ANALISIS PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA PERUSAHAAN SEKTOR FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2006-2010

Abstract

The aims of this study is to analyze the the influence of intellectual capital to the business performance of pharmaceutical companies. Independent variable used in this study is intellectual capital (VAIC™). The Value Added Intellectual Capital (VAIC™) method was used to measure of intellectual capital performance. Dependent variables used in this study are profitability (Return on Assets), productivity (Asset Turnover Ratio), and market valuation (Market to Book Value Ratio) . Samples of this study were pharmaceutical companies which listed on Indonesia Stock Exchange (IDX), for the observation period of 2006 until 2010. Samples were collected by purposive sampling method and resulted in 8 firms as the samples. This study using The Pulic Model (Value Added Intellectual Coefficient – VAICTM) as the efficiency measure of three intellectual capital component; physical capital coefficient (VACA), human capital coefficient (VAHU), and structural capital coefficient (STVA) This study used linear regression for analysing data. The results showed that intellectual capital influences positively and significant to the profitability (Return on Asset) of pharmaceutical companies; intellectual capital influences negatively but not significant to the productivity (Asset Turnover Ratio) of pharmaceutical companies; intellectual capital influences positively and significant to the market valuation (Market to Book Value Ratio) of pharmaceutical companies.