THE EFFECT OF INTELLECTUAL PROPERTY ON THE PERFORMANCE OF NON-FINANCIAL COMPANIES IN INDONESIA WITH A MARKET VALUE APPROACH

Authors

  • Gracia S. Ugut Magister Manajemen, Universitas Pelita Harapan, Indonesia
  • Glenn Natanael Magister Manajemen, Universitas Pelita Harapan Jakarta, Indonesia

DOI:

https://doi.org/10.29040/ijebar.v6i3.5297

Abstract

The global economy is rising swiftly and transforming into a modern knowledge-based economy as it enters industrial era 4.0. These advancements have caused many businesses to rely not only on material assets, but also on intangible assets. The present economic era also makes competition between firms more intense, necessitating that companies always provide the best performance in creating value through their distinctiveness and competitive edge. Based on how the market values a company, its performance can be measured. This study attempts to determine the impact of intellectual capital on corporate performance based on market value. Utilizing the intellectual capital index, this study measures intellectual capital. The data in this study used a population of all non-financial firms listed on the Jakarta Stock Exchange as many as 579 firms with an observation period of 2016 - 2020, which were then selected as research samples of 199 samples. The hypothesis in this study was analyzed using panel data regression. The results of this study indicate that intellectual capital has a positive and significant effect on company performance based on the market value approach. This implies that knowledge regarding how companies manage their intellectual capital can affect market prices. This research enables nonfinancial organizations to pay greater attention to intellectual capital, which is an immaterial asset that may be further developed to create value and improve performance of an organization.

References

Apdillah, D., Panjaitan, K., Stefanny, N. T. P., & Surbakti, F. A. (2022). The Global Competition In The Digital Society 5.0 Era: The Challenges Of The Younger Generation. Journal of Humanities, Social Sciences and Business (JHSSB), 1(3), 75–80. https://doi.org/https://doi.org/10.55047/jhssb.v1i3.151

Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.

Basuki, A. (2016). Analisis Regresi dalam Penelitian Ekonomi & Bisnis: Dilengkapi Aplikasi SPSS & Eviews. Rajawali Pers.

Basyaib, F. (2007). Manajemen resiko. Grasindo.

Celenza, D., & Rossi, F. (2014). Intellectual capital and performance of listed companies: Empirical evidence from Italy. Measuring Business Excellence, 18(1). https://doi.org/10.1108/MBE-10-2013-0054

Chen, J., Zhu, Z., & Xie, H. Y. (2004). Measuring intellectual capital: a new model and empirical study. Journal of Intellectual Capital.

Dženopoljac, V., Janoševic, S., & Bontis, N. (2016). Intellectual capital and financial performance in the Serbian ICT industry. Journal of Intellectual Capital, 17(2). https://doi.org/10.1108/JIC-07-2015-0068

Ghozali, I. (2011). Multivariate Analysis Application With SPSS Program. Diponegoro University Publishing Agency.

Gujarati, D. N. (2021). Essentials of econometrics. SAGE Publications.

Gujarati, D. N., & Porter, D. C. (2004). Basic econometrics, 4th edn, the MacGraw Hill. New York.

Hasnawati, S. (2005). Dampak set peluang investasi terhadap nilai perusahaan publik di Bursa Efek Jakarta. Jurnal Akuntansi Dan Auditing Indonesia, 9(2).

Hejazi, R., Ghanbari, M., & Alipour, M. (2016). Intellectual, human and structural capital effects on firm performance as measured by Tobin’s Q. Knowledge and Process Management, 23(4), 259–273.

Hsiao, C. (2022). Analysis of panel data. Cambridge university press.

Iqbal, M. (2015). Regresi Data Panel (2): Tahap Analisis. Retrived From Https://Dosen. Perbanas. Id/Regresi-Data-Panel-2-Tahap-Analisis.

Jacob, C. A., Sumarjaya, I. W., & Susilawati, M. (2014). Analisis Model Regresi Data Panel Tidak Lengkap Komponen Galat Dua Arah dengan Penduga Feasible Generalized Least Square (FGLS). Jurnal Matematika, 4(1), 22–38.

Janošević, S., Dženopoljac, V., & Bontis, N. (2013). Intellectual capital and financial performance in Serbia. Knowledge and Process Management, 20(1). https://doi.org/10.1002/kpm.1404

Kallapur, S., & Trombley, M. A. (2001). The investment opportunity set: determinants, consequences and measurement. Managerial Finance.

Kasmir. (2015). Analisis Laporan Keuangan. PT Raja Grafindo Persada.

Lenox, M. J., Rockart, S. F., & Lewin, A. Y. (2010). Does interdependency affect firm and industry profitability? An empirical test. Strategic Management Journal, 31(2), 121–139.

Lisvery, S., & Ginting, I. Y. (2014). Aktiva Tak Berwujud. Jurnal Akuntansi Dan Keuangan Indonesia, 1(1), 1–15.

Machfoedz, M. (1994). Financial ratio analysis and the prediction of earnings changes in Indonesia. Kelola, 7(3), 114–134.

Marr, B., & Roos, G. (2005). A strategy perspective on intellectual capital. Perspectives on Intelectual Capital, 28–52.

Mavridis, D. G. (2004). The intellectual capital performance of the Japanese banking sector. Journal of Intellectual Capital, 5(1). https://doi.org/10.1108/14691930410512941

McGuire, T., & Brenner, L. (2015). Talent Valuation: Accelerate Market Capitalization Through Your Most Important Asset. FT Press.

Nimtrakoon, S. (2015). The relationship between intellectual capital, firms’ market value and financial performance: Empirical evidence from the ASEAN. Journal of Intellectual Capital, 16(3). https://doi.org/10.1108/JIC-09-2014-0104

Panjaitan, Y., & Dewinta, O. (2012). Analisis Harga Saham, Ukuran Perusahaan, Dan Risiko Terhadap Retur Yang Diharapkan Investor Pada Perusahaan-Perusahaan Saham Aktif. Balance, 1(1).

Penrose, E. (2009). The Theory of the Growth of the Firm. Oxford university press.

Prasetyo, A. A. (2022). Meminimalisir Asimetri Informasi Melalui Pelaporan (Disclosure) Laporan Keuangan. Transekonomika: Akuntansi, Bisnis Dan Keuangan, 2(1), 45–54. https://doi.org/https://doi.org/10.55047/transekonomika.v2i1.104

Pulic, A. (1998). Measuring the performance of intellectual potential in knowledge economy. 2nd McMaster Word Congress on Measuring and Managing Intellectual Capital by the Austrian Team for Intellectual Potential, 1–20.

Pulic, A. (2000). VAICTM–an accounting tool for IC management. International Journal of Technology Management, 20(5–8), 702–714.

Retno, R. D., & Priantinah, D. (2012). Pengaruh good corporate governance dan pengungkapan corporate social responsibility terhadap nilai perusahaan (studi empiris pada perusahaan yang terdaftar di Bursa Efek Indonesia periode 2007-2010). Nominal: Barometer Riset Akuntansi Dan Manajemen, 1(2), 99–103.

Rexhepi, G., Ibraimi, S., & Veseli, N. (2013). Role of Intellectual Capital in Creating Enterprise Strategy. Procedia - Social and Behavioral Sciences, 75. https://doi.org/10.1016/j.sbspro.2013.04.006

Saputra, A. S. (2021). Pengaruh Teknologi Informasi Pada Koperasi Di Era Industri 4.0. Transekonomika: Akuntansi, Bisnis Dan Keuangan, 1(5), 505–510. https://doi.org/https://doi.org/10.55047/transekonomika.v1i5.77

Silaban, C. N., & Pengestuti, I. R. D. (2017). Analisis faktor-faktor yang mempengaruhi kebijakan dividen dengan firm size sebagai variabel kontrol (studi pada perusahaan manufaktur yang terdaftar di BEI tahun 2011-2015). Diponegoro Journal of Management, 6(3), 116–130.

Åšlusarczyk, B. (2018). Industry 4.0: Are we ready? Polish Journal of Management Studies, 17.

Sofian, S., Dwijayanti, S. P. F., & Wijaya, H. (2020). Intellectual capital and firm performance in the Indonesian non-financial firms. Jurnal Keuangan Dan Perbankan, 24(1). https://doi.org/10.26905/jkdp.v24i1.3574

Stievany, G. M., & Jalunggono, G. (2022). Analysis Of The Effect Of Inflation, Exports And Imports On Indonesia’s Economic Growth. Marginal : Journal of Management, Accounting, General Finance and International Economic Issues, 1(3), 1–14. https://doi.org/https://doi.org/10.55047/marginal.v1i3.140

Sugianti, N., & Anwar, K. U. S. (2021). Pengaruh Masa Pandemi Covid 19 Terhadap Wirausaha Kecil Di Indonesia. Transekonomika: Akuntansi, Bisnis Dan Keuangan, 1(4), 321–326. https://doi.org/https://doi.org/10.55047/transekonomika.v1i4.57

Widarjono, A. (2007). Ekonometrika: teori dan aplikasi untuk ekonomi dan bisnis. Yogyakarta: Ekonisia.

Widyaningdyah, A. U., & Aryani, Y. A. (2013). Intellectual Capital dan Keunggulan Kompetitif (Studi Empiris Perusahaan Manufaktur versi Jakarta Stock Industrial Classification-JASICA). Jurnal Akuntansi Dan Keuangan, 15(1). https://doi.org/10.9744/jak.15.1.1-14

Winarno, W. W. (2011). Aplikasi Ekonometrika dan Statistika dengan Eviews. Yogyakarta: UPP STIM YKPN.

Zéghal, D., & Maaloul, A. (2010). Analysing value added as an indicator of intellectual capital and its consequences on company performance. Journal of Intellectual Capital, 11(1). https://doi.org/10.1108/14691931011013325

Downloads

Published

2022-09-15

How to Cite

Ugut, G. S., & Natanael, G. (2022). THE EFFECT OF INTELLECTUAL PROPERTY ON THE PERFORMANCE OF NON-FINANCIAL COMPANIES IN INDONESIA WITH A MARKET VALUE APPROACH. International Journal of Economics, Business and Accounting Research (IJEBAR), 6(3), 2403–2414. https://doi.org/10.29040/ijebar.v6i3.5297

Citation Check