Sunteți pe pagina 1din 23

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

Nama: Mutiara Rachma A.

NIM: 041624253029
No Penulis Variabel Hipotesis/Proposisi Metpen/Definisi Operasional Hasil
1 Nuryaman (2015) Intellectual Capital, Ha1 : Intellectual Capital - Intellectual capital (IC) measured - intellectual capital has a
Firm’s Value, Financial positively effects on firm’s value. by using a model of Value added positive effect on firm value
Performance Ha2 : Intellectual capital positively intelectual coefficient (VAIC) - intellectual capital has a
effects on profitability. which developed by Pulic (1999). positive impact on
Ha3: Profitability positivly effect These variables include: Value profitability; and
on firm’s value. added capital employed (VACA); - profitability serves as an
Ha4: Profitability mediates the Value added human capital intervening variable in a
influence of intellectual capital on (VAHU); structural capital value causal relationship between
the firm’s value 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
2 (Berzkalne & Intellectual capital, Intellectual Capital positively - intellectual capital has an increase in intellectual capital
Zelgalve, 2014) company value effects on company value 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
- company value:Tobin’s Q
- intellectual capital: value added
intellectual coefficient
3 (Liu, 2017) Intellectual capital, Hypothesis 1. Human capital - Human capital consists of the - interrelationships exist
Business ties, mediates the positive relationship organization's potential value- among types of intellectual
Environmental between customer capital and creating assets because through capital. Further, social
uncertainty, Social capital social capital. human capital, the organization capital plays a critical
Hypothesis 2. Organizational applies abilities and skills to mediating role in the
capital mediates the positive integrate creative ideas and relationships between IC and
relationship between customer increase the organization's CCO performance
capital and social capital. innovation with or without - Business ties play positive
Hypothesis 3. Social capital employee engagement (education, moderating roles, and
mediates the positive relationship skill and training) to generate environmental uncertainty
between human capital and organization value, which has negative impacts on
organization performance. increases customer satisfaction social capital and CCO
Hypothesis 4. Social capital and loyalty performance.
mediates the positive relationship - Organization capital as a factor
between organizational capital and that may either fully support
market performance. employees' productivity or
Hypothesis 5a. Business ties encourage them to leave work
moderate the positive relationship behind at the office when they go
between social capital and home
organization performance. - Social capital accumulation
Hypothesis 5b. Business ties requires time to maintain internal
moderate the positive relationship and external connections, the
between social capital and market commitment of resources, the
performance. extension of managerial
Hypothesis 6a. Environmental relationships, and additional
uncertainty moderates the negative resource inputs, attention, and
relationship between social capital efforts
and organization performance. - Business ties are another social
Hypothesis 6b. Environmental capital extension that helps
uncertainty moderates the negative organizations better understand
relationship between social capital their customers' preferences,
and market performance. thereby allowing organizations to
identify new market niches and
gain market advantages over
- Sampels 434 Taiwanese cultural
and creative organizations
4 (Janggu, Darus, Zain, good corporate H1. Board size is positively and - Samples 100 public listed - board size, professionalism
& Sawani, 2014) governance (GCG), significantly related to companies in Malaysia and board designation had a
sustainability disclosure sustainability disclosure - The data was analysed using significant impact on
H2. Board ownership is positively Structural Equation Modelling sustainability disclosure
and significantly related to technique of Partial Least - board independence and
sustainability disclosure Squares. board ownership were not
H3. Board professionalism is significant in motivating
positively and significantly related sustainability disclosure
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 - Board independence is defined as - there is non-linear
Belal, 2015) disclosures, corporate association between family the proportion of independent relationship between family
governance ownership and the extent of ICD directors to the total number of ownership and the extent of
up to a certain level of ownership directors ICD
which is followed by a negative - CEO duality refers to situations in - foreign ownership, board
association between family which one individual is both the independence, and the
ownership and the extent of ICD. CEO and chairperson of a board presence of audit committees
H2. : There is a positive - Family duality is defined as the are positively associated with
association between foreign situation in which two members the extent of ICD
ownership and the extent of ICD. of the one family occupy the - family duality (i.e., where
H3. : There is a positive positions of CEO and chairperson the positions of CEO and
association between proportion of - The sample consists of 135 non- chairperson are occupied by
independent directors on board financial companies listed on the two individuals from the
and the extent of ICD. - Dhaka Stock Exchange (DSE) same family) is negatively
H4. : There is a negative used a regression analysis associated with the extent of
association between CEO duality technique ICD
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 - intellectual capital described as - there are positive
Arman, 2014) Innovation, has a positive effect on firm the difference between a firm’s relationships between
Organizational strategy, performance. market value and the cost of intellectual capital,
firm performance Hypothesis 2: Innovation has a replacing its assets innovation and
positive effect on firm - Innovation is defined as organizational strategy and
performance. “implementing new ideas that firm performance
Hypothesis 3: Organizational create value”
strategy has a positive effect on - Strategy is the outcome of
firm performance. decisions made to guide an
organization with respect to
environment, structure and
processes that influence its firm
- Firm performance can be
measured in a variety of ways,
including financial performance,
product performance and market
7 (Zabri, Ahmad, & corporate governance Hypothesis 1: There is a - corporate governance’s - board size has significantly
Wah, 2016) practices, firm relationship between board size indicators: Board size and Board weak negative relationship
performance and firm’s ROA. Independence with ROA but it was found
Hypothesis 2: There is a - firm performance: return on asset to be insignificant to ROE
relationship between board size (ROA) and return on equity - there was no relationship
and firm’s ROE. (ROE) between board independence
Hypothesis 3: There is a - corporate governance is the and firm performance
relationship between board process and structure used to
independence and firm’s ROA. direct and manage the business
Hypothesis 4: There is a and affairs of the company
relationship between board towards enhancing business
independence and firm’s ROE. prosperity and corporate
accountability with the ultimate
- 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
- 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
8 (Ornek & Ayas, 2015) Intellectual Capital, - intellectual capital is the sum of - there is positive relation
Innovative Work things known by everyone in between intellectual capital
Behavior, Business businesses which ensures and business performance
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
(ROE) growth rate of the business
10 (Nkundabayanga, Board governance, H1. Board governance will have a - Board governance: A board is a - The mediated model
Ntayi, Ahiauzu, & Intellectual capital, firm positive and significant team of knowledge workers, and provides support for the
Sejjaaka, 2014) financial performance relationship with firm financial to do its job, the board needs the hypothesis that intellectual
performance. same resources and capabilities capital mediates the
H2. Intellectual capital will have a that any other successful team of relationship between board
positive and significant knowledge workers needs. governance and perceived
relationship with firm financial Research indicates that to do their firm performance
performance. jobs effectively, such groups need - While the direct relationship
H3. Board governance will have a knowledge, information, power, between board governance
positive and significant motivation, and time and firm financial
relationship with intellectual - intellectual capital as an aggregate performance without the
capital. expression of the intangible assets mediation effect of
H4. Intellectual capital mediates possessed by the organisation intellectual capital was found
the relationship between board - human capital is the main body of to be significant, this
governance and firm financial intellectual capital and includes relationship becomes
performance. knowledge, experience and insignificant when mediation
special skills of the personnel of a of intellectual capital is
business entity employed in order allowed.
to create economic value - The entire effect does not
- organisational capital includes only go through the main
production or other processes, hypothesised predictor
specialisation and information variable (board governance)
flow but majorly also, through
- structural capital is a general intellectual capital.
system and procedures for solving - Accordingly, the connection
problems and innovation between board governance
- Relational capital/customer and firm financial
capital is generally consists of performance is very much
relations between organisations weakened by the presence of
and the society intellectual capital in the
- Stakeholder capital is a subset of model – confirming that the
structural capital and is about presence of intellectual
some forms of structural capital capital significantly acts as a
that, due to their importance for a conduit in the association
firm’s success, have been between board governance
addressed separately from the and firm financial
broader concept of structural performance
11 (Mishra & Mohanty, corporate governance, H1. The better the CG practices in - CG indicators: Legal compliance - The board and the proactive
2014) financial performance a firm, the better will be the firm (Adverse auditor’s report, Default indicators influence the firm
performance. in the payment of tax, duties, etc), performance significantly
H1a. The better the legal Board efficiency (Promoter’s whereas legal compliance
compliance by firms, the better stake, Number of directors, indicator does not do so. The
will be the firm performance. Number of independent directors composite corporate
H1b. The more effective are the in the board, Percentage of governance measure is a
board indicators, the better will be independent directors in the audit good predictor of firm
the firm performance. committe, Number of other performance.
H1c. The more proactive will be companies’ boards in which the
the disclosures made by the firm, directors are members, Frequency
the better will be its of attendance in the board
performance. 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
12 (Jamshidinavid, Intellectual Capital, H1: There is a relationship - Measurement of Intellectual - intellectual capital does not
Pourmazaheri, & Performance And between intellectual capital Capital: Value Added Intellectual have a significant
Amiri, 2015) Corporate Social (VAIC) and corporate social Coefficient (VAIC) relationship with corporate
Responsibility responsibility (CSR) disclosure. - corporate social responsibility social responsibility
H2: There is a relationship (CSR) measured based on content disclosure
between financial performance and analysis of the company’s annual - there is a relationship
corporate social responsibility reports and their disclosures of between financial
(CSR) disclosure. social responsibility activities performance and corporate
- The control variables: Firm size social responsibility.
(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
13 (Jordão & Almeida, Performance H1. The IC contributed positively - IC of a company could be - IC influences positively the
2013) measurement, intellectual to the long-term financial represented by an index (IC- profitability and corporate
capital, financial performance of the INDEX). The IC-INDEX return of these companies;
sustainability companies listed on the indicates the degree of the more intangible-intensive
BM&FBovespa. intangibility of a company’s public companies listed on
H2. The more intangible-intensive assets, revealing that the value of the BM&FBovespa higher
companies presented a financial the company shares contains a financial sustainability than
performance tangible portion, represented by the others, in terms of
superior to the less intangible- the BV, in addition to an profitability and corporate
intensive companies. intangible component, return, either individually,
represented by the MV. In this globally or by industry; and
sense, considering that the IC is that IC helps increase
greater than zero (ICW0), the financial performance,
ratio MV/BV being greater than 1 systematically, over time.
(M/AW1) means that the
company possesses IC.
14 (Nadeem, De Silva, Boardroom gender H1. Boardroom gender diversity - Firm performance is measured in - The empirical analysis shows
Gan, & Zaman, 2017) diversity, intellectual positively influences IC efficiency. terms of IC efficiency a significant relationship
capital efficiency H2. Boardroom gender diversity - The adjusted-VAIC (A-VAIC) between gender diversity and
positively influences human model, is used to measure the IC efficiency, in static
capital performance. efficiency of IC. ordinary least square
H3. Boardroom gender diversity - Gender diversity: (1) the estimation, but this
positively influences innovation percentage of women on the disappears when endogeneity
capital efficiency. boards; (2) a dummy variable is accounted for using
H4. Boardroom gender diversity which takes the value of 1 if the dynamic GMM
has a positive influence on boards have at least one female,
physical capital and 0 otherwise; and (3) the Blau
efficiency. index of gender diversity – where
(2) and (3) are applied for
robustness checks.
15 (Flint, Maher, & Downsizing decisions, - Scenarios comparing the effects - the investement
Wielemaker, 2012) intellectual of downsizing or organizational capitalization method causes
capital, accounting performance are used to less destruction of
information demonstrate the effects of intellectual capital during
decisions basedon intellectual downsizing decisions than
capitalization and GAAP. does GAAP.
16 (Abor & Fiador, corporate governance, - Dividend is total cash dividend - board composition and board
2013) firms’ dividend payout paid to shareholders. Measured by size exhibit significantly
policy ratio of dividend to earnings positive relationship with
- Measures of corporate dividend payout in Kenya
governance: These are board and Ghana, respectively.
composition, board size, CEO - Institutional ownership
duality, and institutional positively influences
ownership. dividend payout among
- BC is board composition and it is South African and Kenyan
defined as the percentage of firms.
external board members on the - In the case of Nigeria, all the
corporate board. corporate governance
- BS is the square of the number of measures show significantly
board members or the board size. negative effects on dividend
- INO is institutional ownership payout.
and it is measured as the - In the case of Ghana,
percentage of shares held by dividend payout positively
institutions owning at least 5 affects board composition.
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 - CEO duality, board
Bhuyan, 2015) (chief executive officer negative association between CEO mechanisms (chief executive composition and
[CEO] duality, board size, duality and IC officer [CEO] duality, board size, remuneration committee
board composition and efficiency. board composition and committee composition are significantly
committee composition), H2. Ceteris paribus, there is a composition) associated with IC
intellectual capital negative association between - IC measured by VAIC - there is no evidence that
efficiency board size and IC - IC refers to the competence and board size and audit
efficiency. commitment gained through committee composition have
H3. Ceteris paribus, there is a training and the development an effect on IC.
positive association between the - CEO duality occurs when the
proportion of same person holds both CEO and
independent directors and IC board chairperson positions in an
efficiency. organization
H4. Ceteris paribus, there is a - Board size refers to the number of
positive association between the members on an organization’s
level of independence board of directors
of the audit committee and IC - Board composition refers to the
efficiency. proportion of independent outside
H5. Ceteris paribus, there is a directors on the board of directors
positive association between the of an organization
level of independence - Committees include: nominating
of the remuneration committee and committee, remuneration
IC efficiency. committee, audit committee
18 (Bchini, 2015) Intellectual Capital, Value H: intellectual capital is positively - Human capital: It includes tacit - there is a positive and
Creation associated with value creation. knowledge, individual skills, statistically significant
H1: human capital is experiences of members of the relationship between the
positivelyassociated with value organization, attitudes, and components of intellectual
creation. capacity for innovation and capital and value creation in
H2: organizational capital is learning. Tunisian manufacturing
positively associated with value - Organizational capital refers to companies
creation. investments made by the
H3: relational capital is positively company systems, tools and mode
associated with value creation. to ensure the circulation of
- 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
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)
19 (Mulcahy, Donnelly, corporate governance H1. The reporting of an initial loss - The study uses three years of - an initial loss precipitates an
2015) stickiness and losses is associated with an improvement corporate governance information improvement in corporate
in corporate - spanning the report of an initial governance and that this
Governance loss for companies listed on the improvement is significantly
H2. Ex ante corporate governance UK Stock Exchange more pronounced in those
quality has an effect on the - An industry- and size-matched companies which displayed
association between the control sample is used in a either weak or extreme
reporting of an initial loss and difference-in-difference analysis governance before the loss.
corporate governance changes. to isolate the impact of the loss - the improvement in
from underlying changes in corporate governance begins
governance. before the loss is actually
20 (Chizari, Mehrjardi, intellectual capital, H1: Coefficient of value added of - intellectual capital is a form of - VAIC coefficient has a
Sadrabadi, Mehrjardi, market performance intellectual capital (VAIC) has an knowledge which creates significant impacton market
2016) effect on the market performance competitive advantage and performance variables of
(with criterion M / B) of displays the intangible value of a pharmaceutical companies
pharmaceutical companies listed in company accepted in Tehran Stock
the Tehran Stock Exchange. - components of IC: Human Exchange
H2: Coefficient of value added of Capital, Capital structure - Among its components
intellectual capital (VAIC) has an (organizational), Relational employed or physical capital
effect on the market performance capital (customer) has the greatest impact on
(with criterionQ tobin) of - Intellectual capital measured by market performance
pharmaceutical companies listed in the Pulic value added intellectual variables.
the Tehran Stock Exchange. capital (VAIC)
H1.1: Each component of added - Performance of market value
value of intellectual capital measured by market value
including: efficiency of employed measure to book value of the
or physical capital (VACA), ofassets (M / B) and Q tobin ratio
human capital efficiency (VAHU) are used
and structural capital efficiency - Samples 26 companies active in
(STVA) have effects on the the pharmaceutical industry and
financial performance of listed in the Tehran Stock
pharmaceutical companies listedin Exchange during 2008 to 2012
the Tehran Stock Exchange (M/B). and using multivariate regression
H2.1: Each component of added based on panel.
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
21 (Clarke, 2015) corporate governance - 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
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
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
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
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. - Social capital is he knowledge, significantly positive impact
H3.Social capital positively that is embedded in an on both innovation
impacts on innovation generation. organization and utilized by generation and adoption
H4.Human capital positively interaction among the individuals - interaction of social capital
impacts on innovation generation. and their relationship networks further strengthens the
H5.The higher the social capital, - organizational capital is codified, influence of organizational
the stronger the impact of and stressed that its creation, capital on innovation
organizational capital on preservation and enhancement adoption
innovation adoption. occur through structured, - human capital does not exert
H6.The higher the social capital, repetitive activities significant influence on
the stronger the impact of human - Innovation generation refers to innovation generation
capital on (innovation generation. generating a product, process or - interaction of social capital
technology, that is new for the furtherstrengthens the impact
market whereas innovation of human capital on
adoption refers to adapting innovation generation.
existing knowledge from outside
the organization
24 (Feng, Kang,& Nabar, National Societal Values, Hypothesis 1: Corporate - four national societal values: - national societal values are
2017) Corporate Governance governance scores are positively individualism, uncertainty associated with corporate
related to individualism scores. avoidance, power distance and governance in emerging
Hypothesis 2: Corporate masculinity markets
governance scores are negatively - Societies which prioritize - Corporate governance is
related to uncertainty avoidance individuals’ self-interest score strong infirms from
scores. high on individualism. individualistic societies, and
Hypothesis 3: Corporate - Uncertainty avoidance refers to weak in firms from
governance scores are negatively how comfortable people are with uncertainty avoiding and
related to power distance scores. ambiguity and change. masculine cultures.
Hypothesis 4: Corporate - Power distance is the extent to
governance scores are negatively which people acceptunequal
related to masculinity scores. distribution of power in society.
- Masculinity, In feminine
countries, feminine societies will
seek to ensure justice and
protection through higher levels
of corporate governance.
25 (Hussinki, Intellectual capital (IC), - IC measured with 22 items - firms characterized with high
Ritala,Vanhala, knowledge representing seven different levels of IC and high use of
Kianto, 2017) management practices dimensions. KMP are likely to
(KMP), firm performance - The measures were based on a outperform the firms with
five-point Likert scale (1-strongly low overall levels of IC and
disagree, 5-strongly agree) and KMP.
respondents were asked to assess - firms characterized with high
how the different statements on level of IC but only low
IC dimensions were applied in the utilization of KMP can
organization they represented. match the innovation
- KMP. In total, 27 items measured performance of the firms
ten different dimensions of KMP with high levels of IC and
- Market performance was KMP.
measured on a scale developed by
Delaney and Huselid (1996) and a
scale for innovation performance
relied on work by Weerawardena
26 (Bidaki & Hejazi, Profitability, Intellectual - Intellectual Capital Disclosure - there is positive and
2014) Capital Disclosure is a report intended to meet the significant relationship
information needs common to between profitability and
users who are unable to command disclosure of intellectual
the preparation of reports about capital
Intellectual Capital tailored so - there is significant and
as to satisfy, specifically all of positive relationship
their information needs. between firm size and
- The research method: disclosure of intellectual
descriptive and correlational capital, human capital,
method using parametric statistic. 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
- Tobin's Q hows the current
estimate of the financial markets
on the value of the return on
every dollar of incremental
- 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. - measure of firm performance: causality relationship
Hypothesis 2b: firm performance return on assets and return on between profitability,
negatively affects shareholder equity. approximated by return on
wealth. - firm value: Tobin’s Q and Market assets and return on equity
Hypothesis 3 a: leverage To Book ratio and firm value, measured by
negatively explains firm Tobin’s Q and Market to
performance. book ratio (by using a data
Hypothesis 3b: leverage positively panel method)
affects firm value. - The effect of profitability on
Hypothesis 4a: firm size firm value is not significant
negatively explains firm for Italy (on a specification).
performance. - For firms of Poland, a
Hypothesis 4b: firm size positively causality relationship is
explains shareholder wealth. concluded in all
Hypothesis 5a: there is a positive specifications.
relation between firm age and
Hypothesis 5b: there is a positive
relationship between age and
shareholder wealth.
29 (Maji & Goswami, Intellectual capital, firm H1. VAIC is positively associated - firm performance: ROA - IC efficiency and physical
2016) performance with firm performance. - IC: VAIC model developed by capital efficiency are
H2. There is positive association Pulic (2000) positively and significantly
between ICE and firm - Secondary data on 100 listed associated with the firm
performance. Indian firms, comprising of 44 performance for both the
H3. There is positive association firms from the engineering sector sectors.
between CEE and firm and 56 from the steel sector, are - Regarding the components of
performance. collected from “Capitaline Plus” IC, the coefficient of human
H4. There is positive association Corporate database for a period of capital efficiency is positive
between HCE and firm 14 years from 1999-2000 to 2012- and significant, but the
performance. 2013. present effort fails to
H5. There is positive association - Fixed effect regression model is disentangle any significant
between SCE and firm used to investigate the influence of structural capital
performance. hypothetical relationship between efficiency on firm
IC and firm performance performance.
- Further, quantile regression is - The results indicate that the
used to check the robustness of influence of IC efficiency on
the results. firm performance is
significantly greater in case
of knowledge-based sector
than that of traditional sector.
30 (Shank, Hill & Stang, Corporate governance, - Our research premise extends the - better risk-adjusted
2013) Returns, Risk adjusted discussion of “doing well while performance across all recent
returns doing good” through comparison sub-periods (three-, five-,
of stock performance by a and ten-year) for the firms in
portfolio of selected individual the smallest market
firms, recognized by an capitalization category.
independent governance rating - Better risk-adjusted returns
company as having superior were earned for only the ten-
corporate governance practices, to year period for the largest
that of other non-rated firms with firms and the overall US
similar market capitalization market.
(S&P 400, 500, 600, and Russell - Mid-cap stocks were not
3000) so that “apples-to-apples” significant in any of the three
comparisons are made. 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.
Abor, Joshua & Fiador, Vera. (2013). “Does corporate governance explain dividend policy in Sub-Saharan Africa?”. International Journal of Law and Management, Vol.
55 No. 3, pp. 201-225.

Appuhami, Ranjith & Bhuyan, Mohammed. (2015). “Examining the influence of corporate governance on intellectual capital efficiency”. Managerial Auditing Journal,
Vol. 30 Iss 4/5, pp. 347-372.

Bidaki, Soheila & Hejazi, Rezvan. (2014). “Effects of profitability on the Intellectual Capital Disclosure in listed Companies in Tehran Stock Exchange”. International
Journal of Education and Applied Sciences, Vol. 1, No. 5, pp. 248-255.

Berzkalne, I., & Elvira Zelgalve.(2014). “Intellectual capital and company value”. Procedia - Social and Behavioral Sciences 110, pp. 887-896.

Bchini, Belgacem. (2015). “Intellectual Capital and Value Creation in the Tunisian Manufacturing Companies”. Procedia Economics and Finance 23, pp. 783-791.

Chizari, M.H., Mehrjardi, R.Z.,Sadrabadi, M.M., & Fatemeh Kalantar Mehrjardi. (2016). “The impact of intellectual capitals of pharmaceutical companies listed in
Tehran Stock Exchange on their market performance”. Procedia Economics and Finance 36, pp. 291-300.

Clarke, Thomas. (2015). “Changing paradigms in corporate governance: new cycles and new responsibilities”. Society and Business Review, Vol. 10 Iss 3, pp. 306-326.

Dost, Mir, Badir, Yuosre F., Ali, Zeeshan, & Adeel Tariq. (2016). “The impact of intellectual capital on innovation generation and adoption”. Journal of Intellectual
Capital, Vol. 17 Iss 4, pp. 675 – 695.

Dženopoljac, V., Janoševic,S., & Nick Bontis. (2016). “Intellectual capital and financial performance in the Serbian ICT industry”. Journal of Intellectual Capital, Vol. 17
Issue: 2, pp.373-396.

Feng, Mingming, Kang, Tony & Sandeep Nabar. (2017). “National Societal Values and Corporate Governance”. International Journal of Emerging Markets, Vol. 12 Iss
2, pp. -.

Flint, D., Maher, E., & Martin Wielemaker. (2012). “Downsizing decisions, intellectual capital, and accounting information”, Journal of Human Resource Costing &
Accounting, Vol. 16 Issue: 3, pp.168-183.

Hatem, Ben Said. (2017). “A Study of A Causality Relationship between Profitability and Firm Value: A Comparison between European Countries”. International
Finance and Banking, Vol. 4, No. 1, pp. 108-119.
Hussinki, H., Ritala, P., Vanhala, M., & Aino Kianto. (2017). “Intellectual capital, knowledge management practices and firm performance”. Journal of Intellectual
Capital, Vol. 18 Issue: 4, pp.904-922.

Jamshidinavid, B., Pourmazaheri, M., & Mehrnegar Amiri. (2015). “The Investigate Of Relationships Between Intellectual Capital, Performance And Corporate Social
Responsibility Evidence From Tehran Stock Exchange”. IJABER, Vol. 13, No. 6, pp. 3983-3993.

Janggu, T., Darus, F., Zain, M.M., & Yussri Sawani. (2014). “Does good corporate governance lead to better sustainability reporting? an analysis using structural
equation modeling”. Procedia - Social and Behavioral Sciences 145, pp. 138-145.

Jordão, Ricardo Vinícius Dias & Vander Ribeiro de Almeida. (2017). “Performance measurement, intellectual capital and financial sustainability”. Journal of Intellectual
Capital, Vol. 18 Issue: 3, pp.643-666.

Kalkan, A., Bozkurt, Ö.Ç., & Mutlu Arman. (2014). “The impacts of intellectual capital, innovation and organizational strategy on firm performance”. Procedia - Social
and Behavioral Sciences 150, pp. 700-707.

Liu, Chih-Hsing. (2017). “The relationships among intellectual capital, social capital, and performance - The moderating role of business ties and environmental
uncertainty”. Tourism Management 61, pp. 553-561.

Maji, Santi Gopal & Goswami, Mitra. (2016). “Intellectual capital and firm performance in emerging economies: the case of India”. Review of International Business and
Strategy, Vol. 26 Issue: 3, pp.410-430.

Mishra, S., & Mohanty,P. (2014). “Corporate governance as a value driver for firm performance: evidence from India”. Corporate Governance, Vol. 14 Issue: 2, pp.265-

Mulcahy, M. & Donnelly,R. (2015). “Corporate governance, stickiness and losses”. Corporate Governance, Vol. 15 Issue:3, pp.391-408.

Muttakina, M.B., Khan, A., & Ataur Rahman Belal. (2015). “Intellectual capital disclosures and corporate governance: An empirical examination”. Advances in
Accounting, incorporating Advances in International Accounting 31, pp. 219-227.

Nadeem, Muhammad, De Silva, Tracy-Anne, Gan, Christopher & Rashid Zaman. (2017). “Boardroom gender diversity and intellectual capital efficiency: evidence from
China”. Pacific Accounting Review, Vol. 29 Issue: 4, pp.590-615.

Nuryaman. (2015). “The Influence of Intellectual Capital on The Firm’s Value with The Financial Performance as Intervening Variable”. Procedia - Social and
Behavioral Sciences 211, pp. 292-298.
Nkundabanyanga, S.K., Ntayi, J.M., Ahiauzu, A., & Samuel K. Sejjaaka. (2014). “Intellectual capital in Ugandan service firms as mediator of board governance and firm
Performance”. African Journal of Economic and Management Studies, Vol. 5 Iss 3, pp. 300-340.

Ornek, A.S., & Ayas, Siyret. (2015). “The Relationship Between Intellectual Capital, Innovative Work Behavior and Business Performance Reflection”. Procedia - Social
and Behavioral Sciences 195, pp. 1387-1395.

Sabrin, Sarita, Buyung, Dedy Takdir .S & Sujono. (2016). “The Effect of Profitability on Firm Value in Manufacturing Company at Indonesia Stock Exchange”. The
International Journal Of Engineering And Science, Vol. 5, Issue 10, pp. 81-89.

Sumedrea, Silvia. (2013). “Intellectual Capital and Firm Performance: A Dynamic Relationship in Crisis Time”. Procedia Economics and Finance 6, pp. 137-144.

Shank,T., Hill, Ronald P., & John Stang. (2013). “Do investors benefit from good corporate governance?” Corporate Governance, Vol. 13 No. 4, pp. 384-396.

Zabri, S.M., Ahmad, K. & Khaw Khai Wah. (2016). “Corporate Governance Practices and Firm Performance: Evidence fromTop 100 Public Listed Companies in
Malaysia”. Procedia Economics and Finance 35, pp. 287-296.