文献信息：
文献标题：An Empirical Research on the Relationship between Intellectual Capital and Corporate Financial Performance on Indonesian Listed Companies（印尼上市公司智力资本与企业财务绩效之间的关系的实证研究）
国外作者：Dominique Razafindrambinina，Talita Anggreni
文献出处：《International Conference on accounting and business》, 2008,1263(32):590-594
字数统计：英文2555单词，14475字符；中文4389汉字
外文文献：
An Empirical Research on the Relationship between Intellectual Capital and Corporate Financial Performance on
Indonesian Listed Companies
Abstract
The main focus of the research is to investigate the relationship between Intellectual Capital and Corporate Financial Performance of Indonesian listed companies. Intellectual Capital (IC) has gained in importance and has been increasingly viewed as a significant contributor to the process of value-creation in corporations (Sullivan, 2000). Unlike financial and physical assets, intangible assets are difficult to emulate, which makes them a powerful source of competitive advantage.
The study uses data from consumer goods firms listed on the Jakarta Stock Exchange. Pulic’s Value Added Intellectual Coefficient (VAIC) model is utilized as
the efficiency measure of capital employed, human capital and structural capital. The regression models explore the relationship between intellectual capital and its contribution to the financial performance of firms in both current and future years.
The research reveals that Intellectual Capital does contribute to the financial performance, with the exception of revenue growth, of consumer goods firms in Indonesia. Furthermore, findings suggest that future performance is also affected by the level of intellectual capital. Finally, evidence is presented that physical/financial capital and structural capital are the most significant underlying drivers of corporate performance. Although insignificant, human capital has a positive and consistent role in revenue growth.
In creating corporate value, Indonesian investors put less weight on intellectual capital potential. Improvement in understanding the importance of intellectual capital in the region, especially in Indonesia, could bring in more advantages for its economy and reinforce the competitiveness of the region as a whole in terms of attracting more investments.
Key words：Intellectual Capital, Financial Performance, Consumer Goods, Jakarta Stock Exchange, Indonesia
Introduction
Over the last decade, Intellectual Capital (IC) has gained in importance. IC has been increasingly viewed as a significant contributor to the process of value-creation in corporations (Sullivan, 2000), and also to their performance.
In the new “knowledge-based” economy that started to develop in the 1990s (Williams, 2000), intellectual capital, rather than physical capital, has become the key factor of a firm’s potential future performance and success. Unlike financial and physical assets, intangible assets are hard to emulate by competitors, which makes them a powerful source of competitive advantage.
Intellectual capital is generally considered to be a vital strategic asset (Mouritsen, 1988). This qualification of intellectual capital as a strategic asset rests on a potential link between intellectual capital and firm performance. Empirical research findings
vary among countries due to differences in economic, political, legal, social, and cultural factors. (Firer and Williams 2003), (Belkaoui, 2003), (Chen et al. 2005; Shiu, 2006), (Zhang et al. 2006), (Tan et al. 2007).
Research on intellectual capital and how it affects the profitability of Indonesian companies is significant because not only do these companies compete amongst themselves, but with foreign companies as well. Clearly, Indonesian organizations must have a strategy to compete and survive in such a dynamic international environment. One way for these Indonesian organizations to gain competitive advantage is to manage their intellectual capital.
This paper aims to study whether the intellectual capital of Indonesian corporations relates to their financial performance. The sample used comprises 36 consumer goods companies listed on the Jakarta Stock Exchange between 2003 and 2006. The Value Added Intellectual Coefficient (VAIC?) developed by Pulic (1998) is employed as an extent measure of intellectual capital. The corporate performance of the companies will be measured by four ratios: Return on Assets (ROA), Asset Turnover (ATO), Revenue Growth (RG), and Operating Cash Flow ratio (OCF).
The contribution of this research relates to numerous groups. The study contributes to the development of literature and studies on intellectual capital by focusing in Indonesia, a developing country. Previous studies on intellectual capital have mostly focused on businesses in developed countries. For the organizations, the results may increase their awareness of the importance and advantages of effective intellectual capital management within an organization. Also, accounting regulators of the Indonesian business environment can make use of findings to determine possible necessary changes to present policies that will support developing the groundwork of the nation’s intellectual capital. Findings can help investors to gain a better understanding of the changes taking place in Indonesian businesses and to know what to look for in a company. Academically, this study provides a basis for further research regarding intellectual capital by local as well as international academics. Therefore, more knowledge on intellectual capital may be obtained and distributed within the academic community.
智力资本与企业财务绩效外文翻译文献
