Intellectual Capital, Company Performance, Sustainable Growth, and Company Value: Analysis of Financial Sector Data in the Indonesia Stock Exchange

Muhammad  Arif; Philipus T  Paryanto; Priyanto Wisnu  Wardhana; Henny Setyo  Lestari; Farah Margaretha  Leon

doi:10.23887/ijssb.v7i4.66535

Authors

Muhammad Arif Trisakti University, Jakarta, Indonesia
Philipus T Paryanto Trisakti University, Jakarta, Indonesia
Priyanto Wisnu Wardhana Trisakti University, Jakarta, Indonesia
Henny Setyo Lestari Trisakti University, Jakarta, Indonesia
Farah Margaretha Leon Trisakti University, Jakarta, Indonesia

DOI:

https://doi.org/10.23887/ijssb.v7i4.66535

Keywords:

Intellectual capital, Company performance, Sustainable growth, Firm value, IDX

Abstract

The financial sector of IDX is important in the Indonesian economy. This sector consists of various kinds of financial companies, such as banks, insurance companies, and investment companies, all of which have unique characteristics and challenges in terms of the utilization of intellectual capital. Although the financial sector has played a vital role in the Indonesian economy, utilising intellectual capital is still a new phenomenon that has yet to be fully adopted. It needs further study its impact on company performance, sustainable growth, and firm value. Therefore, this research aims to identify the impact of intellectual capital and its components on company performance, sustainable growth, and firm value in the financial sector listed on the Indonesia Stock Exchange (IDX) during the 2019-2022 period. The type of research used in this study is quantitative. The research results show that intellectual capital, notably Structural Capital, significantly impacts performance, growth, and firm value in the financial sector on the Indonesia Stock Exchange (IDX) during the 2019-2022 period. Additionally, measuring a company's market value relative to its book value or Tobin's Q significantly affects these three aspects. Therefore, this research can broaden the scope of previous literature that primarily focused on the role of intellectual capital in the manufacturing, technology, and banking sectors by involving data and analysis from the IDX financial sector during the 2019-2022 period.

References

Aida, R. N., & Rahmawati, E. (2015). Pengaruh Modal Intelektual dan Pengungkapannya Terhadap Nilai Perusahaan: Efek Intervening Kinerja Perusahaan. Journal of Accounting and Investment, 16(2), 96–109. https://doi.org/10.18196/jai.2015.0035.96-109. DOI: https://doi.org/10.18196/jai.2015.0035.96-109

Andy, A., Angeline, G., Roberto, Y., Wijaya, H., & Febrianty, L. (2022). Faktor-Faktor Yang Mempengaruhi Kebijakan Utang dengan Profitabilitas sebagai Pemoderasi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Bina Akuntansi, 10(1), 201–228. https://doi.org/10.52859/jba.v10i1.255. DOI: https://doi.org/10.52859/jba.v10i1.255

Asiaei, K., O’Connor, N. G., Barani, O., & Joshi, M. (2023). Green intellectual capital and ambidextrous green innovation: The impact on environmental performance. Business Strategy and the Environment, 32(1), 369–386. https://doi.org/10.1002/bse.3136. DOI: https://doi.org/10.1002/bse.3136

Azwina, R., Wardani, P., Sitanggang, F., & Silalahi, P. R. (2023). Strategi Industri Manufaktur Dalam Meningkatkan Percepatan Pertumbuhan Ekonomi di Indonesia. Profit: Jurnal Manajemen, Bisnis Dan Akuntansi, 2(1), 44–55. https://doi.org/10.58192/profit.v2i1.442.

Baba, B. U., & Baba, U. A. (2021). The effect of ownership structure on social and environmental reporting in Nigeria: the moderating role of intellectual capital disclosure. Journal of Global Responsibility, 12(2), 210–244. https://doi.org/10.1108/JGR-06-2019-0060. DOI: https://doi.org/10.1108/JGR-06-2019-0060

Bai, Y., & Li, H. (2022). Mapping the evolution of e-commerce research through co-word analysis: 2001–2020. Electronic Commerce Research and Applications, 55. https://doi.org/10.1016/j.elerap.2022.101190. DOI: https://doi.org/10.1016/j.elerap.2022.101190

Boug, P., Von Brasch, T., Cappelen, Å., Hammersland, R., Hungnes, H., Kolsrud, D., & Vigtel, T. C. (2023). Fiscal policy, macroeconomic performance and industry structure in a small open economy. Journal of Macroeconomics, 76. https://doi.org/10.1016/j.jmacro.2023.103524. DOI: https://doi.org/10.1016/j.jmacro.2023.103524

Chahal, H., Gupta, M., Bhan, N., & Cheng, T. C. E. (2020). Operations management research grounded in the resource-based view: A meta-analysis. International Journal of Production Economics, 230(August 2019), 107805. https://doi.org/10.1016/j.ijpe.2020.107805. DOI: https://doi.org/10.1016/j.ijpe.2020.107805

Coskun-Setirek, A., & Tanrikulu, Z. (2021). Digital innovations-driven business model regeneration: A process model. Technology in Society, 64. https://doi.org/10.1016/j.techsoc.2020.101461 DOI: https://doi.org/10.1016/j.techsoc.2020.101461

Creswell, J. W. (2012). Educational research. pearson.

Edi, E., & Felicia, F. (2022). Analisis Pengaruh Tata Kelola Perusahaan Terhadap Kinerja Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 5(1), 613–624. https://doi.org/10.36778/jesya.v5i1.597. DOI: https://doi.org/10.36778/jesya.v5i1.597

Emar, A. E. S., & Ayem, S. (2020). Pengaruh Pengungkapan Enterprise Risk Management dan Pengungkapan Intellectual Capital Terhadap Nilai Perusahaan dengan Good Corporate Governance Sebagai Moderasi. Wacana Ekonomi (Jurnal Ekonomi, Bisnis Dan Akuntansi), 19(2), 79–90. https://doi.org/10.22225/we.19.2.1956.79-90. DOI: https://doi.org/10.22225/we.19.2.1956.79-90

Eze, E., & Alugbuo, J. C. (2021). Financial inclusion and poverty reduction in Nigeria: A survey-based analysis. GSC Advanced Research and Reviews, 7(3), 75–84. https://doi.org/10.30574/gscarr.2021.7.3.0127. DOI: https://doi.org/10.30574/gscarr.2021.7.3.0127

Fuadah, N., & Hakimi, F. (2020). Financial Performance Dan Market Share Pada Bank Umum Syariah Devisa Indonesia: Perspektif Teori Stakeholder. Jurnal Penelitian Ipteks, 5(2), 180–186. https://doi.org/10.32528/ipteks.v5i2.3656. DOI: https://doi.org/10.32528/ipteks.v5i2.3656

Giyartiningrum, E., Azzahra, U. F., Prasetyo, H., & Swandari, F. (2023). Analisis Faktor-Faktor yang Berpengaruh terhadap Return Saham Perusahaan Jasa di Bursa Efek Indonesia pada Periode 2018-2021. Jurnal Samudra Ekonomi Dan Bisnis, 14(2), 331–340. https://doi.org/10.33059/jseb.v14i2.7028. DOI: https://doi.org/10.33059/jseb.v14i2.7028

Gunawan, H., & Tartila, R. (2017). Impact of Intellectual Capital on Financial Performance. Journal of Applied Managerial Accounting, 1(1), 45–50. https://doi.org/10.30871/jama.v1i1.1239. DOI: https://doi.org/10.30871/jama.v1i1.1239

Hermanto, Y. B., Lusy, L., & Widyastuti, M. (2021). How financial performance and state-owned enterprise (SOE) values are affected by good corporate governance and intellectual capital perspectives. Economies, 9(4), 134. https://doi.org/10.3390/economies9040134. DOI: https://doi.org/10.3390/economies9040134

Hidayat, T., Triwibowo, E., & Marpaung, N. V. (2021). Pengaruh good corporate governance dan kinerja keuangan terhadap nilai perusahaan. Jurnal Akuntansi Bisnis Pelita Bangsa, 6(1), 1–18. https://doi.org/10.37366/akubis.v6i01.230. DOI: https://doi.org/10.37366/akubis.v6i01.230

Ivan, M. P., & Wening, N. (2023). Human Capital Sebagai Bagian Dari Intelligent Capital Dalam Daya Saing Perusahaan. Jurnal Publikasi Ekonomi Dan Akuntansi (JUPEA), 3(3), 279–295. https://doi.org/10.51903/jupea.v3i3.1189. DOI: https://doi.org/10.51903/jupea.v3i3.1189

Kasal, S. (2023). What are the effects of financial stress on economic activity and government debt? An empirical examination in an emerging economy. Borsa Istanbul Review, 23(1), 254–267. https://doi.org/10.1016/j.bir.2022.10.007. DOI: https://doi.org/10.1016/j.bir.2022.10.007

Kumalasari, F., Munawarah, M., & Parluhutan, T. A. (2023). Analisis Kinerja Keuangan Perusahaan di Sektor Kesehatan yang terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBI), 4(1), 21–29. https://doi.org/10.31289/jimbi.v4i1.1682.

Leonardi, P. M., & Treem, J. W. (2020). Behavioral Visibility: A new paradigm for organization studies in the age of digitization, digitalization, and datafication. Organization Studies, 41(12), 1601–1625. https://doi.org/10.1177/0170840620970728. DOI: https://doi.org/10.1177/0170840620970728

Lubis, N. W. (2022). Resource based view (RBV) in improving company strategic capacity. Research Horizon, 2(6), 587–596. https://doi.org/10.54518/rh.2.6.2022.587-596. DOI: https://doi.org/10.54518/rh.2.6.2022.587-596

Nguyen, D. T., Le, T. D., & Tran, S. H. (2023). The moderating role of income diversification on the relationship between intellectual capital and bank performance evidence from Viet Nam. Cogent Business and Management, 10(1). https://doi.org/10.1080/23311975.2023.2182621. DOI: https://doi.org/10.1080/23311975.2023.2182621

Nugroho, A. P., Rinofah, R., & Kusumawardhani, R. (2023). Pengaruh Intellectual Capital dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening (Studi Kasus Pada Perbankan Yang Terdaftar di BEI Tahun 2017-2021). Jurnal Istiqro, 9(2), 116–130. https://doi.org/10.30739/istiqro.v9i2.1849. DOI: https://doi.org/10.30739/istiqro.v9i2.1849

Nurwulandari, A. (2019). Intelectual Capital, Market Cap Dan Pengaruhnya Terhadap Pertumbuhan Keuangan Perusahaan Non-Keuangan Yang Terdaftar Di BEI Periode 2016-2019. Jurnal Kelola: Jurnal Ilmu Sosial, 2(2), 1–10. https://doi.org/10.54783/jk.v2i2.381. DOI: https://doi.org/10.54783/jk.v2i2.381

Obrecht, M., Feodorova, Z., & Rosi, M. (2022). Assessment of environmental sustainability integration into higher education for future experts and leaders. Journal of Environmental Management, 316. https://doi.org/10.1016/j.jenvman.2022.115223. DOI: https://doi.org/10.1016/j.jenvman.2022.115223

Ompusunggu, D. P., & Febriani, E. (2023). Analisis Rasio Keuangan Untuk Menilai Kinerja Keuangan Pada PT. Indofood Sukses Makmur, Tbk. Di Bursa Efek Indonesia (BEI) Periode 2015-2022. Matriks Jurnal Sosial Dan Sains, 5(1), 107–114. https://doi.org/10.59784/matriks.v5i1.492. DOI: https://doi.org/10.59784/matriks.v5i1.492

Pahlevi, C., & Anwar, V. (2021). Kinerja Keuangan dalam Pendekatan Modal Intelektual Kapital dan Struktur Modal. Pascal Book.

Pangarso, A., Sisilia, K., Setyorini, R., Peranginangin, Y., & Awirya, A. A. (2022). The long path to achieving green economy performance for micro small medium enterprise. Journal of Innovation and Entrepreneurship, 11(1), 1–19. https://doi.org/10.1186/s13731-022-00209-4. DOI: https://doi.org/10.1186/s13731-022-00209-4

Parviainen, P., Tihinen, M., Kääriäinen, J., & Teppola, S. (2017). Tackling the digitalization challenge: how to benefit from digitalization in practice. International Journal of Information Systems and Project Management, 5(1), 63–77. https://doi.org/10.12821/ijispm050104. DOI: https://doi.org/10.12821/ijispm050104

Pohl, W. L. (2022). Metallogenic models as the key to successful exploration—a review and trends. Mineral Economics, 35(3–4), 373–408. https://doi.org/10.1007/s13563-022-00325-3. DOI: https://doi.org/10.1007/s13563-022-00325-3

Pratiwi, D. (2021). Analisis Laporan Keuangan di Era Digital. Jurnal Pengabdian Dan Kewirausahaan, 5(1). https://doi.org/10.30813/jpk.v5i1.2721. DOI: https://doi.org/10.30813/jpk.v5i1.2721

Puspita, G., & Wahyudi, T. (2021). Modal Intelektual (Intellectual Capital) dan Nilai Perusahaan Pada Industri Manufaktur. Owner: Riset Dan Jurnal Akuntansi, 5(2), 295–306. https://doi.org/10.33395/owner.v5i2.471. DOI: https://doi.org/10.33395/owner.v5i2.471

Rahmadi, I. H., & Mutasowifin, A. (2021). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan dan Nilai Perusahaan (Studi Kasus Perusahaan Sektor Keuangan yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2019). INOBIS: Jurnal Inovasi Bisnis Dan Manajemen Indonesia, 4(2), 279–294. https://doi.org/10.31842/jurnalinobis.v4i2.183. DOI: https://doi.org/10.31842/jurnalinobis.v4i2.183

Ramadhani, A. T., & Sulistyowati, E. (2023). Pengaruh Intellectual Capital Dan Implementasi Good Corporate Governance Terhadap Peningkatan Kinerja Keuangan. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(2), 969–986. https://doi.org/10.31955/mea.v7i2.3091. DOI: https://doi.org/10.31955/mea.v7i2.3091

Sari, M. S., & Helmayunita, N. (2019). Pengaruh Good Corporate Governance Terhadap Pengungkapan Islamic Social Reporting. Jurnal Eksplorasi Akuntansi, 1(2), 751–768. https://doi.org/10.24036/jea.v1i2.108. DOI: https://doi.org/10.24036/jea.v1i2.108

Sulistiyowati, L. N. (2021). Kinerja Keuangan Sebagai Variabel Moderasi Antara Faktor Modal Intelektual Dengan Nilai Perusahaan Manufaktur. Widya Cipta: Jurnal Sekretari Dan Manajemen, 5(2), 90–99. https://doi.org/10.31294/widyacipta.v5i2.10135. DOI: https://doi.org/10.31294/widyacipta.v5i2.10135

Susilowati, S., & Oktarina, D. (2021). Pengaruh Kinerja Keuangan, Ukuran Perusahaan, Leverage, dan Ukuran Komite Audit Terhadap Pengungkapan Modal Intelektual. Ecopreneur, 4(1), 19–29. https://doi.org/10.51804/econ12.v4i1.918. DOI: https://doi.org/10.51804/econ12.v4i1.918

Susmanto, A., Daryanto, A., & Sasongko, H. (2021). Pengaruh Karakteristik Dewan Komisaris Terhadap Kinerja Keuangan Perusahaan. Studi Kasus Pada Bumn Persero Terbuka Tahun 2014-2018. Jurnal Aplikasi Bisnis Dan Manajemen (JABM), 7(2), 498–511. https://doi.org/10.17358/jabm.7.2.498. DOI: https://doi.org/10.17358/jabm.7.2.498

Tambunan, N., Gumilar, R. T. P., & Karimah, L. N. (2023). Post-Pandemic Economic System Changes. Journal of Social Research, 2(2), 289–299. https://doi.org/10.55324/josr.v2i2.566. DOI: https://doi.org/10.55324/josr.v2i2.566

Turner, C., Oyekan, J., Garn, W., Duggan, C., & Abdou, K. (2022). Industry 5.0 and the circular economy: Utilizing LCA with intelligent products. Sustainability, 14(22). https://doi.org/10.3390/su142214847. DOI: https://doi.org/10.3390/su142214847

Utami, F. L., & Hidayah, N. (2022). Sosialisasi Peran Teknologi Dalam Akuntansi Untuk Meningkatkan Pengetahuan Siswa/Siswi SMK Al Ihsan, Jakarta Barat. Akuntansi Dan Humaniora: Jurnal Pengabdian Masyarakat, 1(1), 42–45. https://doi.org/10.38142/ahjpm.v1i1.186. DOI: https://doi.org/10.38142/ahjpm.v1i1.186

Utamie, D. N. (2021). Determinan Implementasi Integrated Reporting Pada Perusahaan Manufaktur. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(3), 1442–1450. https://doi.org/10.35794/emba.v9i3.35781.

Wahyudi, E., & Subanidja, S. (2022). The Effect of Leadership Style Strategy and Innovation Strategy on Competitive Advantages and Implementation of Industry 4.0. Jurnal Riset Perbankan, Manajemen, Dan Akuntansi, 5(1), 12–28. https://doi.org/10.56174/jrpma.v5i1.119. DOI: https://doi.org/10.56174/jrpma.v5i1.119

Wardifa, I. K. S., & Yanthi, M. D. (2022). Kontribusi Intellectual Capital Terhadap Kinerja Keuangan, Nilai Perusahaan dan Harga Saham. Jurnal Akuntansi Unesa, 11(1), 11–24. https://doi.org/10.26740/akunesa.v11n1.p11-24.