The Effect of Intellectual Capital, Firm Size and Capital Structure on Firm Performance, Evidence from Property Companies in Indonesia

Dwi Asih Surjandari, Minanari Minanari

Abstract


The purpose of this study is to examine the effect of Intellectual Capital (represented by Human Capital Efficiency (VAHU), Physical Capital Efficiency (VACA), Capital Structure Efficiency (SCVA)), Company Size and Capital Structure on Company Performance (measured with ROA). The research sample is property sector manufacturing companies listed on the Indonesia Stock Exchange between 2013 and 2017, with a purposive sampling method and analysis with multiple regression using SPSS version 2.0. The results of the study show that: 1) VAHU and VACA have no significant effect on Company Performance, but SCVA has, 2) Company size has no significant effect on Company Performance, but 3) Capital Structure has. All of these variables together have a significant effect on Company Performance.


Keywords


Intellectual Capital, Firm Size, Capital Structure, Firm Performance

Full Text:

PDF

References


Alipour,M(2012). The effect of intellectual capital on firm performance: an investigation of Iran insurance companies. Measuring Business excellence, Emerald Group Publishing Limited, Vol 16, No. 1

Amiruddin Jallo, Abdul Rahman Mus,Mursalim,Suryati. 2017.” Effect of CSR,GCG, ownership structure on Financial Performance and Firm Value : Study in Jakarta Islamic Index,” .IQSR Journal of Business and Management(IQSR-JBM)Volume 19, Issue 11,Ver 11, November 2017

Anghel, I. (2008), ‘‘Intellectual capital and intangible assets analysis and valuation’’, Theoretical and Applied Economics, Vol. 2, pp. 75-84. VOL. 16.

Ari Wahyu Leksono dan Rendhika Vhaley, 2018. “ The effect of GCG Mechanism and Financial Performca on Firm Value of Banking Sector listed on Indonesia Stock Exchange (BEI) Periode of 2012-2016”. International Journal of Innovative Science and Research Technology, Vol 3, Issued 9.

Brigham, Eugene F; Houston, Joel F,2013. “Fundamental of Financial Management” , University of Florida, Thomson Southwestern, USA

Berk, Jonathan; DeMarzo, Peter, 2011, Corporate Finance, second edition,Stanford University, Pearson International, USA

Barororh N, 2013. “ Analisis Pengaruh Modal Intelektual Terhadap Kinerja Keuangan Perusahaan Manufaktur Di Indonesia” . Jurnal Dinamika Akuntansi, Vol 5, No. 2.

Cheng, M & Tzeng, Z.(2011). “Does Leverage and Efficiency Affect Each Other. Journal of Accounting, Finance and Economics I (1), 77-95

Dang, Chongyu (David); Ii, Frank, 2015.” Measuring Firm Size in Empirical Corporate Finance”. Richard Ivey School of Business, University of Western, Ontario

Emadzadeh, Afzali Nadia, Bagheri Asiya, Rahimpoor Mahboobe, Ezadi Fatemeh and Rahmani Mojgan (2013),” Effect of Capital Performance on Firm Performance “, International Journal of Academic Research in Accounting, Finance and Management Sciences, Vol 3 No 2, April , page 98-103.

Dogan, Mesut, 2013, Does Firm Size Affect the Firm Profitability? Evidence From Turkey. Research Journal of Finance and Accounting, Vol 4, No 4.

Holienka M & Pilkova A, 2014.“Impact of Intellectual Capital and its Components on Firm Performance Before and After Crisis”. Electronic Journal of Knowledge Management, Volume 12 Issue 4.

Hansen, Don R & Mowen, Maryanee M, 2007. “ Managerial Accounting”. 8th edition, Thomson Southwestern.

Iqbal, Umer & Usman, Muhammad,(2018). “ Impact of Financial Leverage on Firm Performance”.Seisense Journal of Management, Vol1 ,No.2.

Ilyukhin,Evgeny, (2015).” The Impact of Financial Leverage on Firm Performance: Evidence From Russia”. Journal of Corporate Finance 2, 24-36.

Junaedi, (2017). Pengaruh Modal Intelektual Terhadap Kinerja Perusahaan, Pertumbuhan Perusahaan dan Kinerja Pasar. Jurnal Informa Politeknik Indonesia Surakarta Vol3,No 1.

John, Akinyomi Oladele,2013.”Effect of Capital Structure on Firm Performance : Evidence from Nigerian Manufacturing Industry”. International Journal of Innovative Research & Studies, Vol 2 Issue 9

Jaleel, Abdul &Olayiwola, Badmus, (2017). “Effect of Leverage on Firm Performance in Nigeria: A Case of Listed Chemicals and PaintsFirms in Nigeria.” Global Journal of Management and Business Research, Accounting and Auditing,Vol 17, Issue 2.

Kuryanto B & Syafruddin M,2008.“Pengaruh Modal Intelektual Terhadap Kinerja Perusahaan”. Simposium Nasional Akuntansi 11, Pontianak, Indonesia,

Luqman, Olawale; Bamidele M, Ilo; Fatai,Lawal, 2017, The Effect of Firm Size on Performance of Firms in Nigeria. TheIEB International Journal of Finance.

Matinfard,M & , Khavari, A.2015 .”The Impact of Intellectual Capital on Firm Performance : Evidence from Tehran Stock Exchange”. Management Science Letters, 5(11), 1005-1016.

Marliando, Hinaloy, Dewi Anggraeni,2014 The effect of corporate social responsibility to firm value with management ownership as moderating variable”. Proceeding of The 1st International Conference on Business Economics and Social Sciences (ICBESS.2014).

Nassar S (2016), “ The Impact of Capital Structure on Financial Performance of The Firms : Evidence from Borsa Istambul.”. Journal of Business & Financial Affairs, Vol 5, Issue 2.

Nassar,S (2018).“The Impact of Intellectual Capital on Firm Performance of Turkish Real Estate Companies Before and After Crisis”. European Scientific Journal, Vol 14., No 1.

Nuraisyah Rusmalia Dewi & Arum Setyowati (2015), “Analisis Pengaruh Modal Intelektual Terhadap Kinerja Perusahaan, “Fokus Manajerial, Indonesia.

Niresh, Alloy & Velhampy, T, 2014, Firm Size and Profitability: A Study of Listed Manufacturing Firms in Sri Lanka. International Journal of Business and Management, Vol 9, No. 4.

Oyelade, Aduralere Opeyemi, 2019, The Impact of Firm Size on Firm Performance n Nigeria : A Comparative Stud Of Selected Firms in The Building Industry in Nigeria, Asian Development Policy Review, Vol 7, No 1, 1-9.

Philip Kioko, Nzioka, 2010, The Relationship Between Firm Size and Financial Performance of Commercial Banks in Kenya, University of Nairobi.

Pulic A, 2000. “VAIC: an accounting tool for IC Management”. International Journal of Technology Management, Vol 20, No 8, pp 5-8

Papula, J. and Volná, J. (2011) “Intellectual capital as value adding element in knowledge management”, Knowledge as Business Opportunity. Proceeding of the Conference of the International School for Social and Business Studies, Celje, Slovenia.

Salim, Mahfuzah& Yadav,Raj.2012.” Capital Structure and Firm Performance : Evidence fromMalaysia Listed Companies”. Procedia Social & Behavioral Science, 65, page 156-166.

Sutanto N & Siswantaya IG,2014. “ Pengaruh Modal Intelektual Terhadap Kinerja Perusahaan Pada Perusahaan Perbankan Yang Terdaftar di Bursa Efek Indonesia”. MODUS, Vol 26, No.1.

Schuma, G and Lerro A.2008.” Intellectual Capital and Company’s Performance improvement”. Measuring Business Excellence, Vol 12 No 2, pp 3-9

Schiuma, G., Lerro, A. and Sanitate, D. (2008), ‘‘The intellectual capital dimensions of Ducati’s turnaround: exploring knowledge assets grounding a change management program’’. International Journal of Innovation Management, Vol. 12 No. 2, pp. 161-93.

Tedy Saputra, Noer Azam Achsani,Lukytawati Anggraeni, 2015. “ The Effect of Capital Structure on Firm Performance : Empirical Evidence form Indonesian Financial Industry”. International Journal of Business and Management Invention, Vol 4, Issue 8.

Trigueiros, Duarte, 2000, ATheoritical Definition and Statistical Description of Firm Size, University of Macau, Macau.

Vithesonthi, Chaiporn & Tongurai Jittima, 2015.”The Effect of Leverage on Performance :Domestically Oriented versus internationally oriented firms”. Research In International Business and Finance, Vol 34, page 265-280.

Wan Shadila Sah Shahar; Wan Shahzlinda Sah Shahar; Nor Fadilah Bahari;Nurul, Wajhi Ahmad; Shafina Fisai;Nurauliani JamlusRafdi, 2015.” A Review of Capital Structure Theories: Trade-off Theory, Pecking Order Theory and Market Timing Theory”. Proceeding of The 2nd International Conference on Management and Muamalah.

Yisau Abiodun, Babalola, 2013. “The Effect of Firm Size on Firms Profitability in Nigeria”. Journal of Economics and Sustainable Development,,Vol 4, No 5.




DOI: https://doi.org/10.15294/jda.v11i2.20270

Refbacks

  • There are currently no refbacks.




Creative Commons License
Jurnal Dinamika Akuntansi is licensed under a Creative Commons Attribution 4.0 International License