PENGARUH INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN DENGAN VARIABEL MODERASI STRATEGI BISNIS PROSPECTOR [THE INFLUENCE OF INTELLECTUAL CAPITAL ON FIRM VALUE WITH THE PROSPECTOR'S BUSINESS STRATEGY AS MODERATING VARIABLE]

Abstract

The development of a knowledge-based economy has made business people realize that intellectual capital is important in providing added value and competitive advantage to companies. Given the importance of intellectual capital, effective management is needed using the right business strategy. Companies with prospector business strategies often make innovation that requires a high intellectual capacity to support their business. However, research on intellectual capital, prospector business strategies and corporate value is still limited in Indonesia. In relation thereto, this study aims to examine the effect of intellectual capital on firm value and the ability of business strategies to moderate these relationships. Intellectual capital (independent variable) is projected by human capital, structural capital, capital employed, and relational capital. Firm value (dependent variable) is measured by the firm's market performance using Tobin's Q measurement. Meanwhile, the prospector's business strategy (moderation variable) is measured using the measurement of Bentley et al. (2013). This research is quantitative, using annual report data from 85 samples of manufacturing companies listed on the Indonesia Stock Exchange (BEI) from 2017-2019. The results prove that only structural capital and capital employed have a positive effect on firm value. Meanwhile, human capital and relationship capital have a negative effect on firm value. Also, the prospector business strategy is proven to moderate the effect of structure capital, employed capital, and relational capital on firm value. Abstrak dalam Bahasa Indonesia Perkembangan knowledge-based economy membuat para pelaku bisnis menyadari bahwa intellectual capital memiliki peranan penting dalam memberikan nilai tambah dan keunggulan kompeitif bagi perusahaan. Mengingat pentingnya intellectual capital, maka dibutuhkan pengelolaan secara efektif menggunakan strategi bisnis yang tepat. Perusahaan berstrategi bisnis prospector sering melakukan inovasi sehingga membutuhkan kapasitas intelektual yang tinggi untuk mendukung kegiatan usahanya. Walaupun demikian, penelitian mengenai intellectual capital, strategi bisnis prospector dan nilai perusahaan masih sedikit dilakukan di Indonesia. Berdasarkan hal tersebut, maka penelitian ini bertujuan untuk menguji pengaruh intellectual capital terhadap nilai perusahaan dan kemampuan strategi bisnis prospector dalam memoderasi hubungan tersebut. Intellectual capital (variabel independen) diproyeksikan oleh modal sumber daya manusia, modal struktural, capital employed, dan modal relasi. Nilai perusahaan (variabel dependen) diukur dengan melihat kinerja perusahaan di pasar modal menggunakan pengukuran Tobin’s Q. Sedangkan, strategi bisnis prospector (variabel moderasi) diukur menggunakan pengukuran Bentley, et al. (2013) Penelitian ini bersifat kuantitiatif, dengan menggunakan data laporan tahunan dari 85 sampel perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2017-2019. Hasil penelitian memberikan bukti bahwa hanya modal struktural dan capital employed yang terbukti berpengaruh positif terhadap nilai perusahaan. Sedangkan, modal sumber daya manusia dan modal relasi terbukti berpengaruh negative terhadap nilai perusahaan. Di samping itu, strategi bisnis prospector terbukti memoderasi pengaruh modal struktural, capital employed, dan modal relasi terhadap nilai perusahaan.

Keywords

• intellectual capital
• nilai perusahaan
• strategi bisnis prospector