PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA KEUANGAN (Studi Pada Perusahaan Property dan Real Estate)

Abstract

This research aimed to examine the effect of intellectual capital elements i.e. Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA) on the company financial performance. While, the sampling collection technique used purposive sampling, in which there were 29 Property and Real Estate companies listed on Indonesia Stock Exchange 2014-2017 as sample. Moreover, the data analysis technique used multiple linear regression. In addition, the research result concluded (a) Value Added Capital Employed (VACA) had positive effect on the financial performance. It meant, the company had used the physical capital and its financial efficiently and effectively in order to produce the company value-added, as the financial performance had improved, (b) Value Added Human Capital (VAHU) had positive effect on the financial performance. In other words, the company was able to empower the human resources to support financial performance as the company value-added had been improved, (c) Structural Capital Value Added (STVA) did not affect on the financial performance. It meant, the company ability to fulfill its operational routine process and also its structure had not been yet supported the labors effort in order to produce value-added, as the financial performance had not been optimal.
Keywords: Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), Structural Capital Value Added (STVA), Financial Performance.