Herry Subagyo, Dwi Eko Waluyo
This study was intended to confirm the relationship of intellectual capital value efficiency (VAICTM) and the main components of company resources (physical, human and structural capitals) with financial performance (ROA) and Market Value (M/B). The research was conducted in the manufacturing sector; an industry with the largest growth and contribution to the Indonesian economy. This study used a sample of 171 manufacturing sector companies listed on the Indonesia Stock Exchange in 2014-2016. The test results revealed that physical capital (VACA) is the dominant factor that played its roles in financial performance and market value, and human capital (VAHU) only played its roles in financial performance. Then, structural capital (STVA) had no role in financial performance or market value.
intellectual capital, Human capital, Physical capital, Structure capital, financial performance, Market value.
Cite this paper
Herry Subagyo, Dwi Eko Waluyo. (2020) Intellectual Capital and Business Performance In Indonesian Manufacture Companies. International Journal of Economics and Management Systems, 5, 50-61