INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING
Nisa Ayu Castrena Dewi
Prodi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Telkom
Jl. Telekomunikasi Terusan Buahbatu-Bandung, 40257, Indonesia.
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Company competition ability was not only in the assets ownership but also in the innovation, information system, organization management and resources, including the importance of knowledge assets in the company. One of the approaches used in assessment and measuring of knowledge assets was Intellectual Capital (IC) which used model namely Value Added Intellectual Coefficient (VAICTM) and also used per IC component namely Value Added Capital Employed (VACA), Value Added Human Capital (VAHU) and Structural Capital Value Added (STVA). This research aimed to investigate the intellectual effect toward firm value with return on assets as the intervening variable. The samples of this research were pharmacy companies listed in BEI. The samples were selected by using purposive sampling method and there were 24 observation data. The hypotheses of this research used path analysis, simple linear regression and double linear regression. The result of this research showed that IC had a positive significant effect toward Return on Assets as. IC did not have a direct effect toward firm value. It influenced indirectly toward firm value with Return on Assets as the intervening variable, simultaneously or partially. VACA, VAHU and STVA did not have an effect toward Return on Assets of a firm simultaneously or partially. VACA, VAHU and STVA did not have an effect on firm value.
Key words: Intellectual Capital (IC), Price to Book Value (PBV), Return on Assets (ROA)