Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol. 7. No. 1 (2024)
e-ISSN:2621-606X Page: 1608-1620
THE INFLUENCE OF INTELLECTUAL CAPITAL ON RETURN ON ASSET ON BUMN BANK LISTED ON BEI 2015-2022
Ilyas Alfian Suhadi1
Universitas Islam Indonesia, Yogyakarta, Indonesia [email protected]
Muhammad Ismail Kahfi2
Universitas Islam Indonesia, Yogyakarta, Indonesia [email protected]
The Influence of Intellectual Capital….. 1608 Abstract
The purpose of this research is to determine the components of intellectual capital, namely Value-Added Human Capital (VAHU), Value Added Structural Capital (STVA), and Value-Added Capital Employed (VACA) in influencing Return on Assets. This research is quantitative and uses secondary data. The population of this research is state-owned companies in the banking sector registered on the IDX in 2015- 2022. The number of samples studied was 32 samples. This research uses descriptive statistics, classical assumption testing, and hypothesis testing. The results of this research show that VACA, VAHU, and STVA together or simultaneously have a significant influence on Return on Assets (ROA). All independent variables VAHU, STVA, and VACE can contribute 68.6% of ROA. Then the results of the partial test, VAHU partially has a significant positive effect on ROA, VACE partially has a significant positive effect on ROA but STVA partially gives positive results but is not significant on ROA.
Keywords: Value Added Human Capital, Value Added Structural Capital, Value Added Capital Employed, Return on Assets
The Influence of Intellectual Capital….. 1609 INTRODUCTION
To measure how effective a company is in utilizing its assets to gain profits, one way is to utilize a return on assets (ROA) (Wardoyo et al., 2022). Companies with the ability to earn large profits will have value for the company. Generating profits or benefits in a company's financial statements can be the basis for basing decisions made by company owners and investors (Ramli & Yusnaini, 2022). This is because profit is the main desire of any company in making the company itself and its stakeholders prosperous. Return on assets is also often a benchmark or basis for measuring the profit capability of a company, so that the company can be measured properly.
State-owned banks will be the focus of this research. BUMN Bank is a company listed as a company with the most prominent digital transformation. In fact, state-owned banks have a company size that almost dominates the list of state-owned companies, especially PT Bank Rakyat Indonesia and PT Bank Mandiri which have very large assets. This state-owned bank company is also said to be active in paying dividends to the state due to its good performance, but business risks remain. Bank company management will certainly always maintain its business performance through business activities that are considered to provide added value to the company. State-owned banks in 2023 will have optimal performance and this is proven by stable stock performance (Yusrizal & Bi Rahmani, 2023).
The process of improving company performance is certainly not far from the intervention of technology, especially as BUMN Bank is a company that always emphasizes the era of digital transformation. Technology-based implementation is of course based on good scientific factors in the company. With advances in technology, the awareness of business actors can understand that controlling the company's intellectual capital can improve the performance of their financial sector, especially the company (Febriany, 2019). In carrying out the digital transformation era, of course supporting factors such as science are needed. Without knowledge, any strategy issued by a business entity will not be achieved and will only result in wasted budget without results. Intellectual Capital is one of the factors that is thought to be able to strengthen the knowledge possessed by the company. Intellectual capital must be managed well by the company to provide real benefits (Faradina & Gayatri, 2016). Intellectual capital has components, namely Value-Added Human Capital, Value
The Influence of Intellectual Capital….. 1610 Added Capital Employed and Structural Capital. Each of these components has its own role in measuring intellectual capital in an organization or company.
The background explanation above underlies that the author will review research on intellectual capital with return on assets. The urgency of this research is the high performance of banks which is almost dominated by digital transformation strategies, this is even more evident in the increasingly rapid development of digital banks in 2023. This is of course closely related to the capital they have, especially knowledge or intangible assets. This research uses intellectual capital because it discusses resource management based on science.
The latest research will now review the components of intellectual capital, namely VACE (Value Added Capital Employed), VAHU (Value Added Human Capital) and STVA (Structural Capital Value Added) to find out whether there is an influence on financial performance proxies. namely return on assets. The next update is that the current research will update the sample of state-owned bank companies listed on the IDX by updating it to a newer period, namely 2015-2022.
REVIEW OF LITERATURE
Wernerfelt developed resource theory which explains how a company's performance can achieve and form the best value by utilizing and managing the resources that exist within the company itself, both tangible and intangible resources, such as intellectual property.(Wernerfelt, 2001). Therefore, by understanding and relying on professional resources, companies can achieve useful added value. Companies that prioritize expertise in science will be more optimal in arranging and managing all their assets than companies without prioritizing science. Resource Based Theory (RBV) states that structural capital, human capital and capital employed are elements of the intellectual capital component, and are related to the company's financial performance.
Return on Assets
One of the profitability ratios is Return on Assets, or also known as ROA. This ratio is a ratio that can be used to show how successful an entity is in obtaining profits from asset utilization, sales and capital utilization (Firdaus et al., 2014). An entity's expertise and
The Influence of Intellectual Capital….. 1611 performance in generating business profits is positively correlated with the Return on Assets it obtains. Return on assets (ROA) shows how capable a company is of utilizing all its assets to achieve profit after tax (Sudanna, 2011). This factor is vital for management to understand how effective and efficient the management of a company is. Investors will focus more on the company's optimal financial performance. Optimal financial performance certainly creates stable operations and is able to reduce the company's risk of using large external debt.
Intellectual Capital
Intellectual value, which consists of information and knowledge, can give a company a competitive advantage (Faradina & Gayatri, 2016). According to (Sugeng (2002) in (Wijayani, 2017), Intellectual capital can be defined as the knowledge and ,expertise claimed by a group of people, such as an ,intellectual community, organization, or professional practice. Intellectual capital can also take the form of valuable resources and the ability to act based on that knowledge. One of the most important and highly focused intangible assets by companies in the current technology and information era is intellectual capital (IC). This is because intellectual capital is a measure that can be used to find information on how effective an organization is in having Return on Assets through managing its resources. The added value of intellectual capital is used to measure the extent of resource utilization of the company.
Kartika said that capital employed (CE) shows the extent to which a company manages its resources in the form of capital assets, and if implemented optimally it will form a company with the financial performance expected by the company.(Kartika & Hatane, 2013). Value added capital employed (VACA) shows how well a company manages and utilizes capital assets. By managing and utilizing capital assets optimally, companies can improve and shape their financial performance through the capital contained in capital employed. According to Ulum Value Added Human Capital (VAHU) shows the level of added value that can be achieved from the funds charged to company employees, from this of course the company can monitor how effectively and efficiently the company's expenses are incurred to determine the added value (Ulum, 2017). According to Baroroh, structural capital is organizational expertise consisting of infrastructure, information systems, routines, procedures and an organizational culture that can help and ease employees' efforts to create
The Influence of Intellectual Capital….. 1612 intellectual activities that will certainly achieve optimal value. Intellectual capital will be successful if the organization has good and superior procedures. Structural infrastructure capital can be a business support that helps increase employee productivity and helps create positive added value for the company (Niswah, 2014).
Hypothesis Development
Effect of VAHU on Return on Assets
VAHU is an added value or value added that is obtained from costs and funds charged for system support and is able to encourage existing workforce resources to obtain maximum work value to achieve superior performance. Adequate workforce or those who have certain advantages can produce added value for the company. According to research results by (Wardoyo et al., 2022), (Nurhasanah et al., 2017), (Ariyana et al., 2023), (Ishfahani et al., 2022), (Andika & Astini, 2021), (Tahir et al., 2019) states that there is a positive influence from VAHU on financial performance as measured by Return on Assets (ROA). From the statement above, the first hypothesis is that Value added Human Capital is thought to have a significant positive effect on Return on Assets.
The Effect of STVA on Return on Assets
STVA is an added value created to calculate the strength and expertise of an entity in carrying out business processes and infrastructure, and which can help the workforce to form intellectually efficiently. Structural is a form of arranging performance and of course supporting business operations within the company. Research from (Nurhasanah et al., 2017) and (Andika & Astini, 2021) revealed that there is a positive influence of STVA on financial performance as measured by Return On Assets. However, Wardoyo's results were different, which revealed that there was no influence on ROA. From the statement above, the second hypothesis is that Value added Structural Capital is thought to have a significant positive effect on Return on Assets (Wardoyo et al., 2022).
The Effect of VACA on Return on Assets
VACA is one of the added values that companies obtain from their relationships with other business collaborations and stakeholders such as loyal customers, good suppliers, and investors who can provide funds for the business. From this, of course, a company with good
The Influence of Intellectual Capital….. 1613 conditions will have reliable relationships and be able to support the company's operational performance. Research result (Nurhasanah et al., 2017) and (Ishfahani et al., 2022) states that VACA can help with Return on Assets (ROA). From the explanation above, the third hypothesis is that Value added capital employees have a significant positive effect on Return on Assets.
RESEARCH METHOD
In this research, analyzing the data uses descriptive statistical analysis, assumption testing and multiple regression analysis using secondary data from the company's financial reports. State-owned companies in the banking sector listed on the Indonesia Stock Exchange from 2015 to 2022 are the population of this research. This research uses intellectual capital which consists of three elements, namely VACA, VAHU, and STVA. Return on Assets is the dependent variable in this research. Purpose sampling is a sampling technique used to collect sample data with certain criteria. Analysis data testing was carried out using the SPSS program. Four companies constitute the total population so the total sample is 32 companies for eight years, namely from 2015 to 2022.
Return On Assets
One way to calculate the strength of an entity to gain profits from all the assets it owns is to look at Return on Assets. Riyanto and Wijayani profitability ratio (ROA) is a benchmark and measure of how capable a company is of successfully earning net profits with its assets.
Return on Assets (ROA) is the ratio used in this research, namely with the following calculation formula:
ROA =𝑁𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡 𝑎𝑓𝑡𝑒𝑟 𝑡𝑎𝑥 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑒𝑡
Intellectual Capital (VACA, VAHU, and STVA)
The value of intellectual capital can be divided into three components, namely working capital (VACA), human capital (VAHU), and structural capital (STVA) (Ulum, 2017):
The Influence of Intellectual Capital….. 1614 a. Value Added
VA is the most important criterion or indicator for assessing business success and shows the company's expertise and strength in forming and obtaining added value.
VA = Output –Input
b. Value Added Capital Employed (VACA)
VACA is a criterion or indicator for finding information regarding Value Added which can produce added value from human capital. This shows how each unit of capital used results in an increase or decrease in the company's added value.
VACA = VA/CE
c. Value Added Human Capital (VAHU)
VAHU is an indicator to obtain information regarding how Value Added can be formed from the costs paid for labor. This ratio shows the support obtained from the rupiah units charged in Human Capital costs when increasing or decreasing the company's VA.
VAHU = VA/HC
d. Structural Capital Value Added (STVA)
STVA is a criterion or indicator for obtaining information on how structural capital can be formed from the results of added value. This ratio shows the support obtained from structural capital in the successful progress of a company's added value.
STVA = VA/SC RESULTS AND DISCUSSION
Descriptive Statistics
Table 1
Descriptive Statistics
Component Min Max Average Std. Dev
VAHU 1,073 2,824 2,185 0.418
STVA 1,548 14,685 2,344 2,302
The Influence of Intellectual Capital….. 1615
VACA 0.112 0.303 0.210 0.040
The table above presents the results of processed data consisting of VAHU, STVA and VACA. VAHU has an average value of 2.185, with the lowest value being 1.073 at PT Bank Tabungan Negara in 2019, while the highest value is 2.824 at PT Bank Mandiri in 2022.
STVA has an average value of 2.344, with the lowest value being 1.548 at the company PT Bank Mandiri in 2022, while the highest value was 14.685 at the company PT Bank Tabungan Negara in 2019. The VACA had an average value of 0.210, with the lowest value being 0.112 at the company PT Bank Negara Indonesia in 2020, while the highest value was 0.303 at the company PT Bank Rakyat Indonesia in 2015.
Normality Test
Table 2 Normality Test
Normality Test Sig
Kolmogorov Smirnov 0.200
This research relies on the Kolmogorov Smirnov test with significance criteria that must be above 0.05 for the data to be considered normal. The significance result of the normality test in this study was 0.200, which means the data is said to be normally distributed.
Heteroscedasticity Test
Table 3
Heteroscedasticity Test
Variable Sig
VAHU 0.078 > 0.05 STVA 0.230 > 0.05 VACE 0.139 > 0.05
The heteroscedasticity test in this study uses the Glesjer test, which is said to be free from symptoms if it has a significance above 0.05. In the results of this research model, the
The Influence of Intellectual Capital….. 1616 variables VAHU, STVA and VACE have a significance value above 0.05 so that the data is said to be free from symptoms of heteroscedasticity.
Autocorrelation Test
Table 4
Autocorrelation Test Autocorrelation Test Durbin Watson Test 2,091
The autocorrelation test in this research uses Watson's Durbin. It is said to be free from autocorrelation symptoms if the dw value is greater than Du or smaller than 4-Du. The autocorrelation test results in this study have a value of 2.091 which is greater than Du and smaller than 4-Du.
Multicollinearity Test
Table 5
Multicollinearity Test
Variable Tolerance VIF
VAHU 0.570 1,754
STVA 0.560 1,786
VACE 0.771 1,297
The VIF test is the test used in this research, namely the criteria for the VIF value must be less than 10. The results of the research model consisting of VAHU, STVA and VACE have a VIF value below 10, so this model is said to be free from symptoms of multicollinearity.
Hypothesis Testing
Coefficient of Determination
Table 6
Coefficient of Determination
Model R Square Adjusted R Square
1 0.716 0.686
The Influence of Intellectual Capital….. 1617 The adjusted R square value in the table above is 68.6%, which means the return on asset variable is influenced by the dependent variable by 68.6%.
F Test
Table 7 F Test
Model F Count Sig
1 23,586 0,000
If the sig F value is below 0.05, it can be stated that the independent variables have a joint influence on the dependent variable. The table above has a significance result of 0.000 which means below 0.05. So, from this, the independent variable can simultaneously influence Return on Assets.
T Test
Table 8 T Test
Model B coefficient Std. Error Q Sig
Constant -0.025 0.007 -3,519 0.002
VAHU 0.014 0.002 5,572 0,000
STVA 0,000 0,000 0.604 0.551
VACE 0.054 0.022 2,449 0.021
Dependent variable: Return on Assets Influence of VAHU on Return on Assets
Significance with criteria below the 0.05 limit shows that there is a significant influence. In the table above, the VAHU variable has a positive coefficient direction and its significance is 0.000 or lower than the limit. This gives the result that VAHU has a significant positive effect on return on assets. From these results, the first hypothesis (H1) is accepted.
VAHU is an added value obtained from costs specifically to fund a workforce. Human capital is an important element in contributing to company resource management. A workforce that is supportive and capable of having knowledge can certainly have a positive effect on the company's financial performance. From this, the added value created from costs charged to help workers can certainly improve financial performance as reflected through return on
The Influence of Intellectual Capital….. 1618 assets. This means that the higher the VAHU value, the higher the ROA can be. This research is the same as research (Wardoyo et al., 2022), (Nurhasanah et al., 2017), (Ariyana et al., 2023), (Ishfahani et al., 2022), (Andika & Astini, 2021), (Tahir et al., 2019).
The Effect of STVA on Return on Assets
In the table above it is explained that STVA has a positive coefficient direction and its significance is 0.551 or is greater than the limit. This result means that the STVA variable has a positive and insignificant effect on Return on Assets. From these results, the second hypothesis (H2) is rejected. Structural Capital Value Added (STVA) is a description of the company's expertise in managing structural capital and shows how big the contribution and influence of structural capital is in forming added value. Every time there is an increase in STVA it does not increase the company's ROA. This shows that companies in improving their financial performance do not take advantage of the advantages of structural support that supports the company's operational performance. The results of this research are the same as those of (Wardoyo et al., 2022), (Ishfahani et al., 2022), (Vo, 2020).
The Effect of VACA on Return on Assets
In the table above it is explained that VACE has a positive coefficient direction and its significance is 0.021 or lower than the specified limit. From this explanation, VACE has a positive and significant effect on Return on Assets. From these results, the third hypothesis (H3) is accepted. VACA is one of the added values obtained by the company from a relationship formed with the company's business partners/stakeholders, such as customers who make repeat orders/are loyal, suppliers who contribute well, and investors who can support the funds the company needs. Companies with capital that have relationships or relationships with other partners or even consumers can create optimal added value for the company. Relationships or connections illustrate that the company in question has a big role in business and is of concern to investors. So, from the statement above, every time there is an increase in Value added capital employed (VACE), the company's return on assets (ROA) will increase. This research is in line with (Nurhasanah et al., 2017) and (Ishfahani et al., 2022).
The Influence of Intellectual Capital….. 1619 CONCLUSION
The results of a study on the intellectual capital of state-owned companies in the banking sector listed on the Indonesia Stock Exchange in 2015–2022 stated that VACA, VAHU, and STVA simultaneously or simultaneously have an influence on Return on Assets (ROA). All independent variables VAHU, STVA, and VACE can contribute 68.6% of ROA, with VAHU partially having a significant positive influence on ROA, VACE having a significant positive influence on ROA but the STVA results provide positive results but are not significant on ROA. This research shows that human capital and working capital such as relationships can increase a company's ROA. Therefore, company management of human capital and working capital must be implemented optimally. In terms of workforce, the added value obtained from the costs allocated by the company to help the workforce can prove to be a good support for the company's financial performance. Then relationship capital or relationship capital can make a good contribution, so that it can form and support added value that can provide an increase in the financial performance sector in a company.
REFERENCES
Andika, S., & Astini, D. (2021). Pengaruh Intellectual Capital Terhadap Capital Gain. Jurnal Akuntansi, Keuangan, Pajak Dan Informasi (JAKPI), 1(2), 122–135.
https://doi.org/10.32509/jakpi.v1i2.2171
Ariyana, N., Effendy, L., & Hudaya, R. (2023). Pengaruh Modal Intelektual Terhadap Kinerja Perusahaan Pada Perusahaan Yang Tergabung Dalam Jakarta Islamic Index
Tahun …. Jurnal Riset Mahasiswa …, 86–105.
http://www.jurnal.fe.unram.ac.id/index.php/risma/article/view/641%0Ahttp://www.ju rnal.fe.unram.ac.id/index.php/risma/article/download/641/305
Faradina, I., & Gayatri. (2016). Pengaruh Intellectual Capital Dan Intellectual Capital Disclosure Terhadap Kinerja Keuangan Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 15(2), 1623–1653.
Febriany, N. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan. In Search, 18(1), 69–82. https://doi.org/10.37278/insearch.v18i1.138
Firdaus, M. F., Dillak, V. J., & Khairunnisa. (2014). Pengaruh Profitabilitas The Influence Of Profitability, Leverage, And Company Size On Firm Value (Empirical Study on Agricultural Sector Companies Listed on the Indonesia Stock Exchange for the 2014- 2017 Period). 6(3), 5793–5799.
Ishfahani, A. A., Marwansyah, & Burhany, D. I. (2022). Pengaruh Intellectual Capital terhadap Kinerja Keuangan Bank Umum Syariah. Journal of Applied Islamic Economics and Finance, 3(1), 74–87. https://doi.org/10.35313/jaief.v3i1.3779
The Influence of Intellectual Capital….. 1620 Kartika, M., & Hatane, S. E. (2013). Pengaruh Intellectual Capital Pada Profitabilitas
Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Pada Tahun 2007-2011.
Business Accounting Review, 1(2), 14–25.
Niswah, B. (2014). Analisis Pengaruh Modal Intelektual Terhadap Kinerja Keuangan Perusahaan Manufaktur Di Indonesia. Jurnal Dinamika Akuntansi, 5(2), 172–182.
https://doi.org/10.15294/jda.v5i2.2997
Nurhasanah, A., Suzan, L., & Muslih, M. (2017). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan (Studi Pada Sub Sektor Perdagangan Besar yang Listing di Bursa Efek Indonesia Periode 2012 (Study Of Large Trading Sub-Sectors Listed On The Indonesian Stock Exchanges During The Period. E-Proceeding of Management, 4(3), 2811–2820.
Ramli, D., & Yusnaini, Y. (2022). Pengaruh Sales Growth, Debt To Equity Ratio, Total Assets Turnover Terhadap Return On Assets Pada Perusahaan Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia 2018-2020. Owner, 6(1), 722–734.
https://doi.org/10.33395/owner.v6i1.647
Sudanna, I. M. (2011). Manajemen Keuangan Perusahaan. Erlangga.
Tahir, M., Quaid, S., Shah, A., Khan, M. M., & Afridi, M. A. (2019). Intellectual Capital and Financial Performance of Banks in Pakistan Keywords : Intellectual capital ; Value added intellectual coefficient (VAIC); financial performance ; Pakistan banking sector Introduction. The Dialogue, XIII, 105–117.
Ulum, I. (2017). Intellectual Capital: Modal Pengukuran, Framework Pengungkapan dan Kinerja Organisasi. UMMPress.
Vo. (2020). Munich Personal RePEc Archive Should Bankers Be Concerned with Intellectual Capital? A Study of the Thai Banking Sector. Journal of Intellectual Capital, 19(103275), 897–914.
Wardoyo, D. U., Rini, A. C., & Dini, A. A. (2022). Pengaruh Intellectual Capital Terhadap Return on Assets. Jurnal Akuntansi Dan Keuangan, 27(1), 1–10.
https://doi.org/10.23960/jak.v27i1.350
Wernerfelt, B. (2001). Journal of Management_2001_Barney, Wright, Ketchen_The resource-based view of the firm Ten years after 1991.pdf. Journal of Management, 27(2), 625–641.
Wijayani, D. R. (2017). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan Publik Di Indonesia (Studi Empiris Pada Perusahaan Manufaktur di BEI 2012-2014). Jurnal Riset Akuntansi Dan Bisnis Airlangga, 2(1), 97–116.
https://doi.org/10.31093/jraba.v2i1.23
Yusrizal, Y., & Bi Rahmani, N. A. (2023). The Role of Sharia and Conventional Banking in Public Welfare in North Sumatra. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 7(1), 246-269. https://doi.org/10.31538/iijse.v7i1.4439
