MODEL MEDIASI DALAM HUBUNGAN ANTARA INTELLECTUAL CAPITAL DISCLOSURE, NILAI PERUSAHAAN, DAN FINANCIAL PERFORMANCE

Abstract

This study aimed to determine the disclosure effect of intellectual capital on firm value through the financialperformance of companies listed on the Indonesia Stock Exchange in the period of 2008 to 2012. Intellectualcapital measurement used a model developed by Pulic (1998, 1999, 2000), which assessed the efficiency ofvalue added as a result of the company’s intellectual capabilities (value added intellectual coefficient-VAICTM).Financial performance in this study was measured using return on assets (ROA) and firm value was measuredby using the Market to Book Value (MtBV). The samples in this study were taken using purposive. The finalsamples in this study were 1.135 observations. This hypothesis was tested using path analysis. The resultsshowed that (1) the disclosure of intellectual capital had a positive effect on financial performance; (2) disclosureof intellectual capital had no effect on firm value; (3) financial performance was able to mediate therelationship between intellectual capital disclosure and corporate value.

Keywords

• corporate value, financial performance, intellectual capital disclosure, value added