ANALISIS DAMPAK MODAL INTELEKTUAL, KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN DEWAN KOMISARIS INDEPENDEN TERHADAP KINERJA KEUANGAN DI MASA DEPAN
DOI:
https://doi.org/10.25170/jm.v2i18.2876Keywords:
Intellectual Capital, Manajerial Ownership, Institutional Ownership, Porportion of Independent Board of Commissioners, Financial PerformanceAbstract
The purpose of this research was to analyze the effects of intellectual capital, managerial ownership, institutional ownership, and the proportion of independent board of commissioners on the company's financial performance. The measurement used was the ratio of probability of return on assets (ROA) of the non-financial services companies listed on the Indonesia Stock Exchange (BEI) for 2016 - 2018 period.
The data in this research were audited financial statements and annual reports from 83 eligible non-financial services. 249 samples were used. The data were analyzed by using a descriptive statistical analysis, classical assumption tests, and multiple linear regression tests with the Statistical Package for Social Sciences (SPSS) version 20.
The results showed that the intellectual capital variable had a positive effect on the company's financial performance, while the managerial ownership and institutional ownership variables had no effect on the company's financial performance, and the proportion of independent commissioner variable had a negative effect on the company's financial performance.
The abstract contains a brief description about overall article’s, problems and research objectives, research methods, research results, conclusions and suggestions.
References
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Attar, D., Islahuddin, & Shabri, M. (2014). Pengaruh Penerapan Manajemen Risiko.
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Azahra, N., & Gustyana, T. T. (2020). Pengaruh Modal intelektual Terhadap Kinerja
Keuangan Perusahaan . Jurnal Riset Akuntansi & Komputerisasi Akuntansi , 98-
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Bentoen, S. (2012). Pengaruh Modal intelektual Terhadap Financial Performance, Growth, dan Market Value. Program Studi Akuntansi.
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http://www.cpavision.org/vision/wpaper05b.cfm.
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True Value by Finding Its Hidden Brainpower. New York: HarperCollins.
Effendi, M. A. (2019, September 1). Implementasi GCG melalui CSR. Retrieved from www.muhariefeffendi.wordpress.com
Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 Edisi 7.
Semarang: Badan Penerbit Universitas Diponegoro.
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Terhadap Firm Value. Jurnal Ekonomi dan Keuangan, 388-412.
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Terhadap Kinerja Keuangan Perusahaan . Jurnal Profit| Volume. 13 No. 2. Ningrum , N., & Rahardjo , S. (2012). Analisis Pengaruh Intellectual Capital Dan
Corporate Governance Terhadap Financial Performance . Diponegoro Journal
Of Accounting Volume 1, Nomor 2, 1-15 .
Nurkhin, A. (2010). Corporate Governance dan Profitabilitas, Pengaruhnya terhadap Pengungkapan CSR Sosial Perusahaan. Corporate Social Responsibility terhadap Kinerja Perusahaan (Studi Empiris pada Perusahaan yang Tercatat di Bursa Efek Indonesia pada Tahun 2005 dan 2006). Simposium Nasional Akuntansi X1 Pontianak, 23-24 Juli 2008. Effendi, M. A. 2007. Implementasi GCG, 46-55.
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Ozkan, N., Cakan, S., & Kayacan, M. (2017). Intellectual Capital and Financial
Performance: A Study of the Turkish Banking Sector. Borsa Instanbul Review,
190-198.
Penrose, E. (2009). The Theory of The Growth of the Firm. New York: Oxford University
Press.
Prawita, W. D. (2018). Corporate Social Responsibility dan Corporate Financial Performance: Peran Mediasi Stakeholders Influencer Capacity. Jurnal Ekonomi dan Keuangan, 341-359.
Pulic, A. (1998). Measuring the Performance of Intellectual Capital Potential in
Knowledge Economy. Austria.
Purwani, T. (2010). Pengaruh Good Corporate Governance Terhadap Kinerja
Perusahaan. Majalah Ilmiah INFORMATiKA Vol. 1 No. 2, 54.
Puspitasari, F., & Ernawati, E. (2010). Pengaruh Mekanisme Corporate Governance terhadap Kinerja Keuangan Badan Usaha. Jurnal Manajemen Teori dan Terapan, Tahun 3, No. 2.
Putra , B. P. (2015). Pengaruh Dewan Komisaris, Proporsi Komisaris Independen, Terhadap Kinerja Perusahaan . Jurnal Manajemen Teori dan Terapan , 70-85.
Romano, G. e. (2012). Corporate Governance and Performance in Italian Banking
Groups. Paper to be Presented at the International Conference. Pisa, Italy.
Roos, G., dan J. Roos. (1997). Measuring your Company's intellectual performance.
Long Range Planning, Vol. 30, No. 3, 413-426.
Ross, Stephen. A., et al. (2015). Essential of Corporate Finance (8th Edision ed.).
Newyork: McGraw-Hill Education.
Saifi, M. (2019). Pengaruh Corporate Governance Dan Struktur Kepemilikan Terhadap
Kinerja Keuangan Perusahaan. Jurnal Profit, Volume 13, No. 2.
Solikhah, B.., A. Rohman dan W. Meiranto. 2010. Implikasi Modal intelektual Terhadap Financial Performance, Growth, dan Market Value: Studi Empiris Dengan Pendekatan Simplistic Specification. Simposium Nasional Akuntansi XIII. Purwokerto: 13-14 Oktober.
Spence, M. (1973). Job Market Signalling. The Quaterly Journal of Economics, 87(3),
355-374.
Sudaryono, E. A. (2015). Manajemen Laba dan Penerapan UU No.36/2008 Tentang
Perubahan Perhitungan Pajak Penghasilan. Jurnal Ekonomi dan Keuangan,
443-460.
Suhendah Rousilita. (2012). Pengaruh Modal intelektual Terhadap Profitabilitas, Produktivitas, dan Penilaian Pasar pada Perusahaan yang Go Public di Indonesia Pada Tahun 2005 – 2007. Jurnal dan Prosiding SNA – Simposium Nasional Akuntansi. Vol. 15.
Tandelilin, Eduardus. 2010. Portofolio dan Investasi teori dan aplikasi, Edisi Pertama.
Yogyakarta: KANISIUS.
Tjipta, F. H. (2012). Pengaruh mekanisme Good Corporate Governance (GCG)
terhadap kinerja keuangan perusahaan perbankan yang terdaftar di BEI tahun
2008-2010. Skripsi. Jakarta: Universitas Atma Jaya.
Ulum, I, I, Ghozali dan A, Chariri. (2008). Modal intelektual dan Kinerja Keuangan Perusahaan; Suatu Analisis Dengan Pendekatan Partial Least Squares. Makalah disajikan pada Seminar Nasional Akuntansi, Pontianak.
Wernerfelt, B. (1984). A Resource-based View of the Firm. Strategic Management
Journal, Vol. 5, 171-180.
Widodo, I. (2011). Analisis Kinerja Perusahaan Dengan Menggunakan Pendekatan Balanced Scorecard. Fakultas Ekonomi Universitas Diponegoro, Semarang. Widyati, M. F. (2013). Pengaruh Dewan Direksi, Komisaris Independen, Komite Audit,
Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Kinerja
Keuangan. Jurnal Ilmu Manajemen (JIM), 236-237.
Wiranata, Y. A., & Nugrahanti, Y. W. (2013). Pengaruh Struktur Kepemilikan Terhadap
Profitabilitas. Jurnal Akuntansi dan Keuangan, 15-26.
Yunita, N. (2012). Pengaruh Modal Intelektual Terhadap Kinerja Keuangan Dan Nilai
Pasar. Accounting Analysis Journal, 3-7.
Zuliyati , & Arya , N. (2011). Modal intelektual Dan Kinerja Keuangan Perusahaan.
Dinamika Keuangan dan Perbankan, 113 - 125.
Andriana , D. (2014). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan
Perusahaan . Jurnal Riset Akuntansi Dan Keuangan, 2 (1), 251-260 . Ardianingsih, & Ardiyani. (2010). Analisis Pengaruh struktur kepemilikan Terhadap
Kinerja Perusahaan. Jurnal Pena, Vol. 19 No. 2.
Artinah, B. (2011). Pengaruh Modal intelektual Terhadap Profitabilitas. Jurnal Ilmu –
Ilmu Sosial, Vol 3 No. 1.
Attar, D., Islahuddin, & Shabri, M. (2014). Pengaruh Penerapan Manajemen Risiko.
Jurnal Akuntansi, 10-20.
Azahra, N., & Gustyana, T. T. (2020). Pengaruh Modal intelektual Terhadap Kinerja
Keuangan Perusahaan . Jurnal Riset Akuntansi & Komputerisasi Akuntansi , 98-
115.
Bentoen, S. (2012). Pengaruh Modal intelektual Terhadap Financial Performance, Growth, dan Market Value. Program Studi Akuntansi.
Besharati, E., Kamali, S., Mazhari, R., & Mahdavi, S. (2012). An Investigation of Relationship Between Modal intelektual and Innovation Capital with Financial Performance and Value of Companies Accepted in Tehran Stock Exchange. Journal of Basic and Applied Scientific Research, 2(4), 1241-1245.
Brinker, B. (1998). Modal intelektual: Tomorrow's asset, today's challenge. Retrieved tanggal 15 Februari 2020, from
http://www.cpavision.org/vision/wpaper05b.cfm.
Candradewi, I., & Sedana, I. B. (2016). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional Dan Dewan Komisaris Independen Terhadap Return On Asset . E- Jurnal Manajemen Unud, Vol. 5, No. 5, 3163 - 3190.
Christiawan, M. (2015). Pengaruh Good Corporate Governance terhadap Kinerja Perusahaan pada Sektor Keuangan. BUSINESS ACCOUNTING REVIEW VOL. 3, NO. 1, 223-232.
Drapper, T. (1998). Measuring modal intelektual: Formula for disaster. Retrieved 14
Februari 2020, from http://www.drapervc.com/Hoover.html
Edvinsson, L., dan M. S. Malone. (1997). Modal intelektual: Realizing Your Company's
True Value by Finding Its Hidden Brainpower. New York: HarperCollins.
Effendi, M. A. (2019, September 1). Implementasi GCG melalui CSR. Retrieved from www.muhariefeffendi.wordpress.com
Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 Edisi 7.
Semarang: Badan Penerbit Universitas Diponegoro.
Gil, A., & Obradovich, J. (2012). The Impact of Corporate Governance and Financial Leverage on the Value of American Firms. International Research Journal of Finance and Economics, Issue 91, 46-56.
Guthrie, J., & Petty, R. (2000). Intellectual Capital: Australian Annual Reporting
Practices. Journal of Modal intelektual, I (3), 241-251.
IFAC. (1998). The Measurement and Management of Modal intelektual. Retrieved 15
Februari 2020, from www.ifac.org.
Jensen, M., & W.H, M. (1976). Theory of the firm: Management Behavior, Agency Cost and Ownership structure. Journal of Finance Economic3, 4.
Jogiyanto. (2013). Teori Portofolio dan Analisis Investasi (8 ed ed.). Yogyakarta: BPFE. Jusoh , M. A., Ahmad, A., & Omar , B. (2013). Manajerial Ownership, Audit Quality And Firm Performance In Malaysian . International Journal of Arts and Commerce ,
45-57.
Khamis, R. (2015). The Relationship between Ownership Structure Dimensions and
Corporate Performance: Evidence from Bahrain. Business and Finance, 9(4),
38-56.
Koerniadi, H., & Rad , A. (2012). Does Board Independence Matter? Evidence from New Zealand . Australasian Accounting Business and Finance Journal and Authors, 3-18.
Kurniawan, I. S. (2013). Modal intelektual Terhadap Kinerja Keuangan Perusahaan
Publik Di Indonesia. Jurnal Keuangan dan Perbankan, Vol.17, 21–35 .
Lestari , H. S. ( 2017). Pengaruh Modal intelektual Terhadap Kinerja Perusahaan
Asuransi Di Indonesia. Jurnal Manajemen/Volume XXI, No. 03, 491-509 .
Lestari, N., & Juliarto, A. (2017). Pengaruh Dimensi Struktur Kepemilikan Terhadap Kinerja Perusahaan Manufaktur. Diponegoro Journal Of Accounting Volume 6, Nomor 3, 1-10 .
Lev, B. (2001). Intangibles: management, measurement, and reporting. Washington: The Brookings Institution.
Linda, & Febriyanti, L. M. (2010). Kinerja Perusahaan dalam Prespektif Agency Theori
dan Signalling Teori. Jurnal Ekonomi dan Bisnis, Vol 9 No. 2, 190-202. Makhdalena. (2016). Pengaruh Ownership Structure dan Corporate Performance
Terhadap Firm Value. Jurnal Ekonomi dan Keuangan, 388-412.
Maryanah, & Amilin. (2011, Maret 5). Pengaruh Corporate Governance dan Kepemilikan Manajerial Terhadap Kinerja Perusahaan (Studi Pada Perusahaan yang Terdaftar di Bursa Efek Jakarta). Retrieved from http://journal.aktfebuinjkt.ac.id.
Muhammad , S. (2019). Pengaruh Corporate Governance Dan Struktur Kepemilikan
Terhadap Kinerja Keuangan Perusahaan . Jurnal Profit| Volume. 13 No. 2. Ningrum , N., & Rahardjo , S. (2012). Analisis Pengaruh Intellectual Capital Dan
Corporate Governance Terhadap Financial Performance . Diponegoro Journal
Of Accounting Volume 1, Nomor 2, 1-15 .
Nurkhin, A. (2010). Corporate Governance dan Profitabilitas, Pengaruhnya terhadap Pengungkapan CSR Sosial Perusahaan. Corporate Social Responsibility terhadap Kinerja Perusahaan (Studi Empiris pada Perusahaan yang Tercatat di Bursa Efek Indonesia pada Tahun 2005 dan 2006). Simposium Nasional Akuntansi X1 Pontianak, 23-24 Juli 2008. Effendi, M. A. 2007. Implementasi GCG, 46-55.
Nuryaman. (2015). The Influence of Modal intelektual on The Firm's Value with Financial Performance as Intervening Variable. Procedia Social amd Behavioral Sciences, 292-298.
Ozkan, N., Cakan, S., & Kayacan, M. (2017). Intellectual Capital and Financial
Performance: A Study of the Turkish Banking Sector. Borsa Instanbul Review,
190-198.
Penrose, E. (2009). The Theory of The Growth of the Firm. New York: Oxford University
Press.
Prawita, W. D. (2018). Corporate Social Responsibility dan Corporate Financial Performance: Peran Mediasi Stakeholders Influencer Capacity. Jurnal Ekonomi dan Keuangan, 341-359.
Pulic, A. (1998). Measuring the Performance of Intellectual Capital Potential in
Knowledge Economy. Austria.
Purwani, T. (2010). Pengaruh Good Corporate Governance Terhadap Kinerja
Perusahaan. Majalah Ilmiah INFORMATiKA Vol. 1 No. 2, 54.
Puspitasari, F., & Ernawati, E. (2010). Pengaruh Mekanisme Corporate Governance terhadap Kinerja Keuangan Badan Usaha. Jurnal Manajemen Teori dan Terapan, Tahun 3, No. 2.
Putra , B. P. (2015). Pengaruh Dewan Komisaris, Proporsi Komisaris Independen, Terhadap Kinerja Perusahaan . Jurnal Manajemen Teori dan Terapan , 70-85.
Romano, G. e. (2012). Corporate Governance and Performance in Italian Banking
Groups. Paper to be Presented at the International Conference. Pisa, Italy.
Roos, G., dan J. Roos. (1997). Measuring your Company's intellectual performance.
Long Range Planning, Vol. 30, No. 3, 413-426.
Ross, Stephen. A., et al. (2015). Essential of Corporate Finance (8th Edision ed.).
Newyork: McGraw-Hill Education.
Saifi, M. (2019). Pengaruh Corporate Governance Dan Struktur Kepemilikan Terhadap
Kinerja Keuangan Perusahaan. Jurnal Profit, Volume 13, No. 2.
Solikhah, B.., A. Rohman dan W. Meiranto. 2010. Implikasi Modal intelektual Terhadap Financial Performance, Growth, dan Market Value: Studi Empiris Dengan Pendekatan Simplistic Specification. Simposium Nasional Akuntansi XIII. Purwokerto: 13-14 Oktober.
Spence, M. (1973). Job Market Signalling. The Quaterly Journal of Economics, 87(3),
355-374.
Sudaryono, E. A. (2015). Manajemen Laba dan Penerapan UU No.36/2008 Tentang
Perubahan Perhitungan Pajak Penghasilan. Jurnal Ekonomi dan Keuangan,
443-460.
Suhendah Rousilita. (2012). Pengaruh Modal intelektual Terhadap Profitabilitas, Produktivitas, dan Penilaian Pasar pada Perusahaan yang Go Public di Indonesia Pada Tahun 2005 – 2007. Jurnal dan Prosiding SNA – Simposium Nasional Akuntansi. Vol. 15.
Tandelilin, Eduardus. 2010. Portofolio dan Investasi teori dan aplikasi, Edisi Pertama.
Yogyakarta: KANISIUS.
Tjipta, F. H. (2012). Pengaruh mekanisme Good Corporate Governance (GCG)
terhadap kinerja keuangan perusahaan perbankan yang terdaftar di BEI tahun
2008-2010. Skripsi. Jakarta: Universitas Atma Jaya.
Ulum, I, I, Ghozali dan A, Chariri. (2008). Modal intelektual dan Kinerja Keuangan Perusahaan; Suatu Analisis Dengan Pendekatan Partial Least Squares. Makalah disajikan pada Seminar Nasional Akuntansi, Pontianak.
Wernerfelt, B. (1984). A Resource-based View of the Firm. Strategic Management
Journal, Vol. 5, 171-180.
Widodo, I. (2011). Analisis Kinerja Perusahaan Dengan Menggunakan Pendekatan Balanced Scorecard. Fakultas Ekonomi Universitas Diponegoro, Semarang. Widyati, M. F. (2013). Pengaruh Dewan Direksi, Komisaris Independen, Komite Audit,
Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Kinerja
Keuangan. Jurnal Ilmu Manajemen (JIM), 236-237.
Wiranata, Y. A., & Nugrahanti, Y. W. (2013). Pengaruh Struktur Kepemilikan Terhadap
Profitabilitas. Jurnal Akuntansi dan Keuangan, 15-26.
Yunita, N. (2012). Pengaruh Modal Intelektual Terhadap Kinerja Keuangan Dan Nilai
Pasar. Accounting Analysis Journal, 3-7.
Zuliyati , & Arya , N. (2011). Modal intelektual Dan Kinerja Keuangan Perusahaan.
Dinamika Keuangan dan Perbankan, 113 - 125.
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