Pengaruh Struktur Kepemilikan Terhadap Kinerja Dengan Value Added Intellectual Capital Coefficient (VAIC) Sebagai Variabel Intervening [The Influence of Ownership Structure on Performance with Value Added Intellectual Capital Coefficient (VAIC) as an Intervening Variable]

Fitri Ismiyanti, Anggita Rebbica Hamidya

Abstract


Development of science, innovation, and economics shifts the view of how to run a labor-based business into a knowledge-based business. Intellectual capital (IC), which is based on the competitive advantage of companies, is considered as one of the hidden assets that contributes to the measurement of companies’ value. Value Added Intellectual Capital Coefficient (VAICTM) is a method developed by Pulic, which became the standard to gauge IC on research in various countries. Ownership structure has indicated effects on VAICTM, because shareholder’s governance reflects the control and supervision of company's assets and performance. VAICTM also has indicated impacts on ROE and company’s market performance, which is proxied by Q  Ratio Modification. The purpose of this study is to measure the effect of ownership structure, such as managerial, domestic institutional, foreign institutional, and government ownership on VAICTM, as well as the influence of VAICTM to the ROE and Q  Ratio Modification on 218 observations of listed companies on the Indonesia Stock Exchange in the period of 2009-2011 using the recursive regression analysis method. The results showed a significantly negative effect of government ownership on VAICTM, and VAICTM had a significantly positive effect on ROE and Q  Ratio Modification.

BAHASA INDONESIA ABSTRAK: Perkembangan ilmu pengetahuan, inovasi, dan ekonomi menggeser pandangan cara menjalankan bisnis yang berbasis tenaga kerja (labor-based business) menjadi bisnis yang berkarakter ilmu pengetahuan (knowledge-based business). Intellectual capital (IC) yang bertumpu pada keunggulan bersaing perusahaan dianggap menjadi salah satu hidden assets yang berkontribusi terhadap pengukuran nilai perusahaan. Value Added Intellectual Capital Coefficient (VAICTM) adalah metode yang dikembangkan oleh Pulic, yang menjadi standar pengukur IC pada banyak penelitian di berbagai negara. Struktur kepemilikan diindikasikan memiliki efek terhadap VAICTM, karena tata kelola pemegang saham tersebut mencerminkan pengendalian dan pengawasan aset dan kinerja perusahaan. VAICTM juga diindikasikan memiliki dampak terhadap pendapatan bersih per ekuitas (ROE) dan kinerja pasar perusahaan, yang diproksikan dengan Modifikasi Q Ratio. Tujuan penelitian ini adalah mengukur pengaruh struktur kepemilikan manajerial, domestik, asing, dan pemerintah terhadap VAICTM, serta pengaruh VAICTM tersebut terhadap ROE dan Modifikasi Q Ratio atas 218 pengamatan yang tergabung dari berbagai sektor perusahaan yang terdaftar di BEI pada periode 2009-2011 dengan metode analisa recursive regression. Hasil penelitian menunjukkan kepemilikan pemerintah berpengaruh negatif signifikan terhadap VAICTM, dan VAICTM berpengaruh positif signifikan terhadap ROE dan Modifikasi Q Ratio.


Keywords


intellectual capital; VAIC ; ownership structure; ROE; Q ratio modification

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DOI: http://dx.doi.org/10.19166/derema.v12i1.340

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