Pengaruh Struktur Modal dan Modal Intelektual Terhadap Kinerja Perusahaan Dimoderasi Corporate Governance

Authors

  • Nuzly Camelia Siregar Fakultas Ekonomi dan Bisnis Islam UIN Sunan Kalijaga Yogyakarta
  • Rosyid Nur Anggara Putra UIN Sunan Kalijaga Yogyakarta
  • Nur Arifah UIN Sunan Kalijaga Yogyakarta

DOI:

https://doi.org/10.18592/at-taradhi.v13i1.5852

Abstract

This paper analyzed of capital structure and intellectual capital on finance performance in Indonesia and the relationship between intellectual capital and financial performance moderated by corporate governance mechanism. Using a sample of 18 corporates in Jakarta Islamic Index (JII) for the period between 2016 and 2019. The findings suggested that capital structure as measured by leverage has a negative influence on financial performance, intellectual capital as measured by the value added intellectual coefficient (VAIC) has a positive influence on financial performance. Furthermore, the results find that the independent board of commissioners are able to strengthen the relationship between intellectual capital and financial performance, while institutional ownership weakness the relationships. This strengthens the agency theory that a good corporate governance mechanism can resolve agency conflicts so that it affects the financial performance. Penelitian ini menganalisis struktur modal dan modal intelektual terhadap kinerja keuangan di Indonesia dan hubungan antara modal intelektual dan kinerja keuangan yang dimoderasi oleh mekanisme corporate governance. Sampel yang digunakan sebanyak 18 perusahaan di Jakarta Islamic Index (JII) selama periode 2016-2019. Hasil penelitian ini bahwa struktur modal yang diukur menggunakan leverage berpengaruh negatif terhadap kinerja keuangan, modal intelektual yang diukur menggunakan value added intellectual coefficient (VAIC) berpengaruh positif terhadap kinerja keuangan. Selanjutnya, hasil penelitian ini menemukan bahwa dewan komisaris independen mampu memperkuat hubungan antara modal intelektual dan kinerja keuangan, sedangkan kepemilikan institusional melemahkan hubungan keduanya. Hal tersebut memperkuat teori agensi bahwa mekanisme corporate governance yang baik dapat mengatasi konflik keagenan yang selanjutnya dapat memengaruhi kinerja perusahaan.

Author Biographies

Nuzly Camelia Siregar, Fakultas Ekonomi dan Bisnis Islam UIN Sunan Kalijaga Yogyakarta

Islamic Economy and Bussines Faculty

Rosyid Nur Anggara Putra, UIN Sunan Kalijaga Yogyakarta

Islamic Economy and Bussines Faculty

Nur Arifah, UIN Sunan Kalijaga Yogyakarta

Islamic Economy and Bussines Faculty

References

Bae, John, Sang Joon Kim, and Hannah Oh. “Taming Polysemous Signals: The Role of Marketing Intensity on the Relationship between Financial Leverage and Firm Performance.” Review of Financial Economics 33 (2017): 29–40. http://dx.doi.org/10.1016/j.rfe.2016.12.002.

Bhatt, Padmanabha Ramachandra, and R. Rathish Bhatt. “Corporate Governance and Firm Performance in Malaysia.” Corporate Governance (Bingley) 17, no. 5 (2017): 896–912.

Chairunissa, Citra, and Raden Rosiyana Dewi. “Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan Dan Penilaian Pasar Dengancorporate Governance Sebagai Variabel Moderasi.” Jurnal Akuntansi Trisakti, 2015.

Chowdhury, Leena Afroz Mostofa, Tarek Rana, Mahmuda Akter, and Mahfuzul Hoque. “Impact of Intellectual Capital on Financial Performance: Evidence from the Bangladeshi Textile Sector.” Journal of Accounting and Organizational Change 14, no. 4 (2018): 429–454.

Clarke, Martin, Dyna Seng, and Rosalind H. Whiting. “Intellectual Capital and Firm Performance in Australia.” Journal of Intellectual Capital 12, no. 4 (2011): 505–530.

Dalci, Ilhan. “Impact of Financial Leverage on Profitability of Listed Manufacturing Firms in China.” Pacific Accounting Review 30, no. 4 (2018): 410–432.

Detthamrong, Umawadee, Nongnit Chancharat, and Chaiporn Vithessonthi. “Corporate Governance, Capital Structure and Firm Performance: Evidence from Thailand.” Research in International Business and Finance 42, no. June (2017): 689–709. https://doi.org/10.1016/j.ribaf.2017.07.011.

Dharmastuti, Christiana Fara. “Analisis Pengaruh Mekanisme Internal Dan External Corporate Governance Terhadap Profitabilitas Dan Kebijakan Dividen Perusahaan (Studi Empiris Pada Perusahaan Go Publik Di Pasar Modal Indonesia).” Jurnal Organisasi dan Manajemen 9, no. 1 (2013): 21–30.

Ebaid, ElIbrahim El-Sayed. “The Impact of Capital-Structure Choice on Firm Performance: Empirical Evidence from Egypt.” Journal of Risk Finance, 2009.

Hamdan, Allam. “Intellectual Capital and Firm Performance: Differentiating between Accounting-Based and Market-Based Performance.” International Journal of Islamic and Middle Eastern Finance and Management 11, no. 1 (2018): 139–151.

Hapsoro, Dody, and Anna Fauzia Fadhilla. “Relationship Analysis of CG, CSR and Economic Consequences: Empirical Study of Indonesia Capital Market.” The south East Asian Journal of Managemet 11, no. 2 (2017): 164–182.

Ibhagui, Oyakhilome W., and Felicia O. Olokoyo. “Leverage and Firm Performance: New Evidence on the Role of Firm Size.” North American Journal of Economics and Finance, 2018.

Li, Kang, Jyrki Niskanen, and Mervi Niskanen. “Capital Structure and Firm Performance in European SMEs: Does Credit Risk Make a Difference?” Managerial Finance 45, no. 5 (2018): 582–601.

Lukviarman, N. Corporate Governance: Menuju Penguatan Konseptual Dan Implementasi Di Indonesia. Solo: PT Era Adicitra Intermedia, 2016.

Nkundabanyanga, Stephen Korutaro. “Journal of Economic and Administrative Sciences.” Journal of Economic and Administrative Sciences 32, no. 1 (2016): 1–9. http://dx.doi.org/10.1108/JEAS-03-2016-0005.

Ozkan, Nasif, Sinan Cakan, and Murad Kayacan. “Intellectual Capital and Financial Performance: A Study of the Turkish Banking Sector.” Borsa Istanbul Review 17, no. 3 (2017): 190–198. http://dx.doi.org/10.1016/j.bir.2016.03.001.

Rahmawati, Wahyu Fitria, and Budi Upayarto. “Pengaruh Struktur Modal (DER) Terhadap Kinerja Keuangan (ROE) Pada Perusahaan Manufaktur Food & Beverage Tahun 2012-2015.” Jurnal TEDC 13, no. 2 (2019): 201–211.

Ramli, Nur Ainna, Hengky Latan, and Grace T. Solovida. “Determinants of Capital Structure and Firm Financial Performance—A PLS-SEM Approach: Evidence from Malaysia and Indonesia.” Quarterly Review of Economics and Finance 71 (2019): 148–160. https://doi.org/10.1016/j.qref.2018.07.001.

Sardo, Filipe, Zélia Serrasqueiro, and Helena Alves. “On the Relationship between Intellectual Capital and Financial Performance: A Panel Data Analysis on SME Hotels.” International Journal of Hospitality Management 75, no. January (2018): 67–74. https://doi.org/10.1016/j.ijhm.2018.03.001.

Tiby, A.M El, and M.G Wafik. Islamic Finance and Economic Development Risk Management, Regulation and Corporate Governance. New York: Jhon Wiley & Sons Inc, 2015.

Ustadi, Amirul. “Struktur Modal, Corporate Governance Dan Kinerja Perusahaan Pada Perusahaan Pertambangan Indonesia.” Jurnal Ilmu Manajemen 8, no. 1 (2020): 10–21.

Wang, Zhining, Nianxin Wang, and Huigang Liang. “Knowledge Sharing, Intellectual Capital and Firm Performance.” Management Decision 52, no. 2 (2014): 230–258.

Yazdanfar, Darush, and Peter Öhman. “Debt Financing and Firm Performance: An Empirical Study Based on Swedish Data.” Journal of Risk Finance 16, no. 1 (2015): 102–118.

Published

2022-06-16

Issue

Section

Articles