ANALISIS PENGARUH KOMPONEN INTELECTUAL CAPITAL TERHADAP KEPERCAYAAN DAN REAKSI INVESTOR: STUDI KASUS PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA
Abstract: Intellectual capital
is recognized as a strategic which gives competitive advantages by corporate
resources handling and optimalizing the outcome of intangible and tangible
corporate resources. The purpose of this study is to investigate the relation
between IC components, and response of investors and investosrs confidence. The
Pulic’s Value Added Intellectual Coefficient has been conducted to measure IC
and measurement value added and value creation of physical capital, human
capital, structural capital and proxy of innovative capital also proxy of
relasional capital which are would be the intellectual capital components. This
sudy conduct the assumption of the stewardship theory in alternative to value
addition according to the stakeholder theory. Data were collected from 2009 –
2010 annual report of 33 listed company on Indonesian Stock Excange which are
selected as LQ45. The researchers use the multiple regression to investigate
the said relationships. The results does not support the hypothesis that firms’
intellectual capital has a positive impact on investors response (M/B) and
investors confidence (CAR) in a modified VAIC method. Furthermore, the result
show that Value added capital employed (VACA) positively influences to
investors response (M/B), while R&D expenditure has a negatif impact on
invesstor response (M/B). The findings show that investors are still consider
to physical assets and only focuse on short-term investment performance. Then
Advertising Expenditure positively influence investors confidence (CAR).
Penulis: Dewantara Satria
Yudha, Mohamad Nasir
Kode Jurnal: jpakuntansidd120520
