PENGARUH INTANGIBLE ASSETS TERHADAP FIRM VALUE DI INDONESIA
Main Article Content
Abstract
This study aims to find out how the role of intangible assets in the form of research and development, advertisement, and human capital on firm value in manufacturing companies listed on the Indonesia Stock Exchange during 2018-2020. The sample was selected by purposive sampling method and the valid data were 90 companies. The data processing technique used multiple regression analysis assisted by Microsoft Excel 2010 and EViews 12 Student Version Lite. The results of this study indicate that intangible assets in the form of research and development, advertisement, and human capital as well as control variables of company size and company age simultaneously or jointly have a significant effect on the dependent variable of firm value. The implication of this research is the need to increase the role of intangible assets that will increase the value of the company and attract investors to invest.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This work is licensed under a Jurnal Komunikasi Creative Commons Attribution-ShareAlike 4.0 International License.
References
BAPEPAM. (1997). Keputusan Ketua BAPEPAM No. Kep-11/PM/1997 Tentang Perubahan No. IX.C.7 Tentang Pedoman Mengenai Bentuk & Isi Pernyataan Pendaftaran dalam Rangka Penawaran Umum oleh Perusahaan Menengah atau Kecil.
Barney, J. B., & Arikan, A. M. (2001). The resource-based view: Origins and implications. In The Black-well handbook of strategic management (pp. 124–188). Blackwell Publishers.
Basgoze, P., & Sayin, H. C. (2013). The effect of r&d expenditure (investments) on firm value : case of istanbul stock exchange. Journal of Business, Economic & Finance, 2, 5–12.
Bontis, N., & Enz, J. F. (2002). Intellectual capital ROI: A causal map of human capital antecedents and consequents. Journal of Intellectual Capital, 3(3), 223–247.
Bose, I., & Pal, R. (2012). Do green supply chain management initiatives impact stock prices of firms? Decision Support Systems, 52(3), 624–634.
Bresnahan, T. F., Brynjolfsson, E., & Hitt, L. M. (2002). Information technology, workplace organization, and the demand for skilled labor: Firm-level evidence. The Quarterly Journal of Economics, 117(1), 339–376.
Chowdhury, S., Schulz, E., Milner, M., & Voort, D. V. D. (2014). Core employee based human capital and revenue productivity in small firms: An empirical investigation. Journal of Business Research, 67(11), 2473–2479.
Daulay, I., & Sadalia, I. (2018). Pengaruh Intangible Assets Terhadap Nilai Perusahaan Melalui Kebijakan Keuangan dan Pertumbuhan Pada Perusahaan Manufaktur di BEI. Talenta Conference Series: Localwisdom, Social And Arts, 1(2), 38–43.
Deegan, C. (2003). Financial Accounting Theory. Australia: The McGraw Hill Companies, Inc.
Valle, I. D., & Castillo, M. A. S. (2009). Human capital and sustainable competitive advantage: An analysis of the relationship between training and performance. International Entrepreneurship and Management Journal, 5(2), 139–163.
Dewinta, I. A. R., & Setiawan, P. E. (2016). Pengaruh Ukuran Perusahaan, Umur Perusahaan, Profitabilitas, Leverage, Dan Pertumbuhan Penjualan Terhadap Tax Avoidance. E-Jurnal Akuntansi, 14, 1584–1615.
Gamayuni, R. (2015). The Effect Of Intangible Asset, Financial Performance And Financial Policies On The Firm Value. International Journal Of Scientific and Technology Research, 4(1), 202–212.
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Kombih, M. T. A., & Suhardianto, N. (2017). Pengaruh Aktivitas Pemasaran, Kinerja Keuangan, dan Aset Tidak Berwujud Terhadap Nilai Perusahaan. Jurnal Ekonomi dan Keuangan, 1(3), 281–302.
Kurniawan, A. P., & Mertha, I. M. (2016). Kinerja Keuangan sebagai Pemediasi Pengaruh Intensitas Research and Development dan Aset Tidak Berwujud pada Nilai Perusahaan. Jurnal Akuntansi Universitas Udayana, 14(1), 723–750.
Lynch, L. M., & Black, S. E. (1998). Beyond the incidence of employer-provided training. ILR Review, 52(1), 64–81.
Mas’ud, M. (1994). Financial Ratio Analysis and The Prediction of Earnings Changes in Indonesia, 3(7), 114–133.
Mahdita, S. C. (2008). Pengaruh Intensitas Research And Development Dan Kinerja Perusahaan Terhadap Nilai Perusahaan. Surabaya: Universitas Negeri Surabaya.
Mansfield, E. (1984). R&D and innovation: Some empirical findings R&D, patents, and productivity (pp. 127–154). University of Chicago Press.
Manurung, A. H. (2013). Teori Informasi Asimetris. Jakarta: Adler Manurung Press.
Marcel, B., Ortan, T., & Otgon, C. (2010). Information Asymmetry Theory in Corporate Governance Systems, 516–522.
Mariana., & Hatane, S. E. (2015). Pengaruh Aktivitas Pemasaran Terhadap Profitabilitas dan Nilai Perusahaan Perusahaan Makanan, Minuman, dan Rokok. Business Accounting Review, 3(2), 281–290.
McKee, D. O., Conant, J. S., Varadarajan, P. R., & Mokwa, M. P. (1992). Success-producer and failure-preventer marketing skills: A social learning theory interpretation. Journal of the Academy of Marketing Science, 20(1), 17–26.
Miles, S. J., & Clieaf, M. V. (2017). Strategic fit: Key to growing enterprise value through organizational capital. Business Horizons, 60(1), 55–65.
Montresor, S., & Vezzani, A. (2016). Intangible investments and innovation propensity: Evidence from the Innobarometer 2013. Industry and Innovation, 23(4), 331–352.
Noor, J. (2014). Metodologi Penelitian. Jakarta: Kencana Prenada Media Group.
Puspitaningtyas. (2012). Relevansi Nilai Informasi Akuntansi dan Manfaatnya bagi Investor. Ekuitas: Jurnal Ekonomi dan Keuangan, 16(2), 164–183.
Putra, I. G. C. (2012). Pengaruh Modal Intelektual Pada Nilai Perusahaan Perbankan yang Go Public di Bursa Efek Indonesia. Jurnal Ilmiah Akuntansi dan Humanika, 2(1), 1–22.
Rodoni, A., & Ali, H. (2014). Manajemen keuangan modern. Jakarta: Mitra Wacana Media.
Sari, K. V. P., & Suprasto, H. B. (2018). Pengaruh Human Capital Pada Nilai Perusahaan dengan Corporate Governance Sebagai Varibel Pemediasi. Jurnal Akuntansi, 24(2).
Savitri, E. (2014). Analisis Pengaruh Leverage Dan Siklus Hidup Terhadap Manajemen Laba Pada Perusahaan Real Estate Dan Property Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Akuntansi. 3(1), 72–89.
Sawarjuwono, T., & Kadir, A. P. (2003). Intellectual Capital: Perlakuan, Pengukuran, dan Pelaporan. Jurnal Akuntansi dan Keuangan Universitas Airlangga, 5(1), 35–57.
Seo, H. S., & Jun, K. Y. (2020). Intangible assets investment and firms’ performance: evidence from small and medium-sized enterprises in Korea. Journal of Business Economics and Management, 21(2).
Serenia, S., & Hatane, S. E. (2015). Pengaruh Kegiatan Marketing Terhadap Profitabilitas dan Nilai Perusahaan Properti dan Real Estate di BEI. Business Accounting Review, 3(1), 268–279.
Setiaji, R. N., & Muid, D. (2011). Pengaruh Rasio Intensitas Penelitian dan Pengembangan, Rasio Tingkat Pengembalian Ekuitas dan Rasio Pembayaran Dividen Terhadap Nilai Perusahaan. Undergraduate thesis, Universitas Diponegoro.
Simanjuntak, A. (2010). Prinsip-Prinsip Manajemen Bisnis Keluarga (Family Business) Dikaitkan Dengan Kedudukan Mandiri Perseroan Terbatas (PT). Jurnal Manajemen dan Kewirausahaan, 12(2), 113–20.
Trehan, M., & Ranju, T. (2006). Advertising and Sales Management. New Delhi: Prince Print Process.
Ark, B. V., Hao, J. X., Corrado, C., & Hulten, C. (2009). Measuring intangible capital and its contribution to economic growth in Europe. EIB Papers, 14(1), 62–93.
Webster, E. (2000). The growth of enterprise intangible investment in Australia. Information Economics and Policy, 12(1), 1–25.
Ziyad, M. A., & Azib. (2019). PENGARUH INTENSITAS RESEARCH AND DEVELOPMENT DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN. Prosiding Manajemen, 5(2).