v
ABSTRAK
PENGARUH FAKTOR INTERNAL TERHADAP VOLUME KREDIT PERBANKAN TERBUKA di INDONESIA
Penelitian ini bertujuan untuk menguji pengaruh intellectual capital terhadap nilai pasar dan kinerja keuangan pada perusahaan. Variabel independen dalam penelitian ini adalah Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), dan Structural Capital Value Added (STVA). Variabel dependen dalam penelitian ini yaitu Market to Book Values (M/B), Return on Asset (ROA), Return on Equity (ROE), and Growth on Revenue (GR).
Sampel penelitian adalah 15 perusahaan BUMN yang go public dan terdaftar di Bursa Efek Indonesia pada periode tahun 2007 sampai 2011. Alat analisis yang digunakan adalah regresi data panel. Hasil penelitian menunjukkan bahwa VACA dan STVA berpengaruh signifikan dan positif terhadap M/B dan ROE, sedangkan VAHU tidak berpengaruh signifikan terhadap ROA dan GR. VAHU berpengaruh positif dan signifikan terhadap ROA dan GR, berpengaruh negatif dan signifikan terhadap M/B, dan tidak berpengaruh signifikan terhadap ROE.
Kata kunci: Intellectual Capital, Market to Book Value, Return on Asset, Return on Equity, Growth on Revenue
vi ABSTRACT
INFLUENCE OF INTELLECTUAL CAPITAL TO MARKET VALUE AND FINANCIAL PERFORMANCE OF STATE-OWNED ENTERPRISES GO PUBLIC
The purpose of this research was to investigate the influence of intellectual capital and firms market value and financial performance. Independent variables were used in the research are Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). Dependent variables are Market to Book Values (M/B), Return on Asset (ROA), Return on Equity (ROE), and Growth on Revenue (GR).
The samples of this research were taken from 15 State-Owned Enterprises (BUMN) that were go public and listed in Indonesian Stock
Exchange , with observation period of 2007 until 2011. Data analysis using panel data regression. The result show that VACA and STVA affect positively and
significant on the M/B and ROE, and do not affect ROA and GR. VAHU affect positively and significant on the ROA and GR, negatively and significant on the M/B, and do not affect ROE.
Keywords: Intellectual Capital, Market to Book Value, Return on Asset, Return on Equity, Growth on Revenue
