PENGARUH INTELLECTUAL CAPITAL, KEBIJAKAN DIVIDEN DAN KEPUTUSAN PENDANAAN TERHADAP KINERJA PERUSAHAAN

Abstract

This reaserch aimed to examine the effect of intellectual capital, divident policy and funds decision on company’s competence. The intellectual capital was analyzed by using value added intellectual coefficient cinsisting of value added capital employed (VACE), value added human capital (VAHU) and structural capital value added (STVA). Moreover, divident policy was analyzed by using divident payout. While finds decision was analyzed by using debt to equity ratio. Furthermore, the data analysi technique used multiple regression linier. The reasearch result showed that VACE and STVA had positive effect on company’s competence. It meant, the use od intellectual capital and precission of company structure could could increase the company financial’s competence. On the oher hand, VAHU had negative effect on company’s competence. In other words, employeed cost which were not balanced by training; and the course would decrease company’s competence as they could not follow the recent technology. Furthermore, the divident policy had negative effect on company;s competence. It meant, the more payable divident the least company’s profit. In addition, funds decision also had negative effect on company’s competence. In other words, the funds which was support by debt would decrease the profit since it used to pay debts and interest cost.
Keywords: intellectual capital, divident policy, funds decision, company’s competence.