Pengukuran Intellectual Capital dan Analisis Pengaruh Terhadap Kinerja Keuangan Menggunakan M-VAIC dan PLS pada Perusahaan Sektor Manufaktur

Pentingnya kontribusi pengetahuan pada era ekonomi baru dalam menciptakan nilai ekonomi dan competitive advantage mendorong perusahaan untuk mengelola intellectual capital (IC) perusahannya secara efisien, konsisten dan berkelanjutan. Pengelolaan yang dilakukan secara berkelanjutan akan meningkatkan IC sehingga dapat mencapai competitive advantage yang dapat berdampak positif terhadap kinerja keuangan perusahaan. Penelitian ini bertujuan untuk mengukur IC dan pengaruhnya terhadap kinerja keuangan 77 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode tahun 2015 hingga 2019. Intellectual capital perusahaan manufaktur diukur menggunakan modified value added intellectual coefficient (M-VAIC), sedangkan pengaruh IC terhadap kinerja keuangan dianalisis menggunakan partial least square (PLS). Kinerja keuangan perusahaan manufaktur direpresentasikan oleh ROA dan ATO. Hasil penelitian menunjukkan bahwa IC terbukti berpengaruh secara positif signifikan terhadap kinerja keuangan perusahaan. Sedangkan ukuran perusahaan terbukti tidak memoderasi hubungan antara IC dengan kinerja keuangan perusahaan selama periode penelitian tahun 2015 hingga 2019. ====================================================================================================== The importance of knowledge contribution in new economic era by creating economic value and competitive advantage drives company to manage their intellectual capital (IC) efficiently and sustainably. An efficient IC management will increase IC performance and help achieve competitive advantage which would positively affect the companies’ financial performance. The purpose of this study is to measure the performance of IC and its effect towards financial performance of seventy seven manufacturing companies listed on Indonesia Stock Exchange from 2015 to 2019. The IC performance of manufacturing company is measured using modification of value-added intellectual coefficient (M-VAIC) model while the effect of IC towards financial performance, which is represented by ROA and ATO, is analyzed using partial least square (PLS). The result of this study shows that intellectual capital proven to have a significant positive effect towards company's financial performance consistently during 2015 until 2019. Meanwhile, size of the firm proven not to moderate the relationship between intellectual capital and the company's financial performance during 2015 until 2019