The effect of intellectual capital and financial performance on firm value in manufacturing companies
Keywords:
Financial Performance, Firm Value, Intelectual CapitalAbstract
The objective of this research is to analyse the effect of intellectual capital and financial performance on firm value, with the analysis testing multiple linear regression with SPSS Version 26 software. The data utilised in this study are audited financial statements for companies in the manufacturing sector that were listed on the Indonesia Stock Exchange (IDX) during 2020-2023. The study utilised a sample of 72 manufacturing companies listed on the IDX during the 2020-2023 period, employing a purposive sampling technique. The results of the study determined by the t-test output using SPSS show that the intellectual capital variable partially affects the company's value. Partially, financial performance has no significant effect on firm value. The results of the F test show that intellectual capital and financial performance simultaneously have a significant effect on firm value in the manufacturing sector listed on the Indonesia Stock Exchange in 2020-2023.
References
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Alita, D., Putra, A. D., & Darwis, D. (2021). Analysis of classic assumption test and multiple linear regression coefficient test for employee structural office recommendation. IJCCS (Indonesian Journal of Computing and Cybernetics Systems), 15(3), 295. https://doi.org/10.22146/ijccs.65586
Brigham, E. F. dan J. F. H. (2022). Fundamentals of Financial Management, 16th Edition` (16th ed.). Cengage Learning.
Chen, M. C., Cheng, S. J., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. Journal of Intellectual Capital, 6(2), 159–176. https://doi.org/10.1108/14691930510592771
Damodaran, A. (2012). Business and Economic/Finance Corporations -- Valuation--Mathematical models Investment -- Valuation. Hoboken, NJ: John Wiley and Sons.
Dewi, R. R., & Tarnia, T. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Moderasi. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 6(2), 115–132. https://doi.org/10.25105/jipak.v6i2.4486
Fitriyana, F. (2024). Influence Intellectual Capital and Cash Holding on Company Value. 03(11), 1470–1481. https://doi.org/10.58806/ijsshmr.2024.v3i11n12
Fristiani Nosilia, Ani Pangastuti Dyah, H. (2020). Intellectual Capital dan Kinerja Keuangan Terhadap Nilai Perusahaan : Pada Industri Perbankan. AFRE Accounting and Financial Review, 3(1), 35–42.
Ghosh, S. K., & Mondal, A. (2009). Intellectual Capital and Financial Performance: Evidence from the Indian Banking Industry. Journal of Intellectual Capital.
Ghozali Imam. (2013). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 21 Update PLS Regresi Edisi 7. BPFE-UNDIP.
Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt To Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
Ilori, O. O., & Tanimowo, F. O. (2022). Heteroscedasticity Detection in Cross-Sectional Diabetes Pedigree Function: A Comparison of Breusch-Pagan-Godfrey, Harvey and Glejser Tests. International Journal of Scientific and Management Research, 05(12), 150–163. https://doi.org/10.37502/ijsmr.2022.51211
Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
Martins, A. E., & Lopes, A. (2024). Intellectual Capital: Revisiting an Analytical Model. Journal of Risk and Financial Management, 17(11). https://doi.org/10.3390/jrfm17110478
Sherlianti, M., & Suhendro, S. (2023). the Effect of Intellectual Capital on Firm Value With Financial Performance As a Mediating Variable Pengaruh Modal Intelektual Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Mediasi. 8(2), 217–234. http://e-journal.stie-aub.ac.id/index.php/probank
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, 19(5), 935–964. https://doi.org/10.1108/JIC-11-2017-0156
Sugiyono. (2016). Metode penelitian kuantitatif, kualitatif dan R dan D / Sugiyono. Alfabeta.
Tan, H. P., Plowman, D., & Hancock, P. (2007). Intellectual capital and financial returns of companies. Journal of Intellectual Capital, 8(1), 76–95. https://doi.org/10.1108/14691930710715079
Tarczynski, W., Tarczynska-Luniewska, M., & Majewski, S. (2020). The value of the company and its fundamental strength. Procedia Computer Science, 176, 2685–2694. https://doi.org/10.1016/j.procs.2020.09.331
Tubara, S. P. Y., Rahayu, S. M., & Darmawan, A. (2024). Understanding the Impact of Intellectual Capital on Financial Performance and Its Impact on Firm Value: A Literature Review. KnE Social Sciences, 2024, 258–272. https://doi.org/10.18502/kss.v9i11.15790
Ulum, I., Ghozali, I., & Chariri, A. (2021). Intellectual Capital Disclosure and Its Effect on Financial Performance and Corporate Value: Evidence from Indonesia.No Title. Indonesian Accounting Journa, 12(4), 45–60.
Widiyaningsih, V. A., & Nugroho Jati, A. K. (2024). Implementation of Green Accounting, Intellectual Capital and Environmental Performance on Company Value Mediated By Financial Performance. Jurnal Akuntansi Bisnis, 17(1), 129. https://doi.org/10.30813/jab.v17i1.4981
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Published
2025-01-30
How to Cite
Jaya, A. . (2025). The effect of intellectual capital and financial performance on firm value in manufacturing companies . Journal of Management Science (JMAS), 8(1), 428–436. Retrieved from https://exsys.iocspublisher.org/index.php/JMAS/article/view/648
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