Pengaruh intellectual capital terhadap nilai perusahaan dengan variabel moderasi strategi bisnis prospector

Jennifer, Jennifer (2021) Pengaruh intellectual capital terhadap nilai perusahaan dengan variabel moderasi strategi bisnis prospector. Masters thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini bertujuan untuk menguji dan memberikan bukti empiris mengenai pengaruh intellectual capital terhadap nilai perusahaan, dimana intellectual capital sebagai variabel independen diproyeksikan oleh empat indikator yaitu human capital, structure capital, capital employed, dan relational capital. Nilai perusahaan sebagai variabel terikat diukur dengan melihat performa perusahaan di pasar modal (market performance) menggunakan pengukuran Tobin’s Q. Sedangangkan, variabel moderasi strategi bisnis prospector diukur menggunakan pengukuran Bentley et al. (2013) yaitu, ratio of research and development to sales, ratio of employee to sales, change in total revenue, turnover karyawan, marketing to sales, dan capital intensity. Penelitian ini bersifat kuantitiatif dengan menggunakan data sekunder yang diperoleh melalui metode purposive sampling. Observasi penelitian ini terdiri dari 279 sampel perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2017-2019. Hasil pengujian yang dilakukan memberikan bukti bahwa dari keempat indikator intellectual capital, hanya structure capital dan capital employed yang terbukti memberikan pengaruh positif terhadap nilai perusahaan. Sedangkan human capital dan relational capital tidak terbukti berpengaruh positif terhadap nilai perusahaan. Di samping itu, strategi bisnis prospector hanya terbukti memoderasi pengaruh structure capital terhadap nilai perusahaan. / This study aims to test and provide empirical evidence regarding the effect of intellectual capiral on firm value, where intellectual capital as independent variable is projected by four indicators namely, human capital, structure capital, capital employed and relational capital. Firm value as dependent variable is measured by their performance in the capital market using Tobin’s Q measurement. Meanwhile, prospector business strategy as moderating variable is measured using the measurement of Bentley et al. (2013) namely, the ratio of research and development to sales, ratio of employee to sales, changes in total revenue, employee turnover, ratio of marketing to sales and capital intensity. This research is quantitive in nature and using the secondary data obtained through purposive sampling methos. The observations of this study consisted of 279 samples of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2017-2019. The study conducted provides evidence that of the four intellectual capital indicators, only strcture capital and capital employed proven to have positive impact on firm value. Meanwhile human capital and relational capital are not proven to have a positive effect on firm value. In addition, prospector business strategy is only proven to moderate the effect of structure capital on firm value.

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