ANALISIS PENGARUH INTELLECTUAL CAPITAL DAN CORPORATE GOVERNANCE TERHADAP FINANCIAL PERFORMANCE
Abstract: The purpose of this
study is to investigate the relationship between intellectual capital and
financial performance and the relationship between corporate governance and
financial performance. This study is replicated from Ulum (2008). Meanwhile
Ulum (2008) modified Firer and Williams
(2003). Ulum (2008), Firer and Williams (2003) found that overall intellectual
capital significantly affected to financial performance. The difference between
this study and Ulum’s (2008) is that this study does not merely investigate the
relationship between intellectual capital and financial performance but also
the relationship between corporate governance and financial performance.
Corporate governance needs unveiling as stated in the signalling theory that the firm should give much more
information about the firm to stakeholder. By using Pulic Value Added
Intellectual Coefficient (VAICTM) model to measure intellectual capital. The
efficiency of value added (VAICTM) has three major components of firms
resources (physical capital, human capital, and structural capital). Corporate
governance was measured by using three proxies (management ownership,
institutional ownership, and proportion of independent board) and financial
performance was measured by using one proxy (ROA). Data were drawn from 54
listed financial firms in Indonesia Stock Exchange for three years (2009-2011).
The analysis method used multiple regression. Classic assumption test showed
that data were normal, so that the regresion could be implemented properly. The
results showed that intellectual capital positively affected future financial
performance (ROA). In contrast, management ownership did not affect future financial performance (ROA), in the
same way institutional ownership did not affect future financial performance
(ROA), however proportion of independent board negatively affected future
financial performance (ROA). It can be concluded thus intellectual capital can
be used to enhance financial performance if the firm enable to measure it
accurately. Meanwhile corporate governance still can not be proven to be used
to enhance financial performance.
Penulis: Nora Riyanti Ningrum,
Shiddiq Nur Rahardjo
Kode Jurnal: jpakuntansidd120513
