智力资本与企业财务绩效中英文对照外文翻译文献

文献信息：

文献标题：

An Empirical Research on the Relationship between

Intellectual

Capital

and

Corporate

Financial

Performance

on

Indonesian Listed Compani es

（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：

《

In ternational 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.