MAPPING JURNAL (Topik: Intellectual Capital, GCG, Kinerja Keuangan, Firm Value)

Nama: Mutiara Rachma A.

NIM: 041624253029
No Penulis
1 Nuryaman (2015) Intellectual Capital,
Firm’s Value, Financial
Performance
2 (Berzkalne &
Zelgalve, 2014)
Variabel Hipotesis/Proposisi
Ha1 : Intellectual Capital
positively effects on firm’s value.
Ha2 : Intellectual capital positively
effects on profitability.
Ha3: Profitability positivly effect
on firm’s value.
Ha4: Profitability mediates the
influence of intellectual capital on
the firm’s value
Intellectual capital, Intellectual Capital positively
company value effects on company value
Metpen/Definisi Operasional Hasil
- Intellectual capital (IC) measured - intellectual capital has a
by using a model of Value added positive effect on firm value
intelectual coefficient (VAIC) - intellectual capital has a
which developed by Pulic (1999). positive impact on
These variables include: Value profitability; and
added capital employed (VACA); - profitability serves as an
Value added human capital intervening variable in a
(VAHU); structural capital value causal relationship between
added (STVA); and value added intellectual capital and firm
intelectual coefficient (VAIC). value.
- The Firm's value variable will be
measured using the price-to-book
value (price value / book value)
- Financial performance will be
measured by profitability; Return
on total assets (ROA), return on
total equity (ROE), and net profit
margin (NPM)
- sample of public companies
manufacturing sector, registered
during the period of the year 2012
on the Indonesian Stock
Exchange. the data acquired
company's financial statements as
much as 93 as a research sample.
- Multiple regression model
- intellectual capital has an increase in intellectual capital
ascertainable monetary value, should increase the value of the
provides a company with a company
competitive edge, and enables it
to differentiate itself from its

3 (Liu, 2017) Intellectual capital,
Business ties,
Environmental
uncertainty, Social capital
Hypothesis 1. Human capital
mediates the positive relationship
between customer capital and
social capital.
Hypothesis 2. Organizational
capital mediates the positive
relationship between customer
capital and social capital.
Hypothesis 3. Social capital
mediates the positive relationship
between human capital and
organization performance.
Hypothesis 4. Social capital
mediates the positive relationship
between organizational capital and
market performance.
Hypothesis 5a. Business ties
moderate the positive relationship
between social capital and
organization performance.
Hypothesis 5b. Business ties
moderate the positive relationship
between social capital and market
performance.
Hypothesis 6a. Environmental
uncertainty moderates the negative
relationship between social capital
and organization performance.
Hypothesis 6b. Environmental
uncertainty moderates the negative
competitors.
- company value:Tobin’s Q
- intellectual capital: value added
intellectual coefficient
(VAICTM)
- Human capital consists of the - interrelationships exist
organization's potential value- among types of intellectual
creating assets because through capital. Further, social
human capital, the organization capital plays a critical
applies abilities and skills to mediating role in the
integrate creative ideas and relationships between IC and
increase the organization's CCO performance
innovation with or without - Business ties play positive
employee engagement (education, moderating roles, and
skill and training) to generate environmental uncertainty
organization value, which has negative impacts on
increases customer satisfaction social capital and CCO
and loyalty performance.
- Organization capital as a factor
that may either fully support
employees' productivity or
encourage them to leave work
behind at the office when they go
home
- Social capital accumulation
requires time to maintain internal
and external connections, the
commitment of resources, the
extension of managerial
relationships, and additional
resource inputs, attention, and
efforts
- Business ties are another social
capital extension that helps
organizations better understand
 relationship between social capital
and market performance.
4 (Janggu, Darus, Zain, good corporate H1. Board size is positively and
& Sawani, 2014) governance (GCG), significantly related to
sustainability disclosure sustainability disclosure
H2. Board ownership is positively
and significantly related to
sustainability disclosure
H3. Board professionalism is
positively and significantly related
to sustainability disclosure
H4. Board independence is
positively and significantly related
to sustainability disclosure
H5. Board designation is
positively and significantly related
to sustainability disclosure
H6. Foreign members on board is
positively and significantly related
to sustainability disclosure
5 (Muttakin, Khan, & Intellectual capital H1. : There is a positive
Belal, 2015) disclosures, corporate association between family
governance ownership and the extent of ICD
up to a certain level of ownership
which is followed by a negative
association between family
ownership and the extent of ICD.
H2. : There is a positive
association between foreign
their customers' preferences,
thereby allowing organizations to
identify new market niches and
gain market advantages over
competitors.
- Sampels 434 Taiwanese cultural
and creative organizations
(CCOs)
- Samples 100 public listed
companies in Malaysia
- The data was analysed using
Structural Equation Modelling
technique of Partial Least
Squares.
- Board independence is defined as
the proportion of independent
directors to the total number of
directors
- CEO duality refers to situations in
which one individual is both the
CEO and chairperson of a board
- Family duality is defined as the
situation in which two members
- board size, professionalism
and board designation had a
significant impact on
sustainability disclosure
- board independence and
board ownership were not
significant in motivating
sustainability disclosure
- there is non-linear
relationship between family
ownership and the extent of
ICD
- foreign ownership, board
independence, and the
presence of audit committees
are positively associated with
the extent of ICD
 ownership and the extent of ICD.
H3. : There is a positive
association between proportion of
independent directors on board
and the extent of ICD.
H4. : There is a negative
association between CEO duality
and the extent of ICD.
H5. : There is a negative
association between family duality
and the extent of ICD.
H6. : There is a positive
association between the presence
of audit committees and the extent
of ICD.
6 (Kalkan, Bozkurt, & Intellectual capital, Hypothesis 1: Intellectual capital
Arman, 2014) Innovation, has a positive effect on firm
Organizational strategy, performance.
firm performance Hypothesis 2: Innovation has a
positive effect on firm
performance.
Hypothesis 3: Organizational
strategy has a positive effect on
firm performance.
7 (Zabri, Ahmad, & corporate governance Hypothesis 1: There is a
Wah, 2016) practices, firm relationship between board size
of the one family occupy the - family duality (i.e., where
positions of CEO and chairperson the positions of CEO and
- The sample consists of 135 non- chairperson are occupied by
financial companies listed on the two individuals from the
- Dhaka Stock Exchange (DSE) same family) is negatively
used a regression analysis associated with the extent of
technique ICD
- intellectual capital described as - there are positive
the difference between a firm’s relationships between
market value and the cost of intellectual capital,
replacing its assets innovation and
- Innovation is defined as organizational strategy and
“implementing new ideas that firm performance
create value”
- Strategy is the outcome of
decisions made to guide an
organization with respect to
environment, structure and
processes that influence its firm
performance.
- Firm performance can be
measured in a variety of ways,
including financial performance,
product performance and market
performance.
- corporate governance’s - board size has significantly
indicators: Board size and Board weak negative relationship
 performance and firm’s ROA.
Hypothesis 2: There is a
relationship between board size
and firm’s ROE.
Hypothesis 3: There is a
relationship between board
independence and firm’s ROA.
Hypothesis 4: There is a
relationship between board
independence and firm’s ROE.
8 (Ornek & Ayas, 2015) Intellectual Capital,
Innovative Work
Behavior, Business
Performance
Independence with ROA but it was found
- firm performance: return on asset to be insignificant to ROE
(ROA) and return on equity - there was no relationship
(ROE) between board independence
- corporate governance is the and firm performance
process and structure used to
direct and manage the business
and affairs of the company
towards enhancing business
prosperity and corporate
accountability with the ultimate
objective.
- board size is the total number of
directors on a board
- Board independence refers to
percentage of the total number of
independent non-executive
directors to the total number of
directors.
- ROA is defined as net income
before interest expense for the
fiscal period divided by total
assets for that same period
- ROE is defined as the income
before interest expense for the
fiscal period divided by total
shareholders’ equity for that same
period
- intellectual capital is the sum of - there is positive relation
things known by everyone in between intellectual capital
businesses which ensures and business performance
competitive advantage in the - building up such relation
market depend on transferring the
- Innovative work behavior defined intellectual capital into
as an individual behavior which innovation. And if the
 provides employees to add new intellectual capital
and beneficial ideas, processes transferred into innovation is
and products to be presented managed successfully within
the businesses, it triggers
performance development
9 (Sumedrea, 2013) Intellectual Capital, Firm There is a relationship between - Human capital includes all the - the development of
Performance intellectual capital and firm knowledge, skills, abilities, companies is influenced by
performance talents, experience and know-how the human and the structural
available to the organization’s capital, while profitability is
member, as well as motivation ad additionally linked to the
commitment to the organizarion financial capital through the
and its value, value added intellectual
- Structural capital (organisational) capital coefficient.
includes information systems,
knowledge encoded in the form of
databases, processes and
organisational procedures (which
are not in the minds of the
employees, but on external
media), trademarks, patents, and
infrastructure required to support
the application of the
organisational strategies.
- Relational capital (social) means
external links with suppliers and
customers of the organisation,
which allows it to buy and sell
goods and services in an efficient
and effective manner (through
knowledge of customer
preferences and of the factors that
lead to a satisfactory relationship
with them, and so on).
- Financial performance: return on
assets (ROA), return on equity

10 (Nkundabayanga, Board governance, H1. Board governance will have a
Ntayi, Ahiauzu, & Intellectual capital, firm positive and significant
Sejjaaka, 2014) financial performance relationship with firm financial
performance.
H2. Intellectual capital will have a
positive and significant
relationship with firm financial
performance.
H3. Board governance will have a
positive and significant
relationship with intellectual
capital.
H4. Intellectual capital mediates
the relationship between board
governance and firm financial
performance.
(ROE) growth rate of the business
(GROW)
- Board governance: A board is a
team of knowledge workers, and
to do its job, the board needs the
same resources and capabilities
that any other successful team of
knowledge workers needs.
Research indicates that to do their
jobs effectively, such groups need
knowledge, information, power,
motivation, and time
- intellectual capital as an aggregate
expression of the intangible assets
possessed by the organisation
- human capital is the main body of
intellectual capital and includes
knowledge, experience and
special skills of the personnel of a
business entity employed in order
to create economic value
- organisational capital includes
production or other processes,
specialisation and information
flow
- structural capital is a general
system and procedures for solving
problems and innovation
- Relational capital/customer
capital is generally consists of
relations between organisations
and the society
- Stakeholder capital is a subset of
structural capital and is about
some forms of structural capital
- The mediated model
provides support for the
hypothesis that intellectual
capital mediates the
relationship between board
governance and perceived
firm performance
- While the direct relationship
between board governance
and firm financial
performance without the
mediation effect of
intellectual capital was found
to be significant, this
relationship becomes
insignificant when mediation
of intellectual capital is
allowed.
- The entire effect does not
only go through the main
hypothesised predictor
variable (board governance)
but majorly also, through
intellectual capital.
- Accordingly, the connection
between board governance
and firm financial
performance is very much
weakened by the presence of
intellectual capital in the
model – confirming that the
presence of intellectual
capital significantly acts as a

11 (Mishra & Mohanty, corporate governance, H1. The better the CG practices in
2014) financial performance a firm, the better will be the firm
performance.
H1a. The better the legal
compliance by firms, the better
will be the firm performance.
H1b. The more effective are the
board indicators, the better will be
the firm performance.
H1c. The more proactive will be
the disclosures made by the firm,
the better will be its
performance.
12 (Jamshidinavid, Intellectual Capital, H1: There is a relationship
Pourmazaheri, & Performance And between intellectual capital
Amiri, 2015) Corporate Social (VAIC) and corporate social
Responsibility responsibility (CSR) disclosure.
H2: There is a relationship
between financial performance and
corporate social responsibility
(CSR) disclosure.
that, due to their importance for a
firm’s success, have been
addressed separately from the
broader concept of structural
capital
- CG indicators: Legal compliance
(Adverse auditor’s report, Default
in the payment of tax, duties, etc),
Board efficiency (Promoter’s
stake, Number of directors,
Number of independent directors
in the board, Percentage of
independent directors in the audit
committe, Number of other
companies’ boards in which the
directors are members, Frequency
of attendance in the board
meetings, CEO duality,
Performance based compensation
of the CEO), and Proactive
indicator (Earnings forecast score,
Additional information in the
annual report)
- Measures of financial
performance : ROA
- Control variable: firm size
- Measurement of Intellectual
Capital: Value Added Intellectual
Coefficient (VAIC)
- corporate social responsibility
(CSR) measured based on content
analysis of the company’s annual
reports and their disclosures of
social responsibility activities
- The control variables: Firm size
conduit in the association
between board governance
and firm financial
performance
- The board and the proactive
indicators influence the firm
performance significantly
whereas legal compliance
indicator does not do so. The
composite corporate
governance measure is a
good predictor of firm
performance.
- intellectual capital does not
have a significant
relationship with corporate
social responsibility
disclosure
- there is a relationship
between financial
performance and corporate
social responsibility.

13 (Jordão & Almeida, Performance H1. The IC contributed positively
2013) measurement, intellectual to the long-term financial
capital, financial performance of the
sustainability companies listed on the
BM&FBovespa.
H2. The more intangible-intensive
companies presented a financial
performance
superior to the less intangible-
intensive companies.
14 (Nadeem, De Silva, Boardroom gender H1. Boardroom gender diversity
Gan, & Zaman, 2017) diversity, intellectual positively influences IC efficiency.
capital efficiency H2. Boardroom gender diversity
positively influences human
capital performance.
H3. Boardroom gender diversity
positively influences innovation
capital efficiency.
H4. Boardroom gender diversity
has a positive influence on
physical capital
efficiency.
(FSIZE), which is calculated as
the natural log of market
capitalization, Market valuation
(MB) as the ratio of market
capitalization to book value of
common stocks, Asset turnover
(ATO)
- IC of a company could be
represented by an index (IC-
INDEX). The IC-INDEX
indicates the degree of
intangibility of a company’s
assets, revealing that the value of
the company shares contains a
tangible portion, represented by
the BV, in addition to an
intangible component,
represented by the MV. In this
sense, considering that the IC is
greater than zero (ICW0), the
ratio MV/BV being greater than 1
(M/AW1) means that the
company possesses IC.
- Firm performance is measured in
terms of IC efficiency
- The adjusted-VAIC (A-VAIC)
model, is used to measure the
efficiency of IC.
- Gender diversity: (1) the
percentage of women on the
boards; (2) a dummy variable
which takes the value of 1 if the
boards have at least one female,
and 0 otherwise; and (3) the Blau
index of gender diversity – where
- IC influences positively the
profitability and corporate
return of these companies;
the more intangible-intensive
public companies listed on
the BM&FBovespa higher
financial sustainability than
the others, in terms of
profitability and corporate
return, either individually,
globally or by industry; and
that IC helps increase
financial performance,
systematically, over time.
- The empirical analysis shows
a significant relationship
between gender diversity and
IC efficiency, in static
ordinary least square
estimation, but this
disappears when endogeneity
is accounted for using
dynamic GMM
 (2) and (3) are applied for
robustness checks.
15 (Flint, Maher, & Downsizing decisions, - Scenarios comparing the effects
Wielemaker, 2012) intellectual of downsizing or organizational
capital, accounting performance are used to
information demonstrate the effects of
decisions basedon intellectual
capitalization and GAAP.
16 (Abor & Fiador, corporate governance, - Dividend is total cash dividend
2013) firms’ dividend payout paid to shareholders. Measured by
policy ratio of dividend to earnings
- Measures of corporate
governance: These are board
composition, board size, CEO
duality, and institutional
ownership.
- BC is board composition and it is
defined as the percentage of
external board members on the
corporate board.
- BS is the square of the number of
board members or the board size.
- INO is institutional ownership
and it is measured as the
percentage of shares held by
institutions owning at least 5
percent of equity at the beginning
of the accounting year.
- control variables: taxation, debt
ratio, growth, profitability, and
firm size.
17 (Appuhami & corporate governance H1. Ceteris paribus, there is a - corporate governance
Bhuyan, 2015) (chief executive officer negative association between CEO mechanisms (chief executive
[CEO] duality, board size, duality and IC officer [CEO] duality, board size,
board composition and efficiency. board composition and committee
- the investement
capitalization method causes
less destruction of
intellectual capital during
downsizing decisions than
does GAAP.
- board composition and board
size exhibit significantly
positive relationship with
dividend payout in Kenya
and Ghana, respectively.
- Institutional ownership
positively influences
dividend payout among
South African and Kenyan
firms.
- In the case of Nigeria, all the
corporate governance
measures show significantly
negative effects on dividend
payout.
- In the case of Ghana,
dividend payout positively
affects board composition.
- CEO duality, board
composition and
remuneration committee
composition are significantly
 committee composition), H2. Ceteris paribus, there is a
intellectual capital negative association between
efficiency board size and IC
efficiency.
H3. Ceteris paribus, there is a
positive association between the
proportion of
independent directors and IC
efficiency.
H4. Ceteris paribus, there is a
positive association between the
level of independence
of the audit committee and IC
efficiency.
H5. Ceteris paribus, there is a
positive association between the
level of independence
of the remuneration committee and
IC efficiency.
18 (Bchini, 2015) Intellectual Capital, Value H: intellectual capital is positively
Creation associated with value creation.
H1: human capital is
positivelyassociated with value
creation.
H2: organizational capital is
positively associated with value
creation.
H3: relational capital is positively
associated with value creation.
composition) associated with IC
- IC measured by VAIC - there is no evidence that
- IC refers to the competence and board size and audit
commitment gained through committee composition have
training and the development an effect on IC.
- CEO duality occurs when the
same person holds both CEO and
board chairperson positions in an
organization
- Board size refers to the number of
members on an organization’s
board of directors
- Board composition refers to the
proportion of independent outside
directors on the board of directors
of an organization
- Committees include: nominating
committee, remuneration
committee, audit committee
- Human capital: It includes tacit - there is a positive and
knowledge, individual skills, statistically significant
experiences of members of the relationship between the
organization, attitudes, and components of intellectual
capacity for innovation and capital and value creation in
learning. Tunisian manufacturing
- Organizational capital refers to companies
investments made by the
company systems, tools and mode
to ensure the circulation of
knowledge.
- Relational capital is defined as all
the resources related to external
relations of the company
- Value creation, it refers to six
items built around the following

19 (Mulcahy, Donnelly, corporate governance H1. The reporting of an initial loss
2015) stickiness and losses is associated with an improvement
in corporate
Governance
H2. Ex ante corporate governance
quality has an effect on the
association between the
reporting of an initial loss and
corporate governance changes.
20 (Chizari, Mehrjardi, intellectual capital, H1: Coefficient of value added of
Sadrabadi, Mehrjardi, market performance intellectual capital (VAIC) has an
2016) effect on the market performance
(with criterion M / B) of
proposals: the company must
create material wealth while
satisfying all stakeholders, it must
have a relational network with all
its direct and indirect partners, be
aware of its social role and a
disservice to the community, with
regard to the environment and
maintenance of measures
protection, and develop its own
values and strengthen its identity.
- The data for this study were
collected through a survey,
conducted face to face, with 104
Tunisian manufacturing
companies chosen from the
database constructed by the
Agency for the Promotion of
Tunisian Industry (A.P.I)
- The study uses three years of - an initial loss precipitates an
corporate governance information improvement in corporate
- spanning the report of an initial governance and that this
loss for companies listed on the improvement is significantly
UK Stock Exchange more pronounced in those
- An industry- and size-matched companies which displayed
control sample is used in a either weak or extreme
difference-in-difference analysis governance before the loss.
to isolate the impact of the loss - the improvement in
from underlying changes in corporate governance begins
governance. before the loss is actually
reported.
- intellectual capital is a form of - VAIC coefficient has a
knowledge which creates significant impacton market
competitive advantage and performance variables of
displays the intangible value of a pharmaceutical companies
 pharmaceutical companies listed in
the Tehran Stock Exchange.
H2: Coefficient of value added of
intellectual capital (VAIC) has an
effect on the market performance
(with criterionQ tobin) of
pharmaceutical companies listed in
the Tehran Stock Exchange.
H1.1: Each component of added
value of intellectual capital
including: efficiency of employed
or physical capital (VACA),
human capital efficiency (VAHU)
and structural capital efficiency
(STVA) have effects on the
financial performance of
pharmaceutical companies listedin
the Tehran Stock Exchange (M/B).
H2.1: Each component of added
value ofintellectual capital
including: efficiency of employed
or physical capital (VACA),
human capital efficiency (VAHU)
and structural capital efficiency
(STVA) have effects on the
financial performance of
pharmaceutical companies listed in
the Tehran Stock Exchange (Q
TOBIN).
21 (Clarke, 2015) corporate governance
company accepted in Tehran Stock
- components of IC: Human Exchange
Capital, Capital structure - Among its components
(organizational), Relational employed or physical capital
capital (customer) has the greatest impact on
- Intellectual capital measured by market performance
the Pulic value added intellectual variables.
capital (VAIC)
- Performance of market value
measured by market value
measure to book value of the
ofassets (M / B) and Q tobin ratio
are used
- Samples 26 companies active in
the pharmaceutical industry and
listed in the Tehran Stock
Exchange during 2008 to 2012
and using multivariate regression
based on panel.
- The paper is a conceptual analysis - To meet the imminent
of evolving paradigms in challenge of social and
corporate governance through a environmental sustainability
series of changing paradigms in in a post-carbon economy,
response to wider transformations further rethinking of
in the political economy, business corporate purpose, corporate
 and society. governance and directors
duties will be essential
- This sustainability revolution
has only just commenced,
but in the course of the
twenty-first century, it will
transform both business and
society.
22 (Dženopoljac, Intellectual capital, H1.HCE has a direct positive - The analysis included 13,989 - when using firm size and
Janoševic, Bontis, financial performance impact on financial performance of Serbian ICT companies during leverage as control variables,
2016) enterprises in the ICT industry. 2009-2013 only capital-employed
H1a.Enterprises that have greater - Value-added intellectual efficiency has significant
HCE are more likely to have coefficient (VAIC) was used to effect on financial
higher ROE. measure the level of IC performance
H1b.Enterprises that have greater contribution to value creation. - the research confirms that
HCE are more likely to have - Measures of financial there were no significant
higher ROA. performance were return on differences in financial
H1c.Enterprises that have greater equity, return on assets, return on performance among different
HCE are more likely to have invested capital, profitability, and ICT subsectors.
higher ROIC. asset turnover.
H1d.Enterprises that have greater
HCE are more likely to be
profitable.
H1e.Enterprises that have greater
HCE are more likely to have
higher ATO.
H2.SCE has a direct positive
impact on financial performance of
enterprises in the ICT industry.
H2a.Enterprises that have greater
SCE are more likely to have
higher ROE.
H2b.Enterprises that have greater
SCE are more likely to have
higher ROA.
 H2c.Enterprises that have greater
SCE are more likely to have
higher ROIC.
H2d.Enterprises that have greater
SCE are more likely to be
profitable.
H2e.Enterprises that have greater
SCE are more likely to have
higher ATO.
H3.CEE has a direct positive
impact on financial performance of
enterprises in ICT industry.
H3a.Enterprises that have greater
CEE are more likely to have
higher ROE.
H3b.Enterprises that have greater
CEE are more likely to have
higher ROA.
H3c.Enterprises that have greater
CEE are more likely to have
higher ROIC.
H3d.Enterprises that have greater
CEE are more likely to be
profitable.
H3e.Enterprises that have greater
CEE are more likely to have
higher ATO.
H4.The contribution of IC to a
company’s financial performance
will not be significantly different
among different ICT subsectors.
23 (Dost, Badir, Ali, intellectual capital H1.Organizational capital - Human capital refers to the - organizational capital exerts
Tariq, 2016) (human, social and positively impacts on innovation economic value of the skills, significantly positive impact
organizational capital), adoption. experience and knowledge that an on innovation adoption
innovation generation, H2.Social capital positively individual brings to a firm - social capital exerts
 adoption impacts on innovation adoption.
H3.Social capital positively
impacts on innovation generation.
H4.Human capital positively
impacts on innovation generation.
H5.The higher the social capital,
the stronger the impact of
organizational capital on
innovation adoption.
H6.The higher the social capital,
the stronger the impact of human
capital on (innovation generation.
24 (Feng, Kang,& Nabar, National Societal Values, Hypothesis 1: Corporate
2017) Corporate Governance governance scores are positively
related to individualism scores.
Hypothesis 2: Corporate
governance scores are negatively
related to uncertainty avoidance
scores.
Hypothesis 3: Corporate
governance scores are negatively
related to power distance scores.
Hypothesis 4: Corporate
governance scores are negatively
related to masculinity scores.
- Social capital is he knowledge,
that is embedded in an
organization and utilized by
interaction among the individuals
and their relationship networks
- organizational capital is codified,
and stressed that its creation,
preservation and enhancement
occur through structured,
repetitive activities
- Innovation generation refers to
generating a product, process or
technology, that is new for the
market whereas innovation
adoption refers to adapting
existing knowledge from outside
the organization
- four national societal values:
individualism, uncertainty
avoidance, power distance and
masculinity
- Societies which prioritize
individuals’ self-interest score
high on individualism.
- Uncertainty avoidance refers to
how comfortable people are with
ambiguity and change.
- Power distance is the extent to
which people acceptunequal
distribution of power in society.
- Masculinity, In feminine
countries, feminine societies will
seek to ensure justice and
protection through higher levels
of corporate governance.
significantly positive impact
on both innovation
generation and adoption
- interaction of social capital
further strengthens the
influence of organizational
capital on innovation
adoption
- human capital does not exert
significant influence on
innovation generation
- interaction of social capital
furtherstrengthens the impact
of human capital on
innovation generation.
- national societal values are
associated with corporate
governance in emerging
markets
- Corporate governance is
strong infirms from
individualistic societies, and
weak in firms from
uncertainty avoiding and
masculine cultures.
25 (Hussinki, Intellectual capital (IC), - IC measured with 22 items
Ritala,Vanhala, knowledge representing seven different
Kianto, 2017) management practices dimensions.
(KMP), firm performance - The measures were based on a
five-point Likert scale (1-strongly
disagree, 5-strongly agree) and
respondents were asked to assess
how the different statements on
IC dimensions were applied in the
organization they represented.
- KMP. In total, 27 items measured
ten different dimensions of KMP
- Market performance was
measured on a scale developed by
Delaney and Huselid (1996) and a
scale for innovation performance
relied on work by Weerawardena
(2003).
26 (Bidaki & Hejazi, Profitability, Intellectual - Intellectual Capital Disclosure
2014) Capital Disclosure is a report intended to meet the
information needs common to
users who are unable to command
the preparation of reports about
Intellectual Capital tailored so
as to satisfy, specifically all of
their information needs.
- The research method:
descriptive and correlational
method using parametric statistic.
- firms characterized with high
levels of IC and high use of
KMP are likely to
outperform the firms with
low overall levels of IC and
KMP.
- firms characterized with high
level of IC but only low
utilization of KMP can
match the innovation
performance of the firms
with high levels of IC and
KMP.
- there is positive and
significant relationship
between profitability and
disclosure of intellectual
capital
- there is significant and
positive relationship
between firm size and
disclosure of intellectual
capital, human capital,
customer capital there.
- Also positive and
significant relationship
found between growth
opportunities and disclosure
intellectual capital.
- human capital and
 structural capital were
positively related
- A positive relationship was
seen between financial
leverage and disclosure
customer capital
27 (Sabrin, Sarita, Profitability, Firm Value Hypothesis: profitability has - Investors can consider the ratio of - profitability has affect the
Takdir, Sujono, 2016) significant effect on Firm Value capital markets such as the ratio firm value because the value
of price per book value (PBV) to is a positive on the
discern which stocks whose price achievement of profit to
is reasonable, too high justify the payment of
(overvalued) or too low dividends
(undervalued).
- Tobin's Q hows the current
estimate of the financial markets
on the value of the return on
every dollar of incremental
investment.
- Market -to-book ratio (M/B) is
calculated by dividing the
company's stock market value
and the book value of equity.
- Profitability ratio is a ratio to
measure the ability of the
company makes a profit in
relation to sales, total assets and
own capital.
- 132 manufacturing companies
listed in Indonesia Stock
Exchange (2009-2014)
28 (Hatem, 2017) Profitability, Firm Value Hypothesis 1: there is a positive - sample of two European - Italian firms have higher
effect between shareholder wealth countries: Italy and Poland. market values
and firm performance. - Samples contain 200 firms from - firms in Poland are more
Hypothesis 2a: firm performance each country studied over a profitable than firms in Italy.
positively affect shareholder period of 4 years from 2007-2010. - firms in Italy, there is a
 wealth.
Hypothesis 2b: firm performance
negatively affects shareholder
wealth.
Hypothesis 3 a: leverage
negatively explains firm
performance.
Hypothesis 3b: leverage positively
affects firm value.
Hypothesis 4a: firm size
negatively explains firm
performance.
Hypothesis 4b: firm size positively
explains shareholder wealth.
Hypothesis 5a: there is a positive
relation between firm age and
performance.
Hypothesis 5b: there is a positive
relationship between age and
shareholder wealth.
29 (Maji & Goswami, Intellectual capital, firm H1. VAIC is positively associated
2016) performance with firm performance.
H2. There is positive association
between ICE and firm
performance.
H3. There is positive association
between CEE and firm
performance.
H4. There is positive association
between HCE and firm
performance.
H5. There is positive association
between SCE and firm
performance.
- measure of firm performance:
return on assets and return on
equity.
- firm value: Tobin’s Q and Market
To Book ratio
- firm performance: ROA
- IC: VAIC model developed by
Pulic (2000)
- Secondary data on 100 listed
Indian firms, comprising of 44
firms from the engineering sector
and 56 from the steel sector, are
collected from “Capitaline Plus”
Corporate database for a period of
14 years from 1999-2000 to 2012-
2013.
- Fixed effect regression model is
used to investigate the
hypothetical relationship between
IC and firm performance
causality relationship
between profitability,
approximated by return on
assets and return on equity
and firm value, measured by
Tobin’s Q and Market to
book ratio (by using a data
panel method)
- The effect of profitability on
firm value is not significant
for Italy (on a specification).
- For firms of Poland, a
causality relationship is
concluded in all
specifications.
- IC efficiency and physical
capital efficiency are
positively and significantly
associated with the firm
performance for both the
sectors.
- Regarding the components of
IC, the coefficient of human
capital efficiency is positive
and significant, but the
present effort fails to
disentangle any significant
influence of structural capital
efficiency on firm
performance.
 - Further, quantile regression is
used to check the robustness of
the results.
30 (Shank, Hill & Stang, Corporate governance, - Our research premise extends the
2013) Returns, Risk adjusted discussion of “doing well while
returns doing good” through comparison
of stock performance by a
portfolio of selected individual
firms, recognized by an
independent governance rating
company as having superior
corporate governance practices, to
that of other non-rated firms with
similar market capitalization
(S&P 400, 500, 600, and Russell
3000) so that “apples-to-apples”
comparisons are made.
- The results indicate that the
influence of IC efficiency on
firm performance is
significantly greater in case
of knowledge-based sector
than that of traditional sector.
- better risk-adjusted
performance across all recent
sub-periods (three-, five-,
and ten-year) for the firms in
the smallest market
capitalization category.
- Better risk-adjusted returns
were earned for only the ten-
year period for the largest
firms and the overall US
market.
- Mid-cap stocks were not
significant in any of the three
periods studied. The fact that
the small cap stocks showed
significance for all three sub-
periods indicates the
relationship between good
corporate governance
practices and the financial
success of a company is the
strongest for smaller firms
and is more likely to be
experienced in longer time
horizons for most firms,
small and large.
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