Reconstruction of Financial Performance to Manage Gap between Value Added Intellectual Coefficient (VAICTM) and Value of Company in Banking Company Listed in Indonesia Stock Exchange

Yana Ermawati, Muhamad Yamin Noch, Zakaria, Arfan Ikhsan and Muammar Khaddafi
Additional contact information
Yana Ermawati: Alumnus of Yapis Papua University, Indonesia
Muhamad Yamin Noch: Yapis Papua University, Indonesia,
Zakaria: Yapis Papua University, Indonesia,
Arfan Ikhsan: Medan State University, Indonesia,
Muammar Khaddafi: Universitas Malikussaleh, Indonesia.

International Journal of Economics and Financial Issues, 2017, vol. 7, issue 4, 537-549

Abstract: This study aims to analyze the effect of value added intellectual coefficient (VAIC ) on value of company (market to book value [MtBV]) and financial performance (return on asset [ROA]) as mediating variable. This study used VAIC to measure the efficiency of three components i.e. value added capital employed, value added human capital, and structural capital value added (STVA). This study is a quantitative research using 20 banking companies listed in Indonesia Stock Exchange (BEI) as samples. Data were analyzed using path analysis with Analysis Moment of Structure program version 22. The results of this study indicate that the VAIC has positive and significant effect on financial performance (ROA), but it has immediate positive and non-significant effect on company value (MtBV). Furthermore, it can be proven that VAIC has indirect positive and significant effect on MtBV with ROA as a mediating variable.

Keywords: Value Added Intellectual Coefficient; Financial Performance (Return on Asset); Company Value (Market to Book Value); Analysis Moment of Structure (search for similar items in EconPapers)
JEL-codes: G1 G3 M42 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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