Intellectual capital and firm performance in the Indonesian non-financial firms

Abstract

This study analyzes the effect of intellectual capital and firm performance in nonfinancial firms. The firm performance comprises of market performance and financial performance of the firm. This study also breakdown the non-financial firms between three sectors that are the primary sector, manufacturing sector, and service sector. The three sectors are the three main sectors in the economy. This study measures intellectual capital in different ways using the intellectual capital index. The data were analyzed with unbalanced panel data regression and multiple regression. This study found that intellectual capital positively affects market performance and financial performance in non-financial firms. This study also found that intellectual capital positively affects market performance and financial performance in manufacturing and service firms, but in primary sectors, this study found inconclusive results when analyzed and used two different measurements. This study contributes to the firms in non-financial firms about the development of intellectual capital in the knowledge-based economy because intellectual capital is an asset that can create market performance and financial performance. Abstrak Studi ini menganalisis pengaruh modal intelektual dan kinerja perusahaan di perusahaan nonkeuangan. Kinerja perusahaan terdiri dari kinerja pasar dan kinerja keuangan perusahaan. Studi ini juga memecah perusahaan non-keuangan antara tiga sektor yang merupakan sektor primer, sektor manufaktur, dan sektor jasa. Tiga sektor adalah tiga sektor utama dalam perekonomian. Studi ini mengukur modal intelektual dengan berbagai cara menggunakan indeks modal intelektual. Data dianalisis dengan regresi data panel tidak seimbang dan regresi berganda. Studi ini menemukan bahwa modal intelektual secara positif memengaruhi kinerja pasar dan kinerja keuangan di perusahaan non-keuangan. Studi ini juga menemukan bahwa modal intelektual secara positif memengaruhi kinerja pasar dan kinerja keuangan di perusahaan manufaktur dan jasa, tetapi di sektor primer, penelitian ini menemukan hasil yang tidak meyakinkan ketika dianalisis dan menggunakan dua pengukuran yang berbeda. Studi ini memberikan kontribusi kepada perusahaan-perusahaan di perusahaan non-keuangan tentang pengembangan modal intelektual dalam ekonomi berbasis pengetahuan karena modal intelektual adalah aset yang dapat menciptakan kinerja pasar dan kinerja keuangan.

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