Pengaruh Intellektual Capital Terhadap Kinerja Perusahaan (Studi pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Periode 2005-2007
INTAN EDITYA (Pembimbing: Supriyadi, Dr., M.Sc.), Supriyadi, Dr., M.Sc.
Penelitian ini berjudul PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA PERUSAHAAN (Studi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2005-2007). Tujuan penelitian ini adalah untuk menguji secara empiris pengaruh tiga macam elemen intellectual capital terhadap economic value added dan market value added perusahaan.
Berdasarkan metode VAIC, intellectual capital diproksi dengan tiga macam efisiensi sumber daya, yaitu capital employed efficiency, human capital efficiency, dan structural capital efficiency. Dalam penelitian ini, kinerja perusahaan diproksikan dengan economic value added (EVA) dan market value added (MVA).
Metode sampling yang digunakan dalam penelitian ini adalah purposive sampling, dan dihasilkan sampel sebanyak 47 perusahaan manufaktur. Data 47 perusahaan manufaktur tersebut diuji menggunakan regresi data panel.
Berdasarkan Uji regresi data panel menggunakan model random effect, menunjukkan bahwa capital employed efficiency dan human capital efficiency berpengaruh positif signifikan terhadap economic value added (EVA) dan market value added (MVA), sedangkan structural capital efficiency tidak mempunyai pengaruh positif terhadap economic valueu added (EVA) dan market value added (MVA).
Penelitian ini membuktikan bahwa intellectual capital memiliki peran penting bagi terciptanya nilai pasar yang tinggi dan kinerja keuangan yang baik. Oleh karena itu, manajer hendaknya meningkatkan efisiensi pengelolaan modal fisik, efisiensi pengelolaan karyawan, dan senantiasa mengusahakan terciptanya efisiensi dalam proses operasional perusahaan. Dalam pemilihan investasi yang berpotensi menghasilkan nilai pasar yang tinggi dan kinerja keuangan yang baik, investor dapat menggunakan tiga macam efisiensi tersebut sebagai kriteria.
This study entitled THE EFFECT OF INTELLECTUAL CAPITAL TOWARD CORPORATES PERFORMANCE (Study at Listed Manufacture Companies in Indonesia Stock Exchange of The Period 2005-2007). The objective of this study was to empirically examine the effect of the three elements of intellectual capital toward economic value added and market value added.
According to VAIC method, intellectual capital was proxied by three efficiency indicators of the firms resources; i.e. capital employed efficiency, human capital efficiency, and structural capital efficiency. In this study, financial performance was proxied by economic value added (EVA) and market value added (MVA).
The sampling method used in this study was purposive sampling, resulting 47 manufacture companies as the sample. Data of those companies tested by panel data regression.
Based on regression tests using panel data random effects model, showed that the capital employed efficiency and human capital efficiency has a significant positive effect on economic value added (EVA) and market value added (MVA), while structural capital efficiency does not have a positive influence on economic valueu added ( EVA) and market value added (MVA).
This study proves that intellectual capital has an important role for the creation of high market value and financial performance. Therefore, managers should increase the efficiency of physical capital management, employee management efficiency, and always try to create efficiency in process operations. In order to select investments that have the potential to produce high market value and financial performance, investors may use three kinds of efficiency as a criterias.
Kata Kunci : Intellectual Capital; VAIC; Panel Data Regression; Corporates Perfomance, Regresi Data Panel; Kinerja Perusahan
