PENGARUH INTELLECTUAL CAPITAL DAN PENGUNGKAPANNYA TERHADAP NILAI PERUSAHAAN

Abstract

This research is meant to examine the influence of intellectual capital which is proxy by Value Added
Intellectual Coefficient (VAICTM), intellectual capital disclosure which is proxy by the intellectual capital
disclosure index with 81 items to the firm value which is proxy by Price to Book Value (PBV) with the financial
performance as the intervening variable which is proxy by Return On Equity (ROE). The population has been
collected by using purposive sampling method to the companies which have conducted Initial Public Offering
(IPO) which are listed in Indonesia Stock Exchange (IDX) in 2011-2015 periods and based on the predetermined
criteria, 60 companies which have conducted Initial Public Offering (IPO) have been selected as samples. The
analysis method has been carried out by using path analysis. The result of the research shows that intellectual
capital give positive influence to the financial performance and intellectual capital either direct or indirect gives
positive influence to the firm value through financial performance as the intervening variable. Financial
performance has a positive effect on value through meanwhile, the intellectual capital either direct or indirect
gives positive influence to the firm value through financial performance as the intervening variable.
Keywords: Intellectual capital, intellectual capital disclosure, financial performance, firmvalue.