Berdasarkan kesimpulan yang diperoleh dalam penelitian diatas penulis memberikan saran yaitu:
1. Penelitian mengambil sampel tidak hanya dari perusahaan-perusahaan manufaktur tetapi semua perusahaan yang terdaftar di Bursa Efek Indonesia 2. Data keuangan yang digunakan lebih dari 4 tahun.
3. Penelitian selanjutnya hendaknya menambah variabel dependen yang dapat mempengaruhi Intellectual Capital terhadap kinerja perusahaan.
4. Penelitian selanjutnya hendaknya tidak mengikutsertakan tahun 2008 dalam penelitian untuk mengurangi hasil bias.
DAFTAR PUSTAKA
Abdolmohammadi, Mohammad J. 2005. “Intellectual Capital Disclosure and Market Capitalization”. Journal of Intellectual Capital. Vol. 6, No. 3, pp.397-416.
Abdel-Aziz Ahmad Sharabati and Shawqi Naji Jawad and Nick Bontis. 2010.
“Intellectual capital and business performance in the pharmaceutical sector of Jordan”. Management Decision. Vol. 48 No. 1, pp. 105-131
Accounting Standards Board. 1997. Goodwill and Intangible Assets. FRS 10.
Accounting Standards Board, London.
Andriessen, Daniel. 2005. On The Metaphorical Nature of Intellectual Capital : A Textual Analysis.
Belkaoui, Ahmed Riahi. 2003. “Intellectual Capital and Firm Performance of US
Multinational Firms: A Study of The Resource-based and Stakeholder Views”.
Journal of Intellectual Capital. Vol. 4, No. 3, pp.215-226.
Bontis, Nick. 1998. “Intellectual Capital: an Exploratory Study that Develops Measures and Models.” Management Decision. Vol. 36, No. 2, pp.63-76.
Bontis, Nick, Wiliam Chua Chong Keow dan Stanley Richardson. 2000. “Intellectual Capital and Business Performance in Malaysian Industries.” Journal of Intellectual Capital. Vol 1, No. 1, pp.85-100.
Edvinsson, Leif, Ahmed Bounfour. 2004. “Assessing National and Regional Value Creation”. Measuring Business Excellence. Vol. 8, Issue 1, pp.55-61.
Esther Hormiga & Rosa M. Batista-Canino & Agustín Sánchez-Medina. 2010. The role
of intellectual capital in the success of new ventures.
Firer, Steven and S. Mitchell Williams. 2003. Intellectual Capital and Traditional Measures of Corporate Performance.
Fragouli Evaggelia. 2007. Intellectual Capital & Organizational Advantage: an economic approach to its valuation and measurement.
Ghozali, Imam. 2008. Stuctural Equation Modelling Metode Alternatif dengan Partial Least Square (PLS). Semarang: Badan Penerbit Universitas Diponegoro.
Guthrie, James. 2001. “The Management, Measurement and The Reporting Intellectual Capital”. Journal of Intellectual Capital. Vol 2, No.1, pp.27-41.
Hanum, Malina. 2010. Intellectual Capital and Firm Performance of Commercial Banks in Malaysia.
Hong, Harrison, Suzanne, and Patrick H. Sullivan Sr. 2000. “Profiting from Intellectual Capital;Learning from Leading Companies”. Journal of Intellectual Capital.
Vol. 1, No.1, pp.33-46.
Hong, Harrison, Jeremy C. Stein, Jialin Yu. 2007. The Journal of Finance. Vol. 62, Issue 3, pp.1207-1242.
Ikatan Akuntan Indonesia. 2009. Standar Akuntansi Keuangan. Jakarta: Salemba Empat.
International Accounting Standards Board. 2004. Intangible Asset. IAS 38. International Accounting Standard Board, London.
Kuryanto, Benny dan Muchamad Syafruddin. 2008. Pengaruh Model Intelektual terhadap Kinerja Perusahaan.
Luluk Muhimatul Ifada, Hairida Hapsari. 2012. Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan Publik (Non Keuangan) di Indonesia.
Maheran, Nik. 2009. Intellectual Capital Efficiency and Firm’s Performance: Study on Malaysian Financial Sectors.
Mona Al-Mwalla, Ahmad M. Al-Omari, Fayssal Ayad. 2010. The Relationship between P/E Ratio, Dividend Yield Ratio, Size and Stock Returns in Jordanian
Pasaribu, Hiras, Dian Indri Purnamasari dan Indris Tri Hapsari. 2012. The Role of Corporate Intellectual Capital. American International Journal of Contemporary Research.
Philip Vergauwen, Laury Bollen, Els Oirbans. 2007. Intellectual capital disclosure and intangible value drivers: an empirical study.
Pulic, Ante. 1998. “Measuring The Performance of Intellectual Potential in Knowledge Economy”. Paper disajikan pada The 2nd McMaster Word Congress on Measuring and Managing Intellectual Capital by the Austrian Team for Intellectual Potential.
Pulic, Ante. 1999. “Basic Information on VAIC™”. www.vaic-on.net.
Pulic, Ante dan Kolakovic, M. 2003. “Value Creation Efficiency In The New Economy”.
Pulic, Ante. 2008. The Principles of Intellectual Capital Efficiency – A Brief Description Sawarjuwono, Tjiptohadi dan Agustine Prihatin Kadir. 2003. “Intellectual Capital:
Perlakuan, Pengukuran dan Pelaporan (Sebuah Library Research).” Jurnal Akuntansi dan Keuangan. Vol 5, No. 1, h.31-51
Setyo, Hari Wijanto. 2012. Structural Equation Modeling dengan LISREL 8.8. Graha Ilmu
Shun Wang, Mu. 2011. Intellectual Capital and Firm Perfomance.
Stewart, Stern. 2007. Economic Value Added.
Tunggal, Amin Widjaja. 2001. Memahami Konsep Economic Value Added (EVA) dan Value Based Management (VAM). Harvarindo.
Ulum, Ihyaul, Imam Ghozali & Anis Chariri. 2008. Intellectual Capital dan Kinerja Keuangan Perusahaan ; Suatu Analisis dengan Pendekatan Partial Least Square.
Worthington, Andrew and West, Tracey. 2001. Economic Value Added: A Review of the Theoretical and Empirical Literature.
LAMPIRAN 1
Enonomic Value Added (EVA)
No. Company 2008 2009 2010 2011
1 CEKA Cahaya Kalbar Tbk
(23,315)
(8,348)
(9,334)
(27,591) 2 DLTA Delta Djakarta Tbk
(930)
77,010
139,708
144,539 3
INDF Indofood Sukses Makmur Tbk
369,575
(1,170,108)
1,649,498
2,281,593 4
MLBI Multi Bintang Indonesia Tbk
(2,066)
137,888
411,386
478,034 5 MYOR Mayora Indah Tbk
(29,095)
18,377
42,365
(93,788) 6
RMBA Bentoel International Investama Tbk
88,076
(54,672)
(30,318)
(661,515) 7 HMSP HM Sampoerna Tbk
(147,250)
3,127,622
(122,321)
625,443 8
DVLA Darya-Varia Laboratoria Tbk
(3,406)
7,422
104,201
111,597 9 KAEF Kimia Farma Tbk
(8,940)
(229,558)
48,233
76,831 10 KLBF Kalbe Farma Tbk
63,626
(5,608,931)
(7,720,480)
(5,249,860) 11 MERK Merck Tbk
(1,986)
110,826
70,505
140,603 12 MRAT Mustika Ratu Tbk
15,982
(263,436)
(71,986)
(81,738) 13 UNVR Unilever Indonesia Tbk
1,892,038
2,779,762
2,633,114
3,564,642 14
PGAS Perusahaan Gas Negara Tbk
(1,031,236) (855,331)
1,131,157
2,716,747 15 SMCB Holcim Indonesia Tbk
(372,144)
58,511
509,065
817,787 16 SMGR Semen Gresik Tbk
(1,701)
3,217,479
2,974,915
3,231,768 17 LION Lion Metal Works Tbk
(1,039)
(68,921,545)
(51,189,392)
(1,570,905) 18 LMSH Lionmesh Prima Tbk
(183)
(2,127,237)
1,946
6,347
No. Company 2008 2009 2010 2011 20 AUTO Astra Auto Part Tbk
29,478
17,944
1,040,791
969,620 21 KBLM Kabelindo Murni Tbk
(3,230)
(4,206)
(798,416)
16,881
LAMPIRAN 2
Return on Asset (ROA)No. Company 2008 2009 2010 2011
1 CEKA Cahaya Kalbar Tbk
0.05 0.09 0.03 0.12
2 DLTA Delta Djakarta Tbk
0.54 0.86 0.21 0.22
3
INDF Indofood Sukses Makmur Tbk
0.03 0.05 0.08 0.09
4 MLBI Multi Bintang Indonesia Tbk
0.24 0.34 0.39 0.42
5 MYOR Mayora Indah Tbk
0.07 0.11 0.11 0.07
6
RMBA Bentoel International Investama Tbk
0.05 0.01 0.04 0.05
7 HMSP HM Sampoerna Tbk
0.24 0.29 0.31 0.42
8
DVLA Darya-Varia Laboratoria Tbk
0.11 0.09 0.13 0.13
9 KAEF Kimia Farma Tbk
0.04 0.04 0.08 0.10
10 KLBF Kalbe Farma Tbk
0.12 0.14 0.19 0.19
11 MERK Merck Tbk
0.26 0.34 0.27 0.40
12 MRAT Mustika Ratu Tbk
0.06 0.06 0.06 0.07
13 UNVR Unilever Indonesia Tbk
0.37 0.41 0.39 0.40
14 PGAS Perusahaan Gas Negara Tbk
0.02 0.22 0.20 0.20
15 SMCB Holcim Indonesia Tbk
0.03 0.12 0.08 0.10
16 SMGR Semen Gresik Tbk
0.24 0.26 0.23 0.20
17 LION Lion Metal Works Tbk
0.15 0.12 0.13 0.14
18 LMSH Lionmesh Prima Tbk
0.15 0.03 0.09 0.11
19 MAIN Malindo Feedmill Tbk
0.00 0.09 0.19 0.15
20 AUTO Astra Auto Part Tbk
0.14 0.17 0.22 0.16
LAMPIRAN 3
Value Added Human Capital (VAHU)
No. Company 2008 2009 2010 2011
1 CEKA Cahaya Kalbar Tbk 10.29 17.92 5.89 10.50 2 DLTA Delta Djakarta Tbk -2.46 0.22 5.71 5.63 3
INDF Indofood Sukses Makmur
Tbk 3.16 2.87 3.73 3.74
4 MLBI Multi Bintang Indonesia Tbk 4.89 8.43 4.77 5.62
5 MYOR Mayora Indah Tbk 2.44 2.99 2.74 2.23
6
RMBA Bentoel International
Investama Tbk 2.00 1.39 1.78 2.16
7 HMSP HM Sampoerna Tbk 6.96 7.35 6.37 5.80
8
DVLA Darya-Varia Laboratoria
Tbk 1.78 2.23 2.23 2.42
9 KAEF Kimia Farma Tbk 1.30 1.25 1.40 1.46
10 KLBF Kalbe Farma Tbk 2.21 2.39 2.28 2.37
11 MERK Merck Tbk 2.38 3.19 2.13 2.73
12 MRAT Mustika Ratu Tbk 1.44 1.59 1.65 1.64
13 UNVR Unilever Indonesia Tbk 5.41 6.51 6.27 6.59 14 PGAS Perusahaan Gas Negara Tbk 4.00 3.10 8.02 5.86 15 SMCB Holcim Indonesia Tbk 3.51 8.02 6.05 6.64 16 SMGR Semen Gresik Tbk 13.41 11.72 7.47 259.62 17 LION Lion Metal Works Tbk 5.91 2.93 3.20 3.84
18 LMSH Lionmesh Prima Tbk 7.11 1.96 3.47 4.33
19 MAIN Malindo Feedmill Tbk 1.74 5.45 6.12 6.39 20 AUTO Astra Auto Part Tbk 6.22 2.85 2.31 2.19
21 KBLM Kabelindo Murni Tbk 1.11 1.59 4.11
LAMPIRAN 4
Value Added Capital Coefficient (VACA)
No. Company 2008 2009 2010 2011
1 CEKA Cahaya Kalbar Tbk 0.47 0.27 0.12 0.36
2 DLTA Delta Djakarta Tbk -0.18 0.02 0.40 0.45 3
INDF Indofood Sukses Makmur
Tbk 0.74 0.64 0.38 0.29
4 MLBI Multi Bintang Indonesia Tbk 1.05 5.54 1.65 1.56
5 MYOR Mayora Indah Tbk 0.47 0.58 0.52 0.49
6
RMBA Bentoel International
Investama Tbk 0.47 0.24 0.42 0.42
7 HMSP HM Sampoerna Tbk 0.90 0.81 1.00 1.29
8
DVLA Darya-Varia Laboratoria
Tbk 0.35 0.39 0.43 0.39
9 KAEF Kimia Farma Tbk 0.49 0.50 0.57 0.59
10 KLBF Kalbe Farma Tbk 0.61 0.59 0.53 0.51
11 MERK Merck Tbk 0.74 0.86 0.68 0.76
12 MRAT Mustika Ratu Tbk 0.27 0.29 0.27 0.28
13 UNVR Unilever Indonesia Tbk 1.36 1.36 1.34 1.78 14 PGAS Perusahaan Gas Negara Tbk 0.40 0.23 0.24 0.24 15 SMCB Holcim Indonesia Tbk 0.29 0.59 0.23 0.27
16 SMGR Semen Gresik Tbk 1.05 0.72 0.04 0.37
17 LION Lion Metal Works Tbk 0.52 0.00 0.00 0.00
18 LMSH Lionmesh Prima Tbk 0.72 0.00 0.32 0.36
19 MAIN Malindo Feedmill Tbk 0.05 1.43 1.09 0.76 20 AUTO Astra Auto Part Tbk 0.43 0.19 0.26 0.22 21 KBLM Kabelindo Murni Tbk 0.06 0.04 0.01 0.15
LAMPIRAN 5
Structure Capital Coefficient (STVA)
No. Company 2008 2009 2010 2011
1 CEKA Cahaya Kalbar Tbk 0.90 0.94 0.83 0.90
2 DLTA Delta Djakarta Tbk 1.41 -3.49 0.82 0.82 3
INDF Indofood Sukses Makmur
Tbk 0.68 0.65 0.73 0.73
4 MLBI Multi Bintang Indonesia Tbk 0.80 0.88 0.79 0.82
5 MYOR Mayora Indah Tbk 0.59 0.67 0.63 0.55
6
RMBA Bentoel International
Investama Tbk 0.50 0.28 0.44 0.54
7 HMSP HM Sampoerna Tbk 0.86 0.86 0.84 0.83
8
DVLA Darya-Varia Laboratoria
Tbk 0.44 0.55 0.55 0.59
9 KAEF Kimia Farma Tbk 0.23 0.20 0.28 0.31
10 KLBF Kalbe Farma Tbk 0.55 0.58 0.56 0.58
11 MERK Merck Tbk 0.58 0.69 0.53 0.63
12 MRAT Mustika Ratu Tbk 0.31 0.37 0.39 0.39
13 UNVR Unilever Indonesia Tbk 0.82 0.85 0.84 0.85 14 PGAS Perusahaan Gas Negara Tbk 0.75 0.68 0.88 4.21 15 SMCB Holcim Indonesia Tbk 0.71 0.88 0.83 0.85
16 SMGR Semen Gresik Tbk 0.93 0.91 0.87 1.00
17 LION Lion Metal Works Tbk 0.83 0.66 0.69 0.74
18 LMSH Lionmesh Prima Tbk 0.86 0.49 0.71 0.77
19 MAIN Malindo Feedmill Tbk 0.43 0.82 0.84 0.84 20 AUTO Astra Auto Part Tbk 0.84 0.65 0.57 0.54 21 KBLM Kabelindo Murni Tbk 0.40 0.10 0.37 0.76
LAMPIRAN 6
Leverage (Lev)No. Company 2008 2009 2010 2011
1 CEKA Cahaya Kalbar Tbk 2.58 1.89 2.75 2.03
2 DLTA Delta Djakarta Tbk 0.30 0.25 1.19 1.22
3
INDF Indofood Sukses Makmur
Tbk 4.62 3.98 1.90 1.70
4 MLBI Multi Bintang Indonesia Tbk 2.74 9.44 2.41 2.30
5 MYOR Mayora Indah Tbk 2.35 2.05 2.16 2.72
6
RMBA Bentoel International
Investama Tbk 2.58 2.45 2.30 2.82
7 HMSP HM Sampoerna Tbk 2.00 1.69 2.01 1.90
8
DVLA Darya-Varia Laboratoria
Tbk 1.26 1.41 1.33 1.28
9 KAEF Kimia Farma Tbk 1.53 1.57 1.49 1.43
10 KLBF Kalbe Farma Tbk 1.57 1.50 1.22 1.27
11 MERK Merck Tbk 1.15 1.23 1.00 1.00
12 MRAT Mustika Ratu Tbk 1.17 1.16 1.14 1.18
13 UNVR Unilever Indonesia Tbk 2.10 2.02 2.15 2.85 14 PGAS Perusahaan Gas Negara Tbk 3.61 2.44 1.00 1.00 15 SMCB Holcim Indonesia Tbk 2.93 2.19 1.53 1.45
16 SMGR Semen Gresik Tbk 1.31 1.25 0.13 1.51
17 LION Lion Metal Works Tbk 1.26 0.00 0.00 0.00
18 LMSH Lionmesh Prima Tbk 1.64 0.00 1.67 1.71
19 MAIN Malindo Feedmill Tbk 1.00 7.33 3.78 3.15 20 AUTO Astra Auto Part Tbk 1.50 1.45 1.36 1.47 21 KBLM Kabelindo Murni Tbk 2.07 1.59 0.18 2.63
LAMPIRAN 7
Size of the FirmNo. Company 2008 2009 2010 2011
1 CEKA Cahaya Kalbar Tbk 13.31 13.25 13.65 13.62 2 DLTA Delta Djakarta Tbk 11.95 11.90 13.47 13.45 3
INDF Indofood Sukses Makmur
Tbk 17.49 17.51 17.67 17.80
4 MLBI Multi Bintang Indonesia Tbk 13.76 13.81 13.94 14.02 5 MYOR Mayora Indah Tbk 14.89 14.99 15.30 15.70 6
RMBA Bentoel International
Investama Tbk 15.31 15.27 15.41 15.66
7 HMSP HM Sampoerna Tbk 16.60 16.69 16.84 16.78 8
DVLA Darya-Varia Laboratoria
Tbk 13.37 13.57 13.66 13.74
9 KAEF Kimia Farma Tbk 14.18 14.26 14.32 14.40 10 KLBF Kalbe Farma Tbk 15.56 15.68 15.77 15.93
11 MERK Merck Tbk 12.83 12.98 12.98 13.28
12 MRAT Mustika Ratu Tbk 12.78 12.81 12.86 12.95 13 UNVR Unilever Indonesia Tbk 15.69 15.83 15.98 16.17 14 PGAS Perusahaan Gas Negara Tbk 17.06 17.17 17.28 17.25 15 SMCB Holcim Indonesia Tbk 15.92 15.80 16.16 16.21 16 SMGR Semen Gresik Tbk 16.18 16.38 16.56 16.79 17 LION Lion Metal Works Tbk 12.44 12.51 12.62 12.81 18 LMSH Lionmesh Prima Tbk 11.03 11.20 11.27 11.49 19 MAIN Malindo Feedmill Tbk 13.66 13.69 13.78 14.10 20 AUTO Astra Auto Part Tbk 15.20 15.35 15.54 15.76 21 KBLM Kabelindo Murni Tbk 13.04 12.78 12.91 13.37
LAMPIRAN 8
Uji Hipotesis 1PLS Algorithm
Latent Variable Correlations
Company's Performance
Intellectual Capital
Variable Control 1 Company's
Performance 1.000000
Intellectual
Capital -0.378208 1.000000 Variable
Control 1 -0.633557 0.285293 1.000000
Cross Loadings
Company's Performance
Intellectual Capital
Variable Control 1
EVA 1 -0.378208 -0.633557
VACA 0.14666 -0.387777 0.048536
LEVERAGE -0.633557 0.285293 1
STVA -0.232239 0.614053 0.319562 VAHU 0.010358 -0.027386 0.153079
R Square
R Square
Company's
Performance 0.443839
AVE
AVE
Company's
Performance 1.000000 Variable
Control 1 1.000000
PLS Bootstrapping
Total Effects (Mean, STDEV, T-Values)
Original Sample (O)
Sample Mean (M)
Standard Deviation (STDEV)
Standard Error (STERR)
T Statistics (|O/STERR|) Intellectual
Capital ->
Company's
Performance -0.214954 -0.095959 0.187824 0.187824 1.144444 Variable
Control 1 ->
Company's
Performance -0.572232 -0.572899 0.034119 0.034119 16.77144
Outer Model T-Statistic
Company's Performance
Intellectual Capital
Variable Control 1
EVA
VACA 1.117521
LEVERAGE
STVA 1.195122
VAHU 0.458802
Path Coefficients (Mean, STDEV, T-Values)
Original Sample (O)
Sample Mean (M)
Standard Deviation (STDEV)
Standard Error (STERR)
T Statistics (|O/STERR|) Intellectual
Capital ->
Company's
Performance -0.214954 -0.095959 0.187824 0.187824 1.144444 Variable
Control 1 ->
Company's
Performance -0.572232 -0.572899 0.034119 0.034119 16.77144
Outer Weights (Mean, STDEV, T-Values)
Original Sample (O)
Sample Mean (M)
Standard Deviation (STDEV)
Standard Error (STERR)
T Statistics (|O/STERR|) EVA ->
Company's
Performance 1 1 0
VACA ->
Intellectual
Capital -0.863403 -0.363281 0.772605 0.772605 1.117521 LEVERAGE
<- Variable
Control 1 1 1 0
STVA ->
Intellectual
Capital 1.078224 0.56872 0.902187 0.902187 1.195122 VAHU ->
Intellectual
Capital -0.113411 -0.037005 0.24719 0.24719 0.458802
Inner Model T-Statistic
Company's Performance
Intellectual Capital
Variable Control 1 Company's
Performance
Intellectual
Capital 1.144444
Variable
Control 1 16.771438
LAMPIRAN 9
Uji Hipotesis 2PLS Algorithm
Latent Variable Correlations
CP (t+1)
Intellectual Capital
Variable Control 1
CP (t+1) 1
Intellectual Capital
-
0.89757 1
Variable Control 1
-
0.22579 0.234279 1
Cross Loadings
CP (t+1)
Intellectual Capital
Variable Control 1 LEVERAGE
-
0.22579 0.234279 1
ROA1 1 -0.897573 -0.225792
STVA
-
0.88388 0.984748 0.305126 VACA
-
0.13427 0.149591 0.790764 VAHU
-
0.23806 0.265221 0.221865
R Square
R Square
CP (t+1) 0.805892 Intellectual
Capital
Variable
Control 1
AVE
AVE
CP (t+1) Intellectual Capital Variable
Control 1 1
PLS Bootstrapping
Total Effects (Mean, STDEV, T-Values)
Original Sample (O)
Sample Mean (M)
Standard Deviation (STDEV)
Standard Error (STERR)
T Statistics (|O/STERR|) Intellectual
Capital ->
CP (t+1) -0.893729 -0.881007 0.056063 0.056063 15.941494 Variable
Control 1 -
> CP (t+1) -0.01641 -0.015625 0.018577 0.018577 0.883371
Outer Model T-Statistic
CP (t+1)
Intellectual Capital
Variable Control 1
LEVERAGE
ROA1
STVA 52.218321
VACA 2.198463
VAHU 3.471315
Path Coefficients (Mean, STDEV, T-Values)
Original Sample (O)
Sample Mean (M)
Standard Deviation (STDEV)
Standard Error (STERR)
T Statistics (|O/STERR|) Intellectual
Capital ->
CP (t+1) -0.893729 -0.881007 0.056063 0.056063 15.941494 Variable
Control 1 -
> CP (t+1) -0.01641 -0.015625 0.018577 0.018577 0.883371
Outer Weights (Mean, STDEV, T-Values)
Original Sample (O)
Sample Mean (M)
Standard Deviation (STDEV)
Standard Error (STERR)
T Statistics (|O/STERR|) LEVERAGE
<- Variable
Control 1 1 1 0
ROA1 -> CP
(t+1) 1 1 0
STVA ->
Intellectual
Capital 1.070436 1.076221 0.020499 0.020499 52.218321 VACA ->
Intellectual
Capital -0.070722 -0.075049 0.032169 0.032169 2.198463 VAHU ->
Intellectual
Capital -0.164128 -0.174156 0.047281 0.047281 3.471315
LAMPIRAN 10
Uji Hipotesis 3PLS Algorithm
Latent Variable Correlations
CP(t+1) ROGIC Var Control 1
Var Control 2
CP(t+1) 1
ROGIC -1 1
Var Control 1
-
0.225793 0.225796 1
Var Control 2
-
0.320186 0.320185 0.221887 1
R Square
R Square
CP(t+1) 1
ROGIC Var
Control
1
Var Control
2
Cross Loadings
CP(t+1) ROGIC Var Control 1
Var Control 2
EVA1 0.05058 -0.05058 0.221673 0.206548 LEVERAGE
-
0.225793 0.225796 1 0.221887
R-STVA -1 1 0.225792 0.320185
R-VACA -0.03397 0.033973 0.872648 0.069771 R-VAHU 0.190589 -0.19059 0.466749 0.002214
ROA1 1 -1 -0.225792 -0.320185
SIZE
-
0.320186 0.320185 0.221887 1
AVE
AVE
CP(t+1) ROGIC Var
Control
1 1
Var Control
2 1
PLS Bootstrapping
Inner Model T-Statistic
CP(t+1) ROGIC
Var Control 1
Var Control 2
CP(t+1)
ROGIC 7.088816
Var Control
1 0.886797
Var Control
2 0.836853
Total Effects (Mean, STDEV, T-Values)
Original Sample (O)
Sample Mean (M)
Standard Deviation (STDEV)
Standard Error (STERR)
T Statistics (|O/STERR|) ROGIC
->
CP(t+1) -1 -0.99 0.141067 0.141067 7.088816
Var Control 1 ->
CP(t+1) 0.000004 0.000005 0.000004 0.000004 0.886797 Var
Control 2 ->
CP(t+1) -1E-06 -2E-06 0.000002 0.000002 0.836853
Outer Model T-Statistic
CP(t+1) ROGIC
Var Control 1
Var Control 2
EVA1 0.607283
LEVERAGE
R-STVA 5.025191
R-VACA 0.531206
R-VAHU 0.850482
ROA1 7.088809
SIZE
Path Coefficients (Mean, STDEV, T-Values)
Original Sample (O)
Sample Mean (M)
Standard Deviation (STDEV)
Standard Error (STERR)
T Statistics (|O/STERR|) ROGIC
->
CP(t+1) -1 -0.99 0.141067 0.141067 7.088816
Var Control 1 ->
CP(t+1) 0.000004 0.000005 0.000004 0.000004 0.886797 Var
Control 2 ->
CP(t+1) -1E-06 -2E-06 0.000002 0.000002 0.836853
Outer Weights (Mean, STDEV, T-Values)
Original Sample (O)
Sample Mean (M)
Standard Deviation (STDEV)
Standard Error (STERR)
T Statistics (|O/STERR|) EVA1 ->
CP(t+1) -1E-06 -2E-06 0.000002 0.000002 0.607283 LEVERAGE
<- Var
Control 1 1 1 0
R-STVA ->
ROGIC 1 0.98 0.198997 0.198997 5.025191
R-VACA ->
ROGIC 0.000001 0.000001 0.000002 0.000002 0.531206 R-VAHU ->
ROGIC 0.000001 0.000001 0.000001 0.000001 0.850482 ROA1 ->
CP(t+1) 1 0.99 0.141067 0.141067 7.088809
SIZE <- Var