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Journal Of Economics, Technology, and Business (JETBIS)
Volume 3, Number 5 May 2024
p-ISSN 2964-903X; e-ISSN 2962-9330
THE INFLUENCE OF INTELLECTUAL CAPITAL ON FIRM VALUE
Nanda Diana
1
, Lili Triana
2
, Mardi
3
, Itah Miftahul Ulum
4
Universitas Swadaya Gunung Jati, Indonesia
Email: [email protected]
1
2
,
3
4
KEYWORDS:
Intellectual Capital; Company
Value; LQ45.
ABSTRACT
In this study, the independent variables are VACA, VAHU, and
STVA, and the dependent variable is Price Book Value (PBV).
Examining how intellectual capital affects corporate value is the
aim. Public enterprises listed on the Indonesia Stock Exchange and
LQ45 comprise the study's population. Purposive sampling was the
technique employed in this investigation, and 108 samples in all
were used. Regarding the use of multiple regression analysis in data
analysis. The STVA variable influences company value, but the
VACA and VAHU variables have no effect, according to the study's
findings. If the business can create structural capital and codify
corporate knowledge, it will have a competitive advantage. As a
result, businesses must think of alternative tactics for raising
company value. This study offers something new to the literature by
examining the effect of intellectual capital on firm value in
companies listed on the Indonesia Stock Exchange and included in
the LQ45 index in 2019–2022. Furthermore, this research provides
a new understanding of the relationship between firm value and
intellectual capital in the context of public enterprises in Indonesia.
INTRODUCTION
Company value can reflect how well the company is in creating long-term value for
shareholders and other stakeholders. company value is the investor's perception of the
company's success rate, which is often associated with stock prices. if the company's stock
price increases, it can provide prosperity for all investors, because company value will increase
market confidence in the current performance and prospects of the company (Harningsih et al.,
2019).
firm value can be calculated using price to book value (pbv) which is the ratio between
stock price and book value per share (Rohaeni et al., 2018). By using this comparison, we can
find out whether the share price is above or below book value. investors will have more
confidence in the prospects of companies with high abv.
The ups and downs of stock prices in the capital market are an interesting phenomenon
to discuss in connection with the problem of decreasing the value of the company itself. As for
the phenomenon of falling share prices based on data on the Indonesian stock exchange (bei)
occurred in the telecommunications and banking sectors of the lq45 index during the period
January 3 to December 27, 2022, namely the shares of pt sarana tower Nusantara (towr) down
5.29% (yers-to-date / ytd), pt telkom indonesia (tlkm) down 8.85% (YTD), pt tower bersama
infrastructure (big) down 23.61% (YTD), pt xl axiata (excl) down 32.59% (YTD) (Ahdiat,
2022), state savings bank (but) down 21% (YTD), bank Syariah Indonesia (bris) down 28%
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(YTD), and bank Jago (arto) down 79.34% (YTD) (Ahdiat, 2022). then the increase in share
prices also occurred in the lq45 index banking sector companies, namely in bank Mandiri
(bmri) shares up 41.13% (YTD), bank Negara Indonesia (bbni) up 38.29% (YTD), and central
Asia Bank (bbca) up 17.41% (YTD) (Ahdiat, 2022).
one of the ways companies can increase added value is by utilizing intellectual capital.
intellectual capital disclosure is very important to increase the value and financial performance
of the company. companies that can utilize it well will increase their value (werastuti, 2014).
The use of intellectual capital as a tool to determine firm value is one of the topics that attracts
the attention of academics and practitioners (edvinsson & malone, 1997 dan sveivy, 2001
dalam ulum, 2009).
Intellectual capital started to gain traction, particularly with the publication of Psak No.
19 (updated 2000) regarding intangible assets. Psak No. 19 states that intangible assets are
identifiable non-monetary assets without a form that are owned and used for administrative,
third-party, or production reasons; they can also be leased. (Ikatan Accountan Indonesia, 2007).
This study's definition of intellectual capital is the performance of intellectual capital as
determined by the value added produced by three formative indicators: structural capital with
added value (stva), human capital with added value (vahu), and employed capital with added
value (vaca).
(Stewart, 1998) claims that one reason for the loss in a company's worth is that businesses
often overlook their intangible assets in favor of their tangible ones. Intellectual capital, or the
potential value of the business, can be raised via intangible assets.
Based on the data above, shows that firm value reflects the ability to create long-term
value, especially through an increase in stock prices that increases investor welfare and market
confidence. utilization of intellectual capital through good disclosure can provide added value
and improve the financial performance of companies that define intangible assets as identifiable
nonmonetary assets.
Research on the effect of intellectual capital on firm value has been carried out by many
previous researchers. research conducted (Poh et al., 2018) and (Septiani et al., 2019) shows
that intellectual capital has a positive effect on firm value. research wahyuni, suratno, and
anwar (2017) and (Utami, 2018) shows that vaca affects firm value. Research (Hamidah et al.,
2015), wahyuni, suratno, dan anwar (2017), and (Utami, 2018) shows that value has an effect
on firm value. research (Simarmata & Subowo, 2016) shows that stva has an effect on firm
value.
whereas research (Dewi & Husain, 2020) and Indriastuti & Kartika (2021) show that
intellectual capital has no effect on firm value. research conducted by Nurani, zulbahridar, &
azhari (2014) shows that physical capital (vaca) has no significant effect on firm value. research
by Susanti (2016) shows the results of vahu which has no significant effect on firm value.
research Dewi & isynuwardhana (2014), (Wahyuni et al., 2017), and (Utami, 2018) show that
stva has no effect on firm value.
It is clear from the aforementioned research findings that diverse conclusions can be
drawn about the relationship between intellectual capital and corporate value. As a result, there
are nuances and disagreements in the research findings, suggesting that more investigation is
still necessary to fully understand the connection between intellectual capital and business
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value.
This study aims to determine the effect of intellectual capital on firm value. this study is
different from previous research in several ways, namely, this study uses a sample of companies
listed on the lq45 index from 2019 to 2022. in this study, researchers used price to book value
(pbv) to measure firm value.
Stakeholder theory
According to Mcvea & Freeman (2005), Stakeholders are organizations or individuals
that affect or are affected by organizational goals such as suppliers, governments, investors,
consumers, the general public, and creditors. The company's focus is not on the goals of
investors but on the needs that can be influenced by society and government.
Knowledge Capital
The difference between a company's market value and the book value of its assets, or
financial capital, is commonly used to define internal capital (IC). This is predicated on the
finding that, since the late 1980s, the market value of the majority of companies—particularly
those that deal with information—has grown more than the value stated in financial statements,
which is dependent on estimates provided by accountants (Roslender & Fincham, 2004 in
(Ulum, 2009).
In Sawarjuwono & Kadir (2003), Saint-Onge, Sveiby (1997), (Stewart, 1998), and Bontis
et al. (2000) reported that, broadly speaking, scholars had identified three primary components
of intellectual capital: customer capital (CC), structural capital (SC), and human capital (HC).
As stated by Bontis et al. (2000), HC only symbolizes the personnel's particular knowledge
stock within the business. A person's attitude toward life and business, education, experience,
and genetic makeup all contribute to their HC. In the meanwhile, SC encompasses all of the
organization's non-human knowledge repositories. Databases, organizational diagrams,
process manuals, plans, procedures, and everything else that adds value to the business above
its tangible assets are all included in this. CC is the knowledge that an organization develops
via business processes and is embedded in its marketing channels and customer interactions.
Value Added Capital Employe (VACA)
(Ulumiyah, 2013)states that VACA is a measure of the added value created by a unit of
physical capital. What is meant by physical capital is the company's financial capital such as
land, cash, securities, accounts receivable, inventory, assets, buildings, equipment, machinery,
or vehicles owned by the company (Lukas et al., 2018). When a company is able to manage
CE well compared to other companies, it is believed that the company's value will increase as
reflected in the share price paid by investors. There are several factors that can affect VACA,
namely revenue growth, operational efficiency, working capital management, capital structure,
innovation and technology, economic conditions, and government policies.
Value Added (VA), which is the difference between total sales and other income (OUT)
with company expenses (excluding wage expenses (IN), and Capital Employed (CE), which is
the money available to the firm, namely equity and profit for the year, are compared to
determine the value of the VACA.
The formula to calculate VACA is :
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Source: (Dwi Agustin et al., 2022)
Value Added Human Capital
VAHU is a part of human resources-related intellectual capital. Productivity growth is
significantly impacted by investments in human resources (Simarmata & Subowo, 2016).
VAHU displays the added value produced by every rupiah (unit of money) paid to actual
employees of the business. Businesses with large labor budgets can anticipate high VA from
their staff due to things like worker productivity, which raises the perceived worth of the
business. Aspects of the development, administration, and use of human resources—education
and training, employee engagement, health and welfare levels, career development, and
organizational culture—all have an impact on VAHU.
Value Added (VA), which is the difference between total sales and other income (OUT)
and corporate expenses (save for salary expenses (IN) and expenses incurred in enhancing staff
capabilities (HC), is compared to determine the VAHU.
The formula for calculating VAHU is:
Source: (Dwi Agustin et al., 2022)
Value Added Structure Capital (STVA)
STVA is the contribution of structural capital required to generate 1 rupiah of added
value. Structural capital is the supporting infrastructure of human capital in carrying out
activities that remain within the company. Structural capital reflects the company's capabilities
resulting from the company's systems, processes, structures, culture, strategies, policies, and
innovation capabilities (Lukas et al., 2018). When the company is able to manage SC efficiently
and effectively and implement routine processes and structures that support the efforts of its
employees, it is believed that this will have an impact on the creation of the company's VA and
will then result in an increase in company value. Factors that influence Value Added Structural
Capital involve aspects such as information systems and technology, knowledge management,
organizational policies, organizational structure, innovation culture, and business process
performance.
STVA measurement is done by comparing Structural Capital (SC) which is the difference
from VA minus the expenses incurred in improving employee capabilities (HC) with Value
Added.
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The formula for calculating STVA is :
Source: (Dwi Agustin et al., 2022)
Company value
As stated by Gapensi (1996) in Sunarsih & Mendra (2012), a corporation is considered
to have good value if it performs well. Because firm value is correlated with the company's
market value, it is a crucial consideration for investors when making investments. An elevated
firm valuation has the potential to draw in investors. A firm's stock price is a good indicator of
its worth; if it is high, the company must also be valuable. The PBV ratio, which indicates how
much the market values the book value of a company's shares, is used in this study to calculate
firm value.
Tjiptono and Hendy (2008) state that PBV analysis can be used to determine the market
value of a company's shares in relation to their book value. A higher ratio suggests that the
market is more optimistic about the company's future.
PBV illustrates how much the market values the book value of a company's shares. The
higher this ratio, the more confident the market is about the company's prospects.
The formula for calculating PBV is :
Sumber : (Utami, 2018)
RESEARCH METHODS
In general, this research is included in the type of basic research, which is writing used
to discover and develop new concepts, principles, generalizations, and theories.
Research Methods
This research is quantitative descriptive research, this is because the data obtained is in
the form of numbers.
Population and Sample
The 180 companies that make up the LQ45 companies on the IDX between 2019 and
2022 are the selected population, of which 108 companies were chosen as samples. Purposive
sampling was the approach used for sampling. The following criteria were applied in order to
choose the sample:
1. Businesses listed between 2019 and 2022 on the LQ45 and the Indonesia Stock Exchange.
2. Businesses that are successively listed in the LQ45 Index include.
3. Organizations with comprehensive research data.
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Data Analysis Method
a. Characteristic Statistics
When analyzing data, descriptive statistics are employed to describe the data as it has
been collected, with no intention of drawing generalizations or conclusions that apply to the
entire population. The following is the formula for descriptive statistics:
Description:
P = Percentage
F = Frequency
N = Number of data/samples
According to Sugiyono (2009), descriptive statistics explain the data based on the number
of samples (n), minimum, maximum, sum, mean, standard deviation, and variance.
Classical Assumptions
a. Normality Test
The purpose of the normality test is to ascertain whether confounding or residual
variables in the regression model have a normal distribution to preserve the validity of
statistical tests with small sample sizes. The normality test was conducted using the
Kolmogorov-Smirnov test. The following is the formula for the normalcy test:
b. Multicollinearity Test
To determine whether the regression model identified a relationship between the
independent variables, the multicollinearity test is employed. There are several methods for
figuring out whether a model has multicollinearity. If both the tolerance value and the
variance inflation factor (VIF) are less than or equal to 0.1, the model is deemed to be free
of multicollinearity. Singgih Santoso (2016: 234) states that the VIF formula looks like this:
c. Heteroscedasticity Test
The purpose of the heteroscedasticity test is to determine if there is an inequality in
variance between the residuals of different observations in the regression model. Scatterplot
is used in the heteroscedasticity test to determine whether heteroscedasticity exists at the
significance level. If the significance level is above 5%, it means that there is no
heteroscedasticity and if it is below 5%, it means that there are symptoms of
heteroscedasticity.
P = F/N x 100
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d. Test for Autocorrelation
To detect the presence or absence of autocorrelation symptoms, you can use the
Durbin-Watson (D-W) test. Durbin-Watson test with the formula:
Regression using Multiple Linear Models
The link between the independent and dependent variables is measured using multiple
regression analysis. The following is the equation for multiple linear regression:
Source: (Sujarweni, 2015)
a. Hypothesis Test (t-test)
According to Ghozali (2016: 84), The t-test formula can be used to test incomplete
hypotheses. The purpose of t-statistical testing is to determine if each independent variable
(X) has an impact on the dependent variable (Y). The t-test formula is:
Source: (Sugiyono, 2007: 230)
a. Description:
b. t = calculated t value
c. r = correlation coefficient
d. n = number of samples
b. Determination Coefficient
The adjusted coefficient of determination (R2) is intended to measure how far the
model's ability to apply variations in the dependent variable is. The formula for analyzing
the coefficient of determination according to Ghozali (2016: 97) is:
Description:
Kd = The magnitude or amount of the coefficient of determination
r2 = Correlation coefficient value
= + + + . + +
e
t =
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RESULTS AND DISCUSSION
Descriptive Statistics
Table 1
Descriptive Analysis
Description
N
Minimum
Maximum
Mean
Standard Deviasi
VACA
108
0,02
2,34
0,3349
0,39149
VAHU
108
0,22
17,38
2,5569
2,06604
STVA
108
0,00
3,55
0,5300
0,35260
PBV
108
0,00
60,67
3,6176
9,34674
The 108 businesses that were listed on the IDX and subsequently entered the LQ 45
Index, namely from 2019 to 2022, comprised the sample used in this study. This descriptive
analysis can be seen in Table 1.
According to Table 1, the VACA variable has an average value of 0.3349 with a standard
deviation of 0.39149, the greatest value of 2.34, and the lowest value of 0.02. The VAHU
variable has an average value of 2.5569 with a standard deviation of 2.06604, with the lowest
value being 0.22 and the highest value being 17.38. The STVA variable has an average value
of 0.5300 with a standard deviation of 0.35260, with lowest value of 0.00 and greatest value of
3.55. Because the standard deviation value is less than the average value of the company, this
number indicates that the sample companies have an average STVA of 0.35260 with data that
does not vary (small variability). The firm value variable, as determined by the PBV ratio, has
a standard deviation of 9.34674, an average value of 3.6176, and a high value of 60.67. When
a sample company's PBV average is more than 1, it suggests that its market value exceeds its
book value.
Classical Assumption Test
The normality test, the standard assumption test is used to ascertain whether the data
distribution of the dependent variable and the independent variable regression model is normal
or abnormal, according to Ghozali (2013). The autocorrelation, heteroscedasticity,
multicollinearity, and normality tests make up the traditional assumption test.
Test of Normalcy
Table 2
Kolmogorov-Smirnov Normality Test
Unstandardized
d Residual
N
87
Normal Parameters
a.b
Mean
0,0000000
Std. Deviation
102.48764625
Most Extreme
Differences
Absolute
0,098
Positive
0,098
Negative
-0,067
Test Statistic
0.098
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Asymp. Sig. (2-tailed)
c
0,040
c
Monte Carlo Sig. (2-
tailed)
d
Sig.
0,356
d
99% Confidence
Interval
Lower Bound
0,344
Upper Bound
0,368
A significant value of 0.356 was obtained from the Kolmogorov-Smirnov test findings
for the normalcy test. The Kolmogorov-Smirnov test indicates a significant value that is larger
than the 5% error rate (0.05), indicating that the regression model is normally distributed.
Multicollinearity Test
Table 3
Multicollinearity Test
Model
Collinearity Statistic
Description
Tolerance
VIF
1
(Constanta)
VACA
0,886
1,129
No
Multicollinearity
VAHU
0,157
6,370
No
Multicollinearity
STVA
0,155
6,450
No
Multicollinearity
The results of the multicollinearity test show that there is no significant relationship
between the independent variables if the variance inflation factor (VIF) value of the three
independent variables is less than 10. The tolerance values for each of the three independent
variables are more than 0.1.
Uji Heteroskedastisitas
Figure 1
Heteroscedasticity Test Scatterplot
The scatterplot test for heteroscedasticity does not show any pattern on the scatterplot
graph between the predicted value of the dependent variable (ZPRED) and its residual value
(SRESID), indicating that there is no heteroscedasticity in the regression model that was used.
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Autocorrelation Test
Table 4
Autocorrelation Test
Model
R
R Square
Adjusted R Square
Durbin Watson
1
0,351
a
0,123
0,091
1,921
The Durbin-Watson value of this investigation is 1.921 based on the autocorrelation test
results in Table 4. Because the Durbin-Watson value results fall between the dU value = 1.7232
and the 4-dU value = 2.2768, which indicates that there is no autocorrelation, it may be inferred
that this study does not contain autocorrelation. However, as noted by Gujarati & Porter (2009),
"the estimation results remain unbiased and consistent, but less efficient, when autocorrelation
is present in the regression model." Therefore, even if autocorrelation is present, it won't affect
the test results; instead, it will just make the prediction results less reliable.
Multiple Linear Regression Analysis
Table 5
Regression Analysis Results
Model
B
t
Sig.
(Constant)
102,078
2,379
0,020
VACA
1,557
1,466
0,146
VAHU
-0,668
-1,702
0,092
STVA
3,727
2,188
0,031
Dependent Variable: PBV
The variable equation above can be interpreted by each variable in the following ways
based on Table 5: (1) The preceding equation's constant value, 102.078, indicates that PBV
will still occur at the level of 102.078 even in the absence of VACA, VAHU, and STVA for
the organization. The direction and strength of the association between the STVA, VAHU, and
VACA variables on PBV are indicated by the independent variable's regression coefficient,
which for VACA is 1.557. This shows that a one-unit increase in Capital Employed will result
in a 1.557 PBV rise; (3) VAHU has a coefficient value of -0.668. This shows that a unit increase
in human capital will result in a 0.668 reduction in PBV; also, STVA has a coefficient value of
3.727. This shows that a 1% increase in Structure Capital will result in a 3.727 PBV increase.
Hypothesis Test (T-Test)
Table 6
Hypothesis Test Results
Model
B
t
Sig.
(Constant)
102,078
2,379
0,020
VACA
1,557
1,466
0,146
VAHU
-0,668
-1,702
0,092
STVA
3,727
2,188
0,031
Dependent Variable: PBV
The results of the t-statistic test are used to determine the effect of each independent
variable (VACA, VAHU, and STVA) on the dependent variable (PBV). As can be seen from
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Table 6's test findings, the VACA variable has a significant level of 0.146—higher than α =
0.05. This proves that VACA has no impact on the worth of the enterprise. For the VAHU
variable, a significant level of 0.092 is found, exceeding α = 0.05. This proves that VAHU has
no bearing on the worth of the enterprise. Moreover, the STVA variable's significant level is
0.031, which is lower than α = 0.05. This illustrates the impact of STVA on the company's
value.
Coefficient of Determination
The purpose of the coefficient of determination (R2) analysis, according to Ghozali
(2013), is to increase the model's capacity to explain the dependent variables. The range of the
coefficient of determination is zero to one. The likelihood of the independent factors explaining
the dependent variable is low when the coefficient of determination is low. If the R2 value is
zero, the model cannot explain how the independent variable influences the dependent variable.
The model will function properly if the R2 value is nearer 1. The coefficient of determination
is 0 < R2 < 1.
Table 7
Determination Coefficient
Model
R
R Square
Adjusted R Square
Durbin Watson
1
0,351
a
0,123
0,091
1,921
Table 7 indicates that the 9.1 percent coefficient of determination is 0.091. This indicates
that the firm value (PBV) is influenced by the VACA, VAHU, and STVA variables by 9.1%.
While other factors not covered in this study may have an influence of up to 100 percent - 9.1
percent = 90.9 percent.
Value-Added Capital Employed's (VACA) Impact on Firm Value
As can be seen from Table 6 above, the significant level of VACA is 0.146>0.05, which
means that for the VACA variable, Ha is rejected and H0 is allowed. Therefore, it may be said
that PBV is unaffected by the VACA variable.
This is not in line with the results of research by (Wahyuni et al., 2017) and (Utami,
2018), because there are differences in objects and research periods. However, The findings of
this investigation are consistent with those of Nurani, Zulbahridar, and Azhari's (2014) study,
which found no evidence of a substantial impact of VACA on business value.
This research can prove that the company's physical capital cannot be managed properly
and cannot generate value for the company, especially for LQ45 companies listed on the
Indonesian stock exchange from 2020 to 2022. This is due to the fact that the intellectual
property (physical property) of the company is often not taken into account when appreciating
the market value of investors. So investors only look at the company's stock price to judge it.
High market value is very important for companies that are worthy of investment because the
market value in the eyes of the market shows whether or not the business conditions are worth
investing in (Margaretha, 2006). Investors will place greater value on a company if its share
price rises. This indicates that information about the company's physical wealth cannot be
captured by the market, causing the PBV ratio to fall.
The Effect of Value-Added Human Capital (VAHU) on Company Value
As can be seen from Table 6 above, the significant level of VAHU is 0.092>0.05, which
means that for the VAHU variable, Ha is rejected and H0 is accepted. Therefore, it may be said
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that PBV is unaffected by the VAHU variable.
Due to variations in the objects and study durations, the findings of research by (Hamidah
et al., 2015), (Wahyuni et al., 2017), and (Utami, 2018) do not align with this. Nonetheless, the
findings of this investigation are consistent with those of Susanti's (2016) study, which found
no evidence of a meaningful relationship between VAHU and company value.
According to this report, the company's labor costs are not very effective at creating value
that sets LQ45 companies apart. There are two reasons why this may happen. First, employees
do not receive satisfactory salaries and do not receive adequate rewards and motivation (Bontis,
2001). Second, very large salaries do not meet the overall objectives of the company (Bontis,
2001). The company's human capital is considered a living asset or adequate resource
compared to other non-living assets (Hasibuan, 2005).
Value Added Structure Capital's (STVA) Impact on Business Value
Table 6 above shows that, for the STVA variable, Ha is accepted and H0 is denied due
to the significant level of STVA being 0.031 <0.05. Consequently, it may be said that PBV is
impacted by the STVA variable.
This contradicts the findings of studies by (Wahyuni et al., 2017), Dewi &
Isynuwardhana (2014), and (Utami, 2018), which found that STVA had no discernible impact
on company value due to variations in the study periods and objects. Nonetheless, this study's
findings support those of (Simarmata & Subowo, 2016), who found that STVA had an impact
on business value.
The infrastructure and facilities that make up the company's resources are known as
structural capital. These infrastructure and facilities are required to support and optimize
employee performance within an organization. The technology that the business uses, its
operating systems, its organizational culture, or its intellectual property are examples of the
structural capital that is under dispute. In keeping with stakeholder theory, the results also
demonstrate that businesses listed on the Indonesia Stock Exchange (BEI) and LQ45 have been
successful in managing their structural capital (Aryanindita & Pramono, 2023).
CONCLUSION
The investigation and debate regarding the influence of intellectual capital (VACA,
VAHU, and STVA) on company value, which was carried out on Indonesian Stock Exchange
businesses successively included in LQ45 between 2019 and 2022, leads to the following
conclusions: The STVA variable affects company value, whereas the VACA and VAHU
variables have no effect, according to the results of testing the three hypotheses.
There are a few recommendations because there are still numerous limits with this
research. Further research that uses firm value as the dependent variable should add financial
performance in order to see the direct and indirect relationship between intellectual capital and
firm value. It can also compare the application of intellectual capital with several other
variables, such as earning per share or financial performance both domestically and
internationally, in order to obtain more accurate results. The research period should be extended
in addition to choosing a larger sector or other larger sectors.
The Influence Of Intellectual Capital On Firm Value
Vol 3, No 5 May 2024
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