ANALISIS NILAI TAMBAH SEBAGAI INDIKATOR MODAL INTELEKTUAL DAN PENGARUHNYA PADA KINERJA PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

Now a days, intellectual capital play a major role for creating value added in various company. This purpose of this research is to alalyse the role of value added (VA) as an indicator of intellectual capita and its impact on the bussines performance. Using Pulic’s model to quantify intellectual capital, this research also analyse the impact of intellectual capital coefficient and capital employed coeficient to productifity (OI/S), profitability (ROA) and market value (MB). This research are use 32 pharmaceutical financial report which listed in Indonesia Stock Market from 2006 until 2009. Emphirical analysis is conducted using correlation and linear multiple regression analysis. This results show that intellectual capital has a positive impact on company’s productivity and profitability. However, there is no association between intellectual capital and market value. Furthermore, the result also indicate that capital employed only has a positive impact to company profitability.