EFEK LANGSUNG DAN MODERASI ANTARA INTELLECTUAL CAPITAL DENGAN PRODUCTIFITY DAN PROFITABILITY DI BURSA EFEK INDONESIA

Abstract

Intellectual capital as a resource to drive the company has recognized the value and comparative advantages
of the company. This study aims to examine the direct and moderating effects of intellectual capital
relationship with financial performance. The study was conducted at the Indonesian Stock Exchange using
secondary data to test the hypothesis with pooled least square method. Sampling was done by purposive
sampling produced 63 observations using 2009 to 2011. The main variable in this study is the financial
performance (productifity and profitability) as the dependent variable, and intellectual capital (human
capital, structural capital, physical capital), and the interaction of human capital with structural capital as an
independent variable, which is controlled by Size and Leverage. Data analysis and testing each hypothesis
using descriptive statistics and multiple linear regression models. The study proves that, human capital fails
to explain both the use of accounting performance measures. Structural capital has a positive effect on
profitability, but failed in conjunction with productifity. Physical capital proven positive effect on both
measures of financial performance. Serve as structural capital moderation failed to moderate the relationship
of human capital profitability. On the other hand, structural capital can be a moderating variable in a
negative relationship with the human capital productifity. Therefore concluded that in general investors and
companies give more to the assessment of physical and financial capital of the human capital and structural
capital, which may result in lack of competitiveness of enterprises in a sustainable manner.