| Classification | E-BOOK |
| Title | EKSPLORASI KINERJA PASAR PERUSAHAAN: KAJIAN BERDASARKAN MODAL INTELEKTUAL |
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| Author(s) | Ni Wayan Yuniasih ,I Dewa Nyoman Badera ,Dewa Gede Wirama, |
| Subject(s) | intellectual capital, value added, ownership struc |
| Series Title | GMD | Jurnal Ilmiah |
| Language | Indonesia |
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| Specific Detail Info | Intellectual capital is believed to be a contributing factor to companies’ performances and values. Several studies have been carried out on the influence of this capital to a company’s performance. However, the results still show some inconsistency. Therefore, this study aims at re-evaluating the influence of intellectual capital through the addition of ownership structure as a control variable. Ownership structure needs to be controlled since, in Indonesia, it is likely to be concentrated due to the low rate of investor protection. Intellectual capital is measured by the VAIC TM method, while the market performance is determined by the price to book value ratio. The sample is financial companies listed on Indonesian Stock Market during the 2004-2008 periods. The result of the analysis fails to support the hypothesis that intellectual capital is associated with firm’s values. The result probably is an indication that market is incapable to assess the value of a company’s intellectual capital because it has no standardized measure and the limited quantitative disclosure regarding intellectual capital. |
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