Alimy, J. I., & Herawaty, V. (2020). Pengaruh Intellectual Capital terhadap Kinerja Keuangan: dengan Variabel Moderasi Prospector Strategy pada Perusahaan Manufaktur yang Terdaftar di IDX Periode 2016-2018. Prosiding Seminar Nasional Pakar Ke 3 Tahun 2020, 1–9.
Andreeva, T., & Garanina, T. (2016). Do all elements of intellectual capital matter for organizational performance? Evidence from Russian context. Journal of Intellectual Capital, 17(2), 397–412.
Andriana, D. (2014). Analisis Kinerja Keuangan Sebelum dan Sesudah Penerapan Pola Pengelolaan Keuangan Badan Layanan Umum di Universitas Negeri Padang. Jurnal Riset Akuntansi Dan Keuangan, 2(1), 251–260.
Atidira, R., & Priyono, A. (2020). Eksplorasi intellectual capital Pemerintah Kota Semarang. Jurnal Ekonomi Modernisasi, 16(3), 117–131.
Baroroh, N. (2013). Analisis Pengaruh Modal Intelektual terhadap Kinerja Keuangan Perusahaan Manufaktur di Indonesia. Jurnal Dinamika Akuntansi, 5(2), 172–182.
Budiarso, N. S. (2019). Intellectual Capital in Public Sector. Accountability, 8(01), 42–50.
Cahyadi, A., Yulianti, N. W., Khotimah, H., & Setiadi, Y. (2020). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Badan Layanan Umum (BLU) UIN Syarif Hidayatullah Jakarta. Akuntansi Dewantara, 4(1), 60–69.
Castro, J. P. G., Ramírez, D. F. D., & Escobar, J. M. (2021). The relationship between intellectual capital and financial performance in Colombian listed banking entities. Asia Pacific Management Review.
Cinca, C. S., Molinero, C. M., & Queiroz, A. B. (2003). The measurement of intangible assets in public sector using scaling techniques. Journal of Intellectual Capital, 4(2), 249–275.
Dharma, M. A., & Pangestu, S. (2020). The Impact of Intellectual Capital on the Financial Performance of Publicly Listed Indonesian Manufacturing Companies. Jurnal Penelitian Akuntansi, 1(2), 145–152.
Edvinsson, L., & Sullivan, P. (1996). Developing a model for managing intellectual capital. European Management Journal, 14(4), 356–364.
Elston, T. (2014). Not so “arm’s length”: Reinterpreting agencies in uk central government. Public Administration, 92(2), 458–476.
Evans, J. M., Brown, A., & Baker, G. R. (2015). Intellectual Capital in the Healthcare Sector : A Systematic Review and Critique of the Literature. BMC Health Services Research, 15(556), 1–14.
Festa, G., Rossi, M., Kolte, A., & Marinelli, L. (2020). The contribution of intellectual capital to financial stability in Indian pharmaceutical companies. Journal of Intellectual Capital, 22(2), 337–359.
Freddy, H. T. D., Achmad, W., & Nasution, M. S. (2022). The Effectivity of Public Services Based On Smart Goverment In Bukit Raya Distric Pekanbaru City. Journal of Governance, 7(7), 239–259.
Gamerschlag, R. (2013). Value relevance of human capital information. Journal of Intellectual Capital, 14(2), 325–345.
Ghozali, I., & Ratmono, D. (2017). Analisis Multivariat dan Ekonometrika: Teori, Konsep, dan Aplikasi dengan EViews (2nd ed.). Semarang: Badan Penerbit Universitas Diponegoro.
Gravili, G., Manta, F., Cristofaro, C. L., Reina, R., & Toma, P. (2020). Value that matters: intellectual capital and big data to assess performance in healthcare. An empirical analysis on the European context. Journal of Intellectual Capital, 22(2), 260–289.
Huang, H., Leone, D., Caporuscio, A., & Kraus, S. (2020). Managing intellectual capital in healthcare organizations. A conceptual proposal to promote innovation. Journal of Intellectual Capital, 22(2), 290–310.
Inkinen, H. (2015). Review of empirical research on intellectual capital and firm performance. Journal of Intellectual Capital, 16(3), 518–565.
Islamiyah, S. (2015). Pengaruh Modal Intelektual dan Tata Kelola Perusahaan terhadap Kinerja Keuangan pada Efek Syariah. Jurnal Akuntansi Akunesa, 3(2), 1–27.
Kamaruddin, K., & Abeysekera, I. (2013). Intellectual capital and public sector performance. Studies in Managerial and Financial Accounting, 27, 1–210.
Lee, C. C., & Lin, C. K. (2019). The major determinants of influencing the operating performance from the perspective of intellectual capital: Evidence on CPA industry. Asia Pacific Management Review, 24(2), 124–139.
Lee, M. L. (1974). Theoretical Foundation of Hospital Planning. Inquiry, 11(4), 276–281.
Maharani, A., & Tampubolon, G. (2017). The double-edged sword of corporatisation in the hospital sector: Evidence from Indonesia. Health Economics, Policy and Law, 12(1), 61–80.
Martini, S. B., Corvino, A., Doni, F., & Rigolini, A. (2016). Relational capital disclosure, corporate reporting and company performance: evidence from Europe. Journal of Intellectual Capital, 17(2).
Momani, K. M. K. Al, Jamaludin, N., Zalani, W., & Nour, A.-N. I. (2020). The Effects of Intellectual Capital on Firm Performance of Industrial Sector in Jordan. Humanities & Social Sciences Reviews, 8(2), 184–192.
Nassar, S. (2018). The Impact of Intellectual Capital on Firm Performance of the Turkish Real Estate Companies Before and After the Crisis. European Scientific Journal, ESJ, 14(1), 29.
Nurliah, N., Mus, A. R., & Dani, I. (2020). Analisis Kinerja Keuangan Pada Badan Layanan Umum (BLU) Rumah Sakit Umum. Tata Kelola, 7(1), 47–61.
Ostermann, T., & Schuster, R. (2015). An information-theoretical approach to classify hospitals with respect to their diagnostic diversity using Shannon’s entropy. Proceedings Ofthe International Conference on Health Informatics, 325–329.
Pirozzi, M. G., & Ferulano, G. P. (2016). Intellectual capital and performance measurement in healthcare organizations: An integrated new model. Journal of Intellectual Capital, 17(2), 320–350.
Poole, M., Mansfield, R., & Gould-Williams, J. (2006). Public and private sector managers over 20 years: A test of the “convergence thesis.” Public Administration, 84(4), 1051–1076.
Pulic, A. (2000). VAICTM – An Accounting Tool for Intellectual Capital Management. International Journal Technology Management, 20(5/6/7/8), 702–714.
Ramadhani, A., & Agustin, H. (2021). Pengaruh Intellectual Capital dan Corporate Governance Terhadap Kinerja Keuangan (Studi Empiris Pada Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2019). Jurnal Eksplorasi Akuntansi, 3(1), 67–81.
Ramesh, M., & Wu, X. (2008). Realigning public and private health care in southeast Asia. Pacific Review, 21(2), 171–187.
Ravaghi, H., Foroughi, Z., Nemati, A., & Bélorgeot, V. D. (2018). A holistic view on implementing hospital autonomy reforms in developing countries: A systematic review. Health Policy and Planning, 33(10), 1118–1127.
Rosiana, A., & Mahardika, A. S. (2020). Pengaruh Good Corporate Governance dan Intellectual Capital terhadap Kinerja Keuangan. Sistem Informasi, Keuangan, Auditing Dan Perpajakan, 5(1), 76–89.
Suwiji, N. E., & Rachmawati, D. (2017). Analisis Perbedaan Modal Intelektual Antar Industri: Perbankan, Telekomunikasi, dan Manufaktur. Jurnal Akuntansi Kontemporer, 9(1), 42–64.
Trondal, J. (2014). Agencification. Public Administration Review, 74(4), 545–549.
Ulum, I., Ghozali, I., & Purwanto, A. (2014). Intellectual Capital Performance of Indonesian Banking Sector: A Modified VAIC (M-VAIC) Perspective. Asian Journal of Finance & Accounting, 6(2), 103.
Verhoest, K. (2018). Agencification in Europe. The Palgrave Handbook of Public Administration and Management in Europe, 327–346.
Vining, A. R., Laurin, C., & Weimer, D. (2015). The longer-run performance effects of agencification: Theory and evidence from Québec agencies. Journal of Public Policy, 35(2), 193–222.
Waluyo, B. (2014). Analisis Permasalahan pada Implementasi Pola Pengelolaan Keuangan Badan Layanan Umum. Infoartha, 3, 27–38.
Andreeva, T., & Garanina, T. (2016). Do all elements of intellectual capital matter for organizational performance? Evidence from Russian context. Journal of Intellectual Capital, 17(2), 397–412.
Andriana, D. (2014). Analisis Kinerja Keuangan Sebelum dan Sesudah Penerapan Pola Pengelolaan Keuangan Badan Layanan Umum di Universitas Negeri Padang. Jurnal Riset Akuntansi Dan Keuangan, 2(1), 251–260.
Atidira, R., & Priyono, A. (2020). Eksplorasi intellectual capital Pemerintah Kota Semarang. Jurnal Ekonomi Modernisasi, 16(3), 117–131.
Baroroh, N. (2013). Analisis Pengaruh Modal Intelektual terhadap Kinerja Keuangan Perusahaan Manufaktur di Indonesia. Jurnal Dinamika Akuntansi, 5(2), 172–182.
Budiarso, N. S. (2019). Intellectual Capital in Public Sector. Accountability, 8(01), 42–50.
Cahyadi, A., Yulianti, N. W., Khotimah, H., & Setiadi, Y. (2020). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Badan Layanan Umum (BLU) UIN Syarif Hidayatullah Jakarta. Akuntansi Dewantara, 4(1), 60–69.
Castro, J. P. G., Ramírez, D. F. D., & Escobar, J. M. (2021). The relationship between intellectual capital and financial performance in Colombian listed banking entities. Asia Pacific Management Review.
Cinca, C. S., Molinero, C. M., & Queiroz, A. B. (2003). The measurement of intangible assets in public sector using scaling techniques. Journal of Intellectual Capital, 4(2), 249–275.
Dharma, M. A., & Pangestu, S. (2020). The Impact of Intellectual Capital on the Financial Performance of Publicly Listed Indonesian Manufacturing Companies. Jurnal Penelitian Akuntansi, 1(2), 145–152.
Edvinsson, L., & Sullivan, P. (1996). Developing a model for managing intellectual capital. European Management Journal, 14(4), 356–364.
Elston, T. (2014). Not so “arm’s length”: Reinterpreting agencies in uk central government. Public Administration, 92(2), 458–476.
Evans, J. M., Brown, A., & Baker, G. R. (2015). Intellectual Capital in the Healthcare Sector : A Systematic Review and Critique of the Literature. BMC Health Services Research, 15(556), 1–14.
Festa, G., Rossi, M., Kolte, A., & Marinelli, L. (2020). The contribution of intellectual capital to financial stability in Indian pharmaceutical companies. Journal of Intellectual Capital, 22(2), 337–359.
Freddy, H. T. D., Achmad, W., & Nasution, M. S. (2022). The Effectivity of Public Services Based On Smart Goverment In Bukit Raya Distric Pekanbaru City. Journal of Governance, 7(7), 239–259.
Gamerschlag, R. (2013). Value relevance of human capital information. Journal of Intellectual Capital, 14(2), 325–345.
Ghozali, I., & Ratmono, D. (2017). Analisis Multivariat dan Ekonometrika: Teori, Konsep, dan Aplikasi dengan EViews (2nd ed.). Semarang: Badan Penerbit Universitas Diponegoro.
Gravili, G., Manta, F., Cristofaro, C. L., Reina, R., & Toma, P. (2020). Value that matters: intellectual capital and big data to assess performance in healthcare. An empirical analysis on the European context. Journal of Intellectual Capital, 22(2), 260–289.
Huang, H., Leone, D., Caporuscio, A., & Kraus, S. (2020). Managing intellectual capital in healthcare organizations. A conceptual proposal to promote innovation. Journal of Intellectual Capital, 22(2), 290–310.
Inkinen, H. (2015). Review of empirical research on intellectual capital and firm performance. Journal of Intellectual Capital, 16(3), 518–565.
Islamiyah, S. (2015). Pengaruh Modal Intelektual dan Tata Kelola Perusahaan terhadap Kinerja Keuangan pada Efek Syariah. Jurnal Akuntansi Akunesa, 3(2), 1–27.
Kamaruddin, K., & Abeysekera, I. (2013). Intellectual capital and public sector performance. Studies in Managerial and Financial Accounting, 27, 1–210.
Lee, C. C., & Lin, C. K. (2019). The major determinants of influencing the operating performance from the perspective of intellectual capital: Evidence on CPA industry. Asia Pacific Management Review, 24(2), 124–139.
Lee, M. L. (1974). Theoretical Foundation of Hospital Planning. Inquiry, 11(4), 276–281.
Maharani, A., & Tampubolon, G. (2017). The double-edged sword of corporatisation in the hospital sector: Evidence from Indonesia. Health Economics, Policy and Law, 12(1), 61–80.
Martini, S. B., Corvino, A., Doni, F., & Rigolini, A. (2016). Relational capital disclosure, corporate reporting and company performance: evidence from Europe. Journal of Intellectual Capital, 17(2).
Momani, K. M. K. Al, Jamaludin, N., Zalani, W., & Nour, A.-N. I. (2020). The Effects of Intellectual Capital on Firm Performance of Industrial Sector in Jordan. Humanities & Social Sciences Reviews, 8(2), 184–192.
Nassar, S. (2018). The Impact of Intellectual Capital on Firm Performance of the Turkish Real Estate Companies Before and After the Crisis. European Scientific Journal, ESJ, 14(1), 29.
Nurliah, N., Mus, A. R., & Dani, I. (2020). Analisis Kinerja Keuangan Pada Badan Layanan Umum (BLU) Rumah Sakit Umum. Tata Kelola, 7(1), 47–61.
Ostermann, T., & Schuster, R. (2015). An information-theoretical approach to classify hospitals with respect to their diagnostic diversity using Shannon’s entropy. Proceedings Ofthe International Conference on Health Informatics, 325–329.
Pirozzi, M. G., & Ferulano, G. P. (2016). Intellectual capital and performance measurement in healthcare organizations: An integrated new model. Journal of Intellectual Capital, 17(2), 320–350.
Poole, M., Mansfield, R., & Gould-Williams, J. (2006). Public and private sector managers over 20 years: A test of the “convergence thesis.” Public Administration, 84(4), 1051–1076.
Pulic, A. (2000). VAICTM – An Accounting Tool for Intellectual Capital Management. International Journal Technology Management, 20(5/6/7/8), 702–714.
Ramadhani, A., & Agustin, H. (2021). Pengaruh Intellectual Capital dan Corporate Governance Terhadap Kinerja Keuangan (Studi Empiris Pada Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2019). Jurnal Eksplorasi Akuntansi, 3(1), 67–81.
Ramesh, M., & Wu, X. (2008). Realigning public and private health care in southeast Asia. Pacific Review, 21(2), 171–187.
Ravaghi, H., Foroughi, Z., Nemati, A., & Bélorgeot, V. D. (2018). A holistic view on implementing hospital autonomy reforms in developing countries: A systematic review. Health Policy and Planning, 33(10), 1118–1127.
Rosiana, A., & Mahardika, A. S. (2020). Pengaruh Good Corporate Governance dan Intellectual Capital terhadap Kinerja Keuangan. Sistem Informasi, Keuangan, Auditing Dan Perpajakan, 5(1), 76–89.
Suwiji, N. E., & Rachmawati, D. (2017). Analisis Perbedaan Modal Intelektual Antar Industri: Perbankan, Telekomunikasi, dan Manufaktur. Jurnal Akuntansi Kontemporer, 9(1), 42–64.
Trondal, J. (2014). Agencification. Public Administration Review, 74(4), 545–549.
Ulum, I., Ghozali, I., & Purwanto, A. (2014). Intellectual Capital Performance of Indonesian Banking Sector: A Modified VAIC (M-VAIC) Perspective. Asian Journal of Finance & Accounting, 6(2), 103.
Verhoest, K. (2018). Agencification in Europe. The Palgrave Handbook of Public Administration and Management in Europe, 327–346.
Vining, A. R., Laurin, C., & Weimer, D. (2015). The longer-run performance effects of agencification: Theory and evidence from Québec agencies. Journal of Public Policy, 35(2), 193–222.
Waluyo, B. (2014). Analisis Permasalahan pada Implementasi Pola Pengelolaan Keuangan Badan Layanan Umum. Infoartha, 3, 27–38.
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Affiliations
Anggun B.U.S. Depari
Department of Taxation, the Ministry of Finance, Jakarta, Indonesia
Budi Waluyo
Polytechnic of State Finance STAN
How to Cite
1.
Depari A, Waluyo B. Managing Intellectual Capital in Public Hospital: Effects on Financial Performance. MAJ [Internet]. 8Jan.2023 [cited 11Nov.2024];11(4):372-83. Available from: https://journal.unnes.ac.id/sju/maj/article/view/61733
Managing Intellectual Capital in Public Hospital: Effects on Financial Performance
Effects on Financial Performance
Vol 11 No 4 (2022): Management Analysis Journal
Submitted: Nov 1, 2022
Published: Jan 8, 2023
Abstract
This study examines effect of intellectual capital on the financial performance of public hospitals in Indonesia. The effect is proxied through Value Added Intellectual Coefficient (VAIC™), consisting of Value-Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). In addition, this study identifies differences in the influence on general and special hospitals. This study analyses the audited financial statements of 20 public hospitals with random effects approach. The results showed that VACA and STVA positively affected financial performance. In contrast, VAHU negatively affected the financial performance of all public hospitals. Although general and special hospitals have several different business models, the effect of intellectual capital on the financial performance is similar. This study provides theoretical implication to the rising stream of literature on intellectual capital in public service agencies, especially public hospitals. Public hospitals are expected to develop human capital to create added value for the organization by employing their flexibility in human resource management.