Date Log
Copyright (c) 2022 Renea Shinta Aminda
This work is licensed under a Creative Commons Attribution 4.0 International License.
Determinants of Firm Value with Financial Performance as Moderating Variable
Corresponding Author(s) : Renea Shinta Aminda
Jurnal Minds: Manajemen Ide dan Inspirasi,
Vol. 9 No. 1 (2022): June
Abstract
Intellectual capital, measured by VACA, VAHU, STVA, is several factors that influence fluctuations in firm value. This study uses a moderating variable with the ROA ratio to determine whether intellectual capital plays a significant role in increasing firm value. Data analysis used quantitative descriptive methods with Eviews 10 on Property and Real Estate sectors listed on the Indonesia Stock Exchange in 2017-2019. The results showed the importance of the role of Intellectual VACA, VAHU, STVA simultaneously having a significant effect on Firm Value (PBV) and Company Performance (ROA) but failed to moderate VAHU, STVA, and VACA in 16 companies.
Keywords
Download Citation
Endnote/Zotero/Mendeley (RIS)BibTeX
References
Ahmed, A., Khurshid, M. K., Zulfiqar, M., & Yousaf, M. U. (2019). Impact of Intellectual Capital on Firm Value: The Moderating Role of Managerial Ownership. SMART Journal of Business Management Studies, 15(2), 28. https://doi.org/10.20944/preprints201901.0318.v1
Al-Nasser, N. M. (2014). The Impact of Financial Analysis in Maximizing the Firm’s Value “A Case Study on the Jordanian Industrial Companies.” International Journal of Managerial Studies and Research (IJMSR), 2(6), 1–9.
Aprianti, S. (2018). Pengaruh VACA, VAHU, dan STVA terhadap Nilai Perusahaan pada Perusahaan Perbankan yang Terdaftar di BEI. Jurnal Riset Terapan Akuntansi, 2(1), 70–81.
Babalola, Y. A., & Abiola, F. R. (2013). Financial Ratio Analysis of Firms: A Tool for Decision Making. International Journal of Management Sciences, 1(4), 132–137.
Chairunissa, C., & Dewi, R. R. (2015). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan Dan Penilaian Pasar Dengan Corporate Governance Sebagai Variabel Moderasi. In Jurnal Akuntansi Trisakti (Vol. 2, Issue 2, p. 87). https://doi.org/10.25105/jat.v2i2.4896
CHENG, W. H., FILZAH, M. I., & HOE, C. H. (n.d.). Globalization and Application of Strategic Management Model and Theories to Entrepreneurs in a Turbulent Economy. Chinese Business Review, 10(6), 429–437.
Commercial., S. A.-C. B. (2020). Indonesia Property Market Overview Recent Market Performance Since The Spread of Covid-19 Pandemic. Coldwell Banker Commercial.
Costa, V., Silva, L., & Loureiro, P. (2020). Intellectual capital and its impact on business performance: An empirical study of Portuguese hospitality and tourism sectors. Intangible Capital, 16(2), 78–89. https://doi.org/10.3926/IC.1550
Dewi, N. A. C., & Isynuwardhana, D. (2014). Intellectual Capital Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening. Jurnal Keuangan Dan Perbankan, 18(2), 233–248.
Dorestani, A., & Aliabadi, S. (2017). Correlation, Association, Causation, and Granger Causation in Accounting Research. Academy of Accounting and Financial Studies Journal, 21(3).
Ebongkeng, H. (2018). Organizational Change and Performance Case study: African Financial Company SOFINA S.A, Cameroon. Business Management. CENTRIA UNIVERSITY OF APPLIED SCIENCE.
Ghozali, I., & Ratmono, D. (2017). Analisis Multivariat dan Ekonometrika (Teori, Konsep, dan Aplikasi dengan Eviews 10 (2nd ed.). Badan Penerbit Universitas Diponegoro.
Handayani, I. (2015). Pengaruh Modal Intelektual Terhadap Nilai Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. E-Jurnal Katalogis, 3(9), 21–30.
Hashmani, M., Ali, S. M., Naveed, S. M., & Khan, M. N. (2016). Challenges and Benefits of Implementing Knowledge Management System in An IT Based Company – Case Study Of Limton Innovative Systems. SZABIST Multidisciplinary International Conference (SMIC-2016).
Hillemane, B. (2013). Technological Innovation and Competitivenes in Global Economy: India’s Changing Status and Its Implications. The Asian Journal of Technology Management, 6(1), 1–14.
Ismail, M. H., Khater, M., & Zaki, M. (2018). Digital Business Transformation and Strategy: What Do We Know So Far? University of Cambridge. Journal University of Cambridge.
Jayanti, L. D., & Binastuti, S. (2017). Pengaruh Intellectual Capital terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intevening pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Bisnis, 22(3), 187–198.
Kabajeh, M. A., AL-Nu’aimat, S. M., & Dahmash, F. N. (2012). The Relationship between the ROA, ROE and ROI Ratios with Jordanian Insurance Public Companies Market Share Prices. International Journal of Humanities and Social Science, 2(11), 115–120.
Madyan, M., & Fikir, H. R. (2019). Intellectual Capital, Financial Performance, and Value of Company. Jour of Adv Research in Dynamical & Control Systems, 11(Special Issue-05), 1276–1284.
Markauskas, M., & Saboniene, A. (2015). Evaluation of Factors Affecting Companies Value of Lithuanian Dairy Industry. Procedia - Social and Behavioral Sciences, 213, 61–66.
Mendes, D., Gomes, J., & Romão, M. (2016). Creating Value from Intangible Assets: An Employee Portal Case Study. 17th European Conference on Knowledge ECKM 2016 Management, 604–613.
Nurdin, S., & Suyudi, M. (2019). Pengaruh Intellectual Capital Dan Islamicity Performance Index Terhadap Kinerja Keuangan Perbankan Syariah Di Indonesia. Jurnal Akuntansi Multi Dimensi (JAMDI), 5(1), 119–127. https://doi.org/10.21831/nominal.v5i1.11473
Nurdina, & Sidharta, R. Y. (2020). Intellectual Capital, Good Corporate Governance, And Performance Of Companies In Indonesia. IOSR Journal of Economics and Finance (IOSR-JEF), 11(1), 16–23.
Octabriansyah, A. (2012). Pengaruh Modal Intelektual Terhadap Kinerja Keuangan Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Skripsi, Universitas Sumatera Utara, Medan.
Rizescu, A., Tileag, C., Bălcescu, N., & Blaga, L. (2016). Factors Influencing Continuous Organisational Change. Journal of Defense Resources Management, 7(2(13)), 139–144.
Septia, E. R. (2018). Pengaruh Intellectual Capital terhadap Nilai Perusahaan.
Suripto, & Gunawan, J. (2019). Intellectual Capital Determinant Towards Company’s Competitive Advantage and Performance and Its Impact on Company’s Values. International Journal of Business and Law, 19(5), 145–163.
Susanto, A. . (2007). Resource Based Versus Market Based. Eksekutif.
Tara, L. (2015). Pengaruh Intellectual Capital dalam Kinerja Keuangan dan Nilai Perusahaan (Studi Empirik Pada Perusahaan Industri Sektor Konsumsi Yang Go Public Di Bursa Efek Indonesia Tahun 2008-2012). Business Accounting Review, 3(1), 33–44.
Tui, S. (2018). The Influence Of Intellectual Capital On Profitability And Company Value In Banking Industries Registered In Indonesia Stock Exchange (IDX). International Journal of Business and Management Invention (IJBMI), 7(12), 53–61.
Tulsian, M. (2014). Profitability Analysis (A comparative study of SAIL & TATA Steel). IOSR Journal of Economics and Finance (IOSR-JEF), 3(2(I)), 19–22.
Ulum, I. (2009). Intellectual Capital : Konsep dan Kajian Empiris. Graha Ilmu.
Van Meerkerk, I., Edelenbos, J., & Klijn, E. (n.d.). Survey Approach. In J. Voets, R. Keast, & C. Koliba (Eds.), Networks and Collaboration in the Public Sector: Essential Research Approaches, Methodologies and Analytical Tools. 2020, 64–81.
Vebriany, C. M. W. (2015). Pengaruh Modal Intelektual dan Profitabilitas Terhadap Nilai Perusahaan (Studi pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia 2009-2013). Doctoral Dissertation, UPN VETERAN YOGYAKARTA.
Xu, J., & Liu, F. (2021). Nexus Between Intellectual Capital and Financial Performance: An Investigation of Chinese Manufacturing Industry. Journal of Business Economics and Management, 22(1), 217–235. https://doi.org/10.3846/jbem.2020.13888
Yu, K., W., X. Ding, W., Wang, H., & Yao, H. (2011). Causal Associative Classification. 11th IEEE International Conference on Data Mining, ICDM, 20.
Zahid, A. (2021). THE IMPACT OF INTELLECTUAL CAPITAL ON FIRM VALUE AND MODERATING ROLE OF MANAGERIAL OWNERSHIP AND INSTITUTIONAL OWNERSHIP. International Journal of Business Reflections, Vol. 2(ISS 1), 20–38.
Zulkifli, N. S., Shukor, Z. A., & Rahman, M. R. (2017). Intellectual Capital Efficiency and Firm Performance in Malaysia: The Effect of Government Ownership. Asian Journal of Accounting and Governance (Isu Khas).