) tahun 2010 – 2014. Pengukuran intellectual capital perusahaan menggunakan metode penghitungan VAICTM oleh Pulic ditambah dengan variabel dependen Research and Development Expenditure (RD) dan Advertising Expenditure (AD). Pengukuran market value perusahaan menggunakan metode penghitungan Market to Book Value Ratio dan pengukuran financial performance perusahaan menggunakan rasio Return on Assets (ROA), Return on Equity (ROE), Growth Revenue (GR), dan Employee Productivity (EP). Hasil penelitian ini menunjukkan bahwa capital employee yang paling berpengaruh terhadap peningkatan market value dan financial performance pada perusahaan sampel.
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