Zaki Fakhroni, Irwansyah Irwansyah


Abstract. This research aims to examine the effect of intellectual capital on firms’ market value. Using Pulic’s VAICTM, this study examines the effect of intellectual capital, VACA, VAHU and STVA both partially and aggregately to firms’ market value using market to book value (MBV) as proxy. Population in this study are companies listed on the indonesia Stock Exchange from two different subsectors advertising, printing and property and real estate in the period of observation in 2007-2016. The number of sample is 254 units of observation. Sampling techique using methods of probability/random sampling. The results show that aggregately, intellectual capital (VAICTM) has a positive and significant effect on firms MBV. VACA, VAHU and STVA component proven to have a positive and significant effect towards MBV. Thus, indicates that most investors in Indonesia prefer firms physical assets efficiency to firms efforts in developing intangible assets.

Keywords:  intellectual capital; MBV; VACA; VAHU; STVA.

Abstrak. Penelitian ini bertujuan untuk mengetahui pengaruh intellectual capital terhadap nilai pasar perusahaan. Dengan menggunakan model Pulic VAICTM (Value Added Intellectual Capital), penelitian ini menguji pengaruh intellectual capital, VACA, VAHU, STVA secara parsial dan agregat terhadap nilai pasar perusahaan menggunakan nilai market to book value (MBV) sebagai proxy. Populasi penelitian ini perusahaan terdaftar di Bursa Efek indonesia dari dua subsektor yaitu periklanan, media cetak serta properti dan real estat. periode pengamatan 2007-2016. Jumlah sampel adalah 254 unit observasi. Teknik sampling menggunakan metode probability/random sampling. Hasil penelitian menunjukkan bahwa secara agregat, intellectual capital (VAICTM) memiliki pengaruh positif dan signifikan terhadap nilai MBV perusahaan. Komponen VACA, VAHU dan STVA terbukti memiliki efek positif dan signifikan terhadap MBV. Dengan demikian, hal ini mengindikasikan sebagian besar investor di Indonesia lebih memilih efisiensi aset fisik perusahaan terhadap usaha perusahaan dalam mengembangkan aset tak berwujud.

Kata Kunci:  intellectual capital; MBV; VACA; VAHU; STVA.

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