Indah Masri


Abstract. The aim of the research is examine the effect of intellectual capital elements on the financial performance of companies with business strategy as moderation. Using data publicly traded company listed on the Indonesia Stock Exchange in the period 2010 to 2013. Testing is done to see the direct influence of the elements of intellectual capital with the company's financial performance. The results showed that of the three elements of intellectual capital that is used in this study (human capital, process capital, customer capital), finds that process capital positive and significant effect on the rate of 5% can improve financial performance of companies. The results support the research conducted by Wang and Chang (2005). Moderation intellectual capital elements with its business strategy shows that process capital is more appropriate in the innovation strategy rather than cost efficiency strategy, because in process capital attached to the innovation and creativity. On the human capital, moderation with an innovation strategy and cost efficiency strategy showed a significant result negative. Explains that the innovation strategy and cost efficiency strategy is not appropriate in human capital, because it weakens positive relationship human capital with the company's financial performance. For moderation customer capital with its business strategy both innovation and cost-efficiency strategy showed no significant results. It is clear that the selection of the company's strategy does not affect the customer capital. The results of this study also confirms some earlier studies on the effect of customer capital on the company's performance is inconsistent.

Keywords: cost efficiency strategy;customer capital; financial performance; human capital; innovation strategy; process capital.


Abstrak. Tujuan penelitian ini adalah menguji pengaruh unsur modal intelektual terhadap kinerja keuangan perusahaan dengan strategi bisnis sebagai moderasi. Menggunakan data perusahaan publik yang terdaftar di Bursa Efek Indonesia pada periode 2010 hingga 2013. Pengujian dilakukan untuk melihat pengaruh langsung dari unsur modal intelektual dengan kinerja keuangan perusahaan. Hasil penelitian menunjukkan bahwa dari ketiga unsur modal intelektual yang digunakan dalam penelitian ini (sumber daya manusia, modal proses, modal pelanggan), menemukan bahwa proses modal positif dan signifikan berpengaruh pada tingkat 5% dapat meningkatkan kinerja keuangan perusahaan. Hasil mendukung penelitian yang dilakukan oleh Wang dan Chang (2005). Unsur modal intelektual moderasi dengan strategi bisnisnya menunjukkan bahwa modal proses lebih tepat dalam strategi inovasi daripada strategi efisiensi biaya, karena dalam proses kapital melekat pada inovasi dan kreativitas. Pada human capital, moderasi dengan strategi inovasi dan strategi efisiensi biaya menunjukkan hasil negatif yang signifikan. Menjelaskan bahwa strategi inovasi dan strategi efisiensi biaya tidak tepat dalam human capital, karena itu memperlemah hubungan positif human capital dengan kinerja keuangan perusahaan. Untuk modal pelanggan moderasi dengan strategi bisnisnya baik inovasi dan strategi efisiensi biaya menunjukkan tidak ada hasil yang signifikan. Jelas bahwa pemilihan strategi perusahaan tidak mempengaruhi modal pelanggan. Hasil penelitian ini juga menegaskan beberapa studi sebelumnya tentang pengaruh modal pelanggan terhadap kinerja perusahaan yang tidak konsisten.

Kata Kunci: cost efficiency strategy;customer capital; financial performance; human capital; innovation strategy; process capital.


cost efficiency strategy;customer capital; financial performance; human capital; innovation strategy; process capital.

Full Text:



Amir, E. and Lev, B. (1996), “Value-relevance of non-financial information: the wirelesscommunications industry”, Journal of Accounting and Economics, August-December, pp. 3-30.

Anderson, E.W., Fornell, C. and Lehmann, D.R. (1994), “Customer satisfaction, market share, and profitability: findings from Sweden”, Journal of Marketing, Vol. 58, July,pp. 53-66.

Arthur Andersen & Co. (1994), Customer Satisfaction Strategies and Tactics, ArthurAndersen & Co., Chicago, IL.

Banker, R.D., Potter, G. and Srinivasan, D. (2000), “An empirical investigation of an incentive plan that includes non-financial performance measures”, The AccountingReview, Vol. 75 No. 1, pp. 65-92

Barney, JB. (1991). Firms Resources and Sustained Competitive Advantage. Journal of Management, Vol. 17, pp 99 – 120

Bontis, N. (1999), “Managing organizational knowledge by diagnosing intellectual capital: framing and advancing the state of the field”, International Journal of TechnologyManagement, Vol. 18 Nos. 5/6/7/8, pp. 433-62.

Bontis, N. (2001), “Assessing knowledge assets: a review of the models used to measure intellectual capital”, International Journal of Management Reviews, Vol. 3 No. 1, pp.41-60.

Bontis, N. (2002), World Congress of Intellectual Capital Readings, ButterworthHeinemann/KMCI Press, Boston, MA.

Buren, M.E.V. (1999), “A yardstick for knowledge management”, Training & Development, Vol. 53 No. 5, pp. 71-8.

Canibano, L., Garc´ia-Ayuso, M. and Sa´nchez, M.P. (2000), “Accounting for intangibles: a literature review”, Journal of Accounting Literature, Vol. 19, pp. 102-30.

Carmeli, Abraham., AshlerTishler. (2004). The Relationships Between Intangible Organizational Elements and Organizational Performance. Strategic ManagementJournal. Vol 25, pp 1257 – 1278

Chusnah. F.N ,Zulfiati. L, and Supriati D (2014). Pengaruh Intelektual Kapital terhadap Kinerja Perusahaan dengan Strategi sebagai Pemoderasi. SNA 17 Lombok.

Choo, C.W. and Bontis, N. (2002), The Strategic Management of Intellectual Capital and Organizational Knowledge, Oxford University Press, New York, NY

Edvinsson, L. and Malone, M.S. (1997), Intellectual Capital – Realizing Your Company’s True Value by Finding Its Hidden Roots, Harper Business, New York, NY.

Goh, Pek Chen. (2005). Intellectual Capital Performance of Commercial Banks in Malaysia. Journal of Intellectual Capital. Vol. 6 No. 3. pp. 385-396.

Gani, Lindawati., JohnyJermias. (2006). Investigating the Effect of Board Independence onPerformance Across Different Strategies. The International Journal of Accounting,Vol 41, pp 295 – 314

Ittner, C.D., Larcker, D.F. and Rajan, M.V. (1997), “The choice of performance measures in annual bonus contracts”, The Accounting Review, April, pp. 231 -55.

Ittner, C.D. and Larcker, D.F. (1998a), “Are non-financial measures leading indicators of financial performance? An analysis of customer satisfaction”, Journal of Accounting Research, Vol. 36, Supplement, pp. 1 -35.

Ittner, C.D. and Larcker, D.F. (1998b), “Innovations in performance measurement: trends and research implications”, Journal of Management Accounting Research, Fall, pp. 205-38.

Joia, L.A. (2000), “Measuring intangible corporate assets – linking business strategy with intellectual capital”, Journal of Intellectual Capital, Vol. 1 No. 1, pp. 68-84.

Jermias, Jhonny. (2008). The Relative Influence of Competitive Intensity and Business Strategy on the Relationship Between Financial Leverage and Performance. TheBritish Accounting Review, Vol 40, pp 71 – 86

Kaplan, R.S. and Norton, D.P. (1996), The Balanced Scorecard: Translating Strategy into Action, Harvard Business School Press, Boston, MA.

Kaplan, R.S. and Norton, D.P. (2001), The Strategy-focused Organization, Harvard Business School Press, Boston, MA.

Lee, K. and Witteloostuijn, A.V. (1998), “Human capital, social capital, and firm dissolution”, Academy of Management Journal, Vol. 41 No. 4, pp. 425-40.

Pfeffer, J. (1994), Competitive Advantage through People, Harvard Business School Press, Boston, MA.

Porter, M E. (1985). Competitive advantage. New York: Free Press.

Pulic, A. (1998). Measuring the Performance of Intellectual Potential in Knowledge Economy. Paper presented at the 2nd McMaster Word Congress on Measuring andManaging Intellectual Capital by the Austrian Team for Intellectual Potential.

Striukova, Ludmila., Jeffrey Unerman, James Guthrie. (2008). Corporate Reporting of Intellectual Capital: Evidence form UK Companies. Vol 40, pp 297 – 313

Stewart, T.A. (1997), Intellectual Capital: The New Wealth of Organizations, Bantam Doubleday Dell Publishing Group, New York, NY.

Uzzi, B. (1996), “The sources and consequences of embeddedness for the economic performance of organizations: the network effect”, American Sociological Review,Vol. 61, pp. 674-98.

Wang, W.Y and Chang, C (2005). Intellectual capital and performance in causal models. Evidence from the information technology industry in Taiwan. Journal ofIntellectual Capital. Vol. 6 No. 2. Pp.222-236



  • There are currently no refbacks.

Creative Commons License

Jurnal ASET (Akuntansi Riset) is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

View My Stats Visitor