PENGARUH INTELLECTUAL CAPITAL, KEPEMILIKAN INSTITUSIONAL, RISIKO BISNIS, DAN STRUKTUR MODAL TERHADAP KINERJA PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA
DOI:
https://doi.org/10.35446/dayasaing.v9i2.1296Keywords:
Kinerja Perusahaan, Modal Intelektual, Kepemilikan Institusional, Risiko Bisnis, Ukuran Perusahaan, Struktur ModalAbstract
Kinerja perusahaan dapat mempengaruhi pembangunan negara dan perusahaan dapat mengevaluasi dan meningkatkan kinerja dalam mencapai tujuan perusahaan. Tujuan dari penelitian ini adalah untuk menganalisis pengaruh modal intelektual, kepemilikan institusional, risiko bisnis, dan struktur modal terhadap kinerja perusahaan dengan efek moderasi ukuran perusahaan perusahaan perbankan. Penelitian ini dilakukan pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2011-2018. Analisis data menggunakan pendekatan Partial Least Square (PLS) dengan model Structural Equation Modeling (SEM) berdasarkan komponen atau varian. Hasil analisis menunjukkan bahwa modal intelektual, kepemilikan institusional, risiko bisnis berpengaruh positif dan signifikan terhadap kinerja perusahaan. Sedangkan struktur modal berpengaruh positif dan tidak signifikan terhadap kinerja perusahaan. Hasil penelitian ukuran perusahaan dapat memoderasi kepemilikan institusional, risiko bisnis, dan struktur modal terhadap kinerja perusahaan secara positif dan signifikan. Sedangkan firm size dapat memoderasi modal intelektual terhadap kinerja perusahaan secara positif dan tidak signifikan.
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Abu-Rub, N. (2012). Capital structure and firm performance: Evidence from Palestine stock exchange. Journal of Money, Investment and Banking, 23, 109-117
Affes, Habib and Nourchene Hamza Hakim. (2013). Ownership Structure and Performance of the Listed Tunisian Companies. Business and Economic Research, 3(2), 218-235.
Bhattacharya, Prasad S dan Michael A. Graham. (2009). On Institutional Ownership and Firm Performance: A Disaggregated View, Journal of Multinational Financial Management 19, p.370-394.
Brailsford, T. J., Oliver, B. R., & Pua, S. L. (2002). On the relation between ownership structure and capital structure. Accounting & Finance, 42(1), 1- 26.
Brigham, Eugene F. dan Joel F. Houston. (2011). Dasar - Dasar Manajemen Keuangan . Buku 2. Edisi 11. Jakarta: Selemba Empat.
_________________dan Joel F. Houston. (2013). Dasar-dasar Manajemen Keuangan. Jakarta: Salemba Empat
Chang, W.S. and Hsieh, J.J. (2011). Intellectual capital and value creation is innovation capital a missing link?. International Journal of Business and Management. Vol. 6 No. 2, pp. 3-12.
Chen, M. C., Cheng, S. J. and Hwang, Y. (2005).An Empirical Investigation of the Relationship between Intellectual Capital Firms‘ Market Value and Financial Performance‖. Journal of Intellectual Capital. Volume 6, No. 2, pp. 159–176.
Clarke, M., Seng, D. and Whiting, R.H. (2011), Intellectual capital and firm performance in Australia, Journal of Intellectual Capital, Vol. 12 No. 4, pp. 505-530.
Copeland, T. E., & Weston, J. F. (1989). Asset pricing. In Finance (pp. 81-85).
Palgrave Macmillan, London.
Cornett, M. M., Marcus, A. J., Saunders, A., and Tehranian, H. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, Vol. 31 No. 6, pp. 1771-1794.
Degryse, H., de Goeij, P., & Kappert, P. (2012). The impact of firm and industry characteristics on small firms’ capital structure. Small Business Economics, 38(4), 431–447.
Elyasiani, E., & Jia, J. (2010). Distribution of institutional ownership and corporate firm performance. Journal of banking & finance, 34(3), 606-620.
Ghozali, Imam. 2011. Aplikasi Analisis Multivariate Dengan Program SPSS. Semarang: Badan Penerbit Universitas Diponegoro.
__________ & Latan. 2015. Partial Least Square : Konsep, Teknik, dan Aplikasi Menggunakan Program SmartPLS 3.0. Semarang : Badan Penerbit Universitas Diponegoro
Goh, P.C. (2005). Intellectual capital performance of commercial banks in Malaysia. Journal of Intellectual Capital, Vol. 6 No. 3, pp. 385-96.
Jones, C.P, Utama S., Frensidy B., Ekaputra I.A., Budiman R.U. 2009. Investment: Analysis and Management, An Indonesia Adoptation. Jakarta. Penerbit Salemba Empat dan John Willey.
Maditinos, D., D. Chatzoudes, C. Tsairidis, dan G. Theriou. 2011. The impact of
intellectual capital on firms' market value and financial performance. Journal of Intellectual Capital, Vol. 12, No. 1, hlm: 132-151.
Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34(3), 621–632.
Majid, M. S. A., Musnadi, S., & Putra, I. Y. (2014). A comparative analysis of the quality of Islamic and conventional banks’ asset management in Indonesia. Gadjah Mada International Journal of Business, 16(2), 185-200.
Mata, F. J., Fuerst, W. L., & Barney, J. B. (1995). Information technology and sustained competitive advantage: A resource-based analysis. MIS quarterly, 487-505.
Mehralian, G., H. R. Rasekh, P. Akhavan, dan M. R. Sadeh. (2012). The Impact of Intellectual Capital Efficiency on Market Value : An Empirical Study from Iranian Pharmaceutical Companies. Iranian Journal of Pharmaceutical Research, Vol. 11, No. 1, hlm: 195-207
Mishkin, F. (2001). Financial Policies and the Prevention of Financial Crisis in Emerging Market Countries. NBER Working Paper Number, 8087.
Moeller, K. (2009). Intangible and financial performance: causes and effects. Journal of Intellectual Capital, Vol. 10 No. 2, pp. 224-45
M. Fuad. (2006). Pengantar Bisnis. Jakarta : PT. Gramedia Pustaka Utama
Pal, K. and Soriya, S. (2012). IC performance of Indian pharmaceutical and textile industry. Journal of Intellectual Capital, Vol. 13 No. 1, pp. 120-137.
Khan, M. K., Nouman, M., TENG, J. Z., Khan, M. I., & Jadoon, A. U. (2017). Determinants of financial performance of financial sectors (An assessment through economic value added).
Hanafi, Mahmud M. (2014). Manajemen Risiko, Edisi Kedua. Yogyakarta: UPP STIM YKPN.
Hillier, D., Ross, S., R. W. Westerfield, J. Jaffe, and B. Jordan (2010). Corporate Finance: European Edition, McGraw-Hill.
Home, J. C. V., & Wachowicz Jr, J. (2005). Prinsip-prinsip Manajemen Keuangan, Buku Satu, Edisi 12.
Hsu, L-C. and Wang, C-H. (2010). Clarifying the Effect of Intellectual Capital on
Performance: The Mediating Role of Dynamic Capability‖. British Journal
of Management.
Roos, J., Roos, G., Dragonetti, N.C. and Edvinsson, L. (1997), Intellectual Capital: Navigating the New Business Landscape, Macmillan Press, London.
Riahi‐Belkaoui, A. (2003). Intellectual capital and firm performance of US multinational firms. Journal of Intellectual capital.
Salim, Yadav. (2012). Capital Structure and Firm Performance: Evidence from Malaysian Listed Companies. Procedia - Social and Behavioral Sciences 65 ( 2012 ) 156 – 166.
Shyu, J. (2013). Ownership structure, capital structure, and performance of group affiliation. Managerial Finance.
Sawitri, Ni Putu Yuliana Ria dan Putu Vivi Lestari (2015). Pengaruh Risiko Bisnis, Ukuran Perusahaan dan Pertumbuhan Penjualan Terhadap Struktur Modal,E-Jurnal Manajemen Unud, Vol. 4, No. 5, 1238-1251.
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of political economy, 94(3, Part 1), 461-488.
Shiu, H.J. (2006). Application of the VAIC method to measure corporate performance: a quintile regression approach. Journal of American Academy of Business, Vol. 8 No. 2, pp. 156-160.
Siregar, Baldric. 2006. Determinan Risiko Ekspropriasi. Jurnal Akuntansi Manajemen, 18 (3): 269-282
Soedaryono, B., Murtanto, dan A. Prihartini. (2012). Effect Intellectual Capital (Value Added Intellectual Capital) to Market Value and Financial Performance of Banking Sector Companies Listed in Indonesia Stock Exchange. Artikel dipresentasikan pada. In The 2012 International Conference on Business and Management (pp. 6-7).
Soewarno, N. (2011). Pengaruh Intellectual Capital terhadap Kinerja Keuangan dengan Ukuran, Jenis Industri dan Leverage sebagai Variabel Moderating. Majalah Ekonomi, (2), 165–184.
Suwito, Edy dan Herawaty, Arleen. 2005. Analisis Pengaruh Karakteristik Perusahaan Terhadap Tindakan Perataan Laba yang Dilakukan oleh Perusahaan yang Terdaftar Di Bursa Efek Jakarta. Simposium Nasional Akuntansi VII.
Taouab, O., & Issor, Z. (2019). Firm Performance: Definition and Measurement Models. European Scientific Journal, 15(1), 93-106
Ulum, Ihyaul. (2008). Intellectual Capital dan Kinerja Keuangan Perusahaan: Suatu Analisis Dengan Pendekatan Partial Least Square. Jurnal Akuntansi dan Keuangan, vol.1, no. 2, November 2008.
_________(2009). Intellectual Capital;, Konsep dan Kajian Empiris. Graha Ilmu.Yogyakarta
Wei, Z., Xie, F., & Zhang, S. (2005). Ownership structure and firm value in China's privatized firms: 1991–2001. Journal of financial and quantitative analysis, 40(1), 87-108.
Wild, Subramanyam, dan Halsey. (2005). Analisis Laporan Keuangan.Edisi Kedelapan. Jakarta: Salemba Empat
Zeghal, D. and Maaloul, A. (2010). Analyzing value added as an indicator intellectual capital and its consequences on company performance. Journal of Intellectual Capital. Vol. 11 No. 1, pp. 39-60.
