Intellectual Capital Measurement: Extended-Vaic Vs Vaic Which One Is Better?

Noel Singgih Haryo Pradono, Eka Bertuah

Abstract


This study aims to make comparison between two measurement model for Intellectual Capital and explore its impact on financial and stock performance. As many as 19 non-financial companies with 183 observations for the period of 2010-2020 (unbalanced panel) was used for regression model. Fixed Effect Model with robust is the most suitable model for panel data regression in this research. According to the results both models are fit to predict internal financial performance with ROA and ROE as proxy but not fit to predict stock valuation in the market with MBV as proxy. VAIC model is better for IC measurement than E-VAIC model. Human Capital is the most significant component both for VAIC and E-VAIC model. The result also indicated that Relationship capital efficiency has pure moderating role.

Penelitian ini bertujuan membandingkan dua model pengukuran Intellectual Capital dan pengaruhnya terhadap kinerja keuangan dan saham. Sampel terdiri dari perusahaan non finansial yang terdaftar di BEI selama 2010-2020. Sebanyak 19 perusahaan dengan 183 observasi (unbalanced panel) digunakan dalam model regresi. Dari hasil pengujian model, ditemukan bahwa model yang paling tepat adalah model Fixed Effect Model dengan Robust. Dari hasil regresi ditemukan bahwa dua model yang dibandingkan dapat digunakan untuk memprediksi kinerja keuangan internal namun tidak cocok untuk memprediksi nilai saham yang ditangkap oleh pasar yang diproksikan oleh MBV. Model VAIC memiliki kemampuan yang lebih baik dalam mengukur IC daripada Model E-VAIC. Komponen Human Capital menjadi variabel yang berpengaruh paling signifikan baik pada model VAIC maupun E-VAIC. Relationship capital efficiency ditemukan menjadi variabel moderasi murni pada model E-VAIC.

Keywords


Intellectual Capital; Financial Performance; Value Added Intellectual Capital

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