Pengaruh智力资本terhadap nilai perushaan dengan变量现代战略探矿者[以探矿者经营战略为调节变量的智力资本对企业价值的影响]

J. Jennifer, Oscar Jayanagara
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Intellectual capital (independent variable) is projected by human capital, structural capital, capital employed, and relational capital. Firm value (dependent variable) is measured by the firm's market performance using Tobin's Q measurement. Meanwhile, the prospector's business strategy (moderation variable) is measured using the measurement of Bentley et al. (2013). This research is quantitative, using annual report data from 85 samples of manufacturing companies listed on the Indonesia Stock Exchange (BEI) from 2017-2019. The results prove that only structural capital and capital employed have a positive effect on firm value. Meanwhile, human capital and relationship capital have a negative effect on firm value. Also, the prospector business strategy is proven to moderate the effect of structure capital, employed capital, and relational capital on firm value. 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引用次数: 0

摘要

知识经济的发展,使商界人士认识到智力资本对公司提供增值和竞争优势的重要性。鉴于智力资本的重要性,需要使用正确的业务战略进行有效的管理。采用探索者商业战略的公司经常进行创新,这需要高智力来支持他们的业务。然而,关于智力资本、探矿商商业战略和企业价值的研究在印尼仍然有限。与此相关,本研究旨在探讨智力资本对企业价值的影响,以及企业战略调节这些关系的能力。智力资本(自变量)是由人力资本、结构资本、利用资本和关系资本来预测的。企业价值(因变量)由企业的市场表现衡量,使用托宾Q测量。同时,勘探者的经营战略(调节变量)采用Bentley et al.(2013)的测量进行测量。这项研究是定量的,使用了2017-2019年在印度尼西亚证券交易所(BEI)上市的85家制造业公司样本的年度报告数据。结果表明,只有结构性资本和已动用资本对企业价值有正向影响。同时,人力资本和关系资本对企业价值有负向影响。此外,探矿商经营策略被证明可以调节结构资本、雇佣资本和关系资本对企业价值的影响。【摘要】印尼知识经济协会,印尼知识经济协会,印尼知识资本协会,印尼知识资本协会,印尼知识资本协会,印尼知识资本协会,印尼知识资本协会,印尼知识资本协会,印尼知识资本协会,印尼知识资本协会,印尼知识资本协会,印尼知识资本协会,印尼知识资本协会。蒙古纳罕的智慧资本,蒙古纳罕的智慧资本,蒙古纳罕的智慧资本,蒙古纳罕的智慧资本。Perusahaan berstrategi bisi勘探者服务于melakukan创新,seinga membutuhkan kapasitas知识分子杨廷吉untuk mendukung kegiatan usahanya。Walaupun demikian, penelitian mengenai智力资本,战略商业勘探者dan nilai perusahaan masih sedikit dilakukan印度尼西亚。Berdasarkan hal tersebut, maka penelitian ini bertujuan untuk menguji pengaruh智力资本terhadap, nilai perusahan和kemampuan战略,探矿者dalam memoderasi hubungan tersebut。智力资本(变量独立):模态数量、模态结构、资本使用、模态松弛。【翻译】Nilai perusahaan(变量依赖)diukur dengan melihat kinerja perusahaan di pasar modal menggunakan penguin(企鹅)。薛丹坎,战略勘探者(可变现代)diukur, menggunakan,企鹅,Bentley,等。(2013) 2017-2019年期间,中国制造业生产总值(gdp)与中国制造业生产总值(gdp)的关系。Hasil penelitian memberikan bukti bahwa hanya模态结构资本采用了yang terbukti berpengaruh positive terhadap nilai perusahaan。Sedangkan,模态数daya和模态松弛,terbukti berpengarh负的terhadap nilai perusahan。迪采样图,战略bisi勘探者terbukti备忘录,在模式结构,资本使用,但模式的放松,以建立一个新的模式。
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PENGARUH INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN DENGAN VARIABEL MODERASI STRATEGI BISNIS PROSPECTOR [THE INFLUENCE OF INTELLECTUAL CAPITAL ON FIRM VALUE WITH THE PROSPECTOR'S BUSINESS STRATEGY AS MODERATING VARIABLE]
The development of a knowledge-based economy has made business people realize that intellectual capital is important in providing added value and competitive advantage to companies. Given the importance of intellectual capital, effective management is needed using the right business strategy. Companies with prospector business strategies often make innovation that requires a high intellectual capacity to support their business. However, research on intellectual capital, prospector business strategies and corporate value is still limited in Indonesia. In relation thereto, this study aims to examine the effect of intellectual capital on firm value and the ability of business strategies to moderate these relationships. Intellectual capital (independent variable) is projected by human capital, structural capital, capital employed, and relational capital. Firm value (dependent variable) is measured by the firm's market performance using Tobin's Q measurement. Meanwhile, the prospector's business strategy (moderation variable) is measured using the measurement of Bentley et al. (2013). This research is quantitative, using annual report data from 85 samples of manufacturing companies listed on the Indonesia Stock Exchange (BEI) from 2017-2019. The results prove that only structural capital and capital employed have a positive effect on firm value. Meanwhile, human capital and relationship capital have a negative effect on firm value. Also, the prospector business strategy is proven to moderate the effect of structure capital, employed capital, and relational capital on firm value. Abstrak dalam Bahasa Indonesia Perkembangan knowledge-based economy membuat para pelaku bisnis menyadari bahwa intellectual capital memiliki peranan penting dalam memberikan nilai tambah dan keunggulan kompeitif bagi perusahaan. Mengingat pentingnya intellectual capital , maka dibutuhkan pengelolaan secara efektif menggunakan strategi bisnis yang tepat. Perusahaan berstrategi bisnis prospector sering melakukan inovasi sehingga membutuhkan kapasitas intelektual yang tinggi untuk mendukung kegiatan usahanya. Walaupun demikian, penelitian mengenai intellectual capital , strategi bisnis prospector dan nilai perusahaan masih sedikit dilakukan di Indonesia. Berdasarkan hal tersebut, maka penelitian ini bertujuan untuk menguji pengaruh intellectual capital terhadap nilai perusahaan dan kemampuan strategi bisnis prospector dalam memoderasi hubungan tersebut. Intellectual capital (variabel independen) diproyeksikan oleh modal sumber daya manusia, modal struktural, capital employed , dan modal relasi. Nilai perusahaan (variabel dependen) diukur dengan melihat kinerja perusahaan di pasar modal menggunakan pengukuran Tobin’s Q . Sedangkan, strategi bisnis prospector (variabel moderasi) diukur menggunakan pengukuran Bentley, et al . (2013) Penelitian ini bersifat kuantitiatif, dengan menggunakan data laporan tahunan dari 85 sampel perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2017-2019. Hasil penelitian memberikan bukti bahwa hanya modal struktural dan capital employed yang terbukti berpengaruh positif terhadap nilai perusahaan. Sedangkan, modal sumber daya manusia dan modal relasi terbukti berpengaruh negative terhadap nilai perusahaan. Di samping itu, strategi bisnis prospector terbukti memoderasi pengaruh modal struktural, capital employed , dan modal relasi terhadap nilai perusahaan.
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