Academy of Strategic Management Journal (Print ISSN: 1544-1458; Online ISSN: 1939-6104)


Intellectual Capital Disclosure Study on Automotive Companies in Indonesia

Author(s): Muhammad Saifi

Intellectual Capital Disclosure is a disclosure or reporting of the intellectual capital of a company. Intellectual capital disclosure is voluntary, so not all companies disclose their intellectual capital conditions. Intellectual capital Disclosure has implications on financial performance and firm value, this is supported by agency theory that intellectual capital disclosure will reduce information assymmetry so that it will minimize agency costs. Intellectual capital disclosure is also a signal that a company has high performance and a good future so that intellectual capital disclosure has the potential to affect financial performance and firm Value. Besides the Intellectual Capital Disclosure in improving the financial performance and firm value, the company also needs funding in the form of money to funds the company survival. Fulfilling funding needs in the form of money must also consider where the fulfillment of these needs comes from. Whether it comes from internal of the Company itself or uses external capital. This study aims to determine and explain the direct and indirect effect of Intellectual Capital Disclosure and Capital structure on the Financial Performance and Company Value. The type of this study is explanatory research with a quantitative approach, while the objects of this study are automotive companies listed on the Indonesia Stock Exchange for the 2016 to 2019 period. The sampling using purposive method, 11 samples were selected and by using the panel there were 44 panel data obtained. The data analysis technique used in this study is Path Analysis. The results of this study indicate that the Capital Intellectual Disclosure both directly and indirectly through financial performance has significant effects on Firm value. Directly, Capital structure has no significant effect on Firm value, however, through financial performance has a significant effect on firm value. Financial Performance has a significant effect on Firm Value.

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