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

Abstract

This study aims to analyze empirically the role of Value Added in particular intellectual capital and capital employed as an indicator of Intellectual Capital (VAIC ™) and ensure that value added models in assessing the impact on performance and market value of companies listed on the Stock Exchange Indonesia in 2006 through 2010. By using the model as a method of quantification Pulic, this study examined the effect of the value added of intellectual capital coefficient (VAIN) and value added capital employed coefficient (VACA) to productivity (OI / S), profitability (ROA), earnings growth (GR) and market value (MB) of the company. Data from this study were obtained from financial statements and annual reports of manufacturing firms drawn from the Indonesia Stock Exchange and the Indonesian Capital Market Directory. The population of this study is manufacturing companies listed on the Indonesia Stock Exchange during the years 2006-2010 for 290 companies. Determination of the sample using purposive sampling method. The type of data used are secondary data in the form of annual reports by the media manufacturing companies. Data analysis tools that use the Partial Least Square (PLS) with the help of a computer program PLS version 2.0. The results of this study indicate there is a possitive association between the value added of intellectual capital (VAIN) and productivity (OI / S), profitability (ROA), earnings growth (GR) and market value (MB) of manufacturing companies in Indonesia. The results also show that the value-added capital employed (VACA) has a positive association on productivity (OI / S), profitability (ROA) and market value (MB) of the company. But the value added capital employed (VACA) have no association on the growth of revenue (GR) manufacturing companies in Indonesia.