EFFECTS OF INTELLECTUAL CAPITAL PERFORMANCE ON COMPANY’S FINANCIAL PERFORMANCE: AN EMPIRICAL STUDY ON FINANCIAL SECTOR NON-BANKING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE

Pulic (1998) find an indirect measurement of intellectual capital and also the efficiency of intellectual capital by using Value Added Intellectual Coefficient - VAICtm. The main components of VAIC consist of Physical Capital (VACA – Value Added Capital Employed), Human Capital (VAHU – Value Added Human Capital) and Structural Capital (STVA – Structural Capital Value Added). Physical Capital is 3 all of non-current assets own by company, such as land, building and equipment. Human Capital is the source of innovation and company strategy from employee’s’ personal skill to make the company more efficient. Structural capital is an indicator that interprets the efficiency of structural capital (Firer and William, 2003). VAIC model has been applied in many banking sectors around the world and each of these applications is proving the applicability, affectivity and credibility of VAIC in measuring intellectual capital efficiency (Abdulsalam et al, 2010). Most of other research that measures the intellectual capital is focusing on banking sector. Banking sector is not the only sector which measure of intellectual capital but what about others financial institution such as, Insurance Company, Securities Company, Finance Company and Other Financial Company