The Effect of Intellectual Capital on the Value of the Company with Competitive Strategy as Moderating Variable (Study on High Intelectual Capital’s Companies Listed in IDX in 2012-2014)
Date
2017-01-23Author
Wahyuni, Nining Ika
Zulfikar
Wergiyanto, Yudik
Wardayati, Siti Maria
Metadata
Show full item recordAbstract
The changes of business era towards knowledge-based businesses led many companies started
to pay attention not only on tangible assets but also on intangible assets, one of which is
intellectual capital (IC). This study aimed to determine the effect of intellectual capital on
firm value and the effect of competitive strategy on increasing and decreasing the relationship
between intellectual capital and firm value. This research used 62 companies listed in the
Indonesian Stock Exchange in 2012-2014 which have high-intensive ICs. Regression analysis
was used to test the hypothesis in this study. The results showed that the intellectual capital
has the negative effect on the value of the company. While competitive strategy was capable
of affecting the relationship between intellectual capitals and firm value, but in this case the
effect is further weakening the relationship between the IC and firm value. The results
explained that the markets or investors, in placing the value, do not see the value of the IC as
a whole. Investors saw only one component, called VACA (capital employed), because the
company's operations in Indonesia apparently still dominated by the use of tangible assets.
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- LSP-Conference Proceeding [1874]