PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA PERUSAHAAN MANUFAK'fUR YANG TERDAFfAR DI BURSA EFEK INDONESIA (BEI) TAHUN 2002-2007

Abstract

Many research in different countries about the impact of intellectual capital (IC) on business performances show similar results if it measured agregatly, whereas ifit measuredparsially, its show difjfeerreenntt results. Therefore, it needs to make research again to verficate the theory of the impact intellectual capital on business performance. The purpose ofthis research is tofind empirical evidence about the impact ofintellectual capital on business performance. This research used manufacturing business data that listed in Indonesia Stock-Exchange (IDA9 2002-2007. The model that used to measure intellectual capital was Pulic model agregatly-using value added of intellectual capital efficiency (VAIC) or separately-using value added ofcapital employeed (VACA), value added of human capital (VAHU), and value added of structural capital (STVA). Beside that, research and development (RD) expenditure and advertising expense (AD) also used to measure intellectual capital as proxy for innovative capital and relational capital. Using multivariate analysis, this research tries to examine empirically the impact ofintellectual capital on business performancesmarket to book value ratios (MTBP9, return on assets (ROA), return on equity (ROE), and employee productivity (EP). The results show: (1) agregatly, intellectual capital (VAIC) has a positive significant impact on four business performancesMTBV, ROA, ROE, and EP. (2) VA CA has a positive significant impact on ROA, ROE, and EP, and has not an impact on MTBV (3) VAHUjust has a positive significant impact on MTBV, and has not an impact on ROA, ROE, and EP. (4) STVA has not apositive significant impact onfour business performances (MTBV, ROA, ROE, and EP). (S) RD just has a positive significant impact on MTBV, and has not an impact on ROA, ROE, and EP. (6) ADjust has a positive significant impact on MTBV, and has not an impact on ROA, ROE, and EP. Keywords: intellectual capital, market to book value (MTBT9 ratio, return on assets (ROA), return on equity (ROE), and employeeproductivity (EP).