ANALYZING THE EFFECTS OF FOREIGN OWNERSHIP AND INTELLECTUAL CAPITAL ON THE PERFORMANCE OF NON-CYCLICAL CONSUMER COMPANIES: THE MEDIATING ROLE OF R&D
DOI:
https://doi.org/10.31000/dmj.v8i2.11224Abstrak
In the midst of increasingly fierce competition, companies in the consumer non-cyclical industry must develop effective strategies to maintain and improve company performance. Performance is an important thing that needs to be achieved by every company, because performance is a reflection of the company's ability to manage and allocate resources. This study aims to test Foreign Ownership and Intellectual Capital on Financial Performance and R&D Research methods used quantitative methods. The technical analysis used in this study is panel data regression. The tool used in this panel data regression is Eviews. The population in this study of Consumer Non-Cyclical sector companies on the Indonesia Stock Exchange for the 2019-2022 period is 124 companies. The sample of this study used the purposive sampling method of 15 companies. H1 rejected foreign ownership does not have a significant positive effect on company performance H2 accepted intellectual capital has a significant positive effect on company performance H3 accepted research & development is able to moderate strengthens the positive influence between foreign ownership on company performance H4 rejected research & development is unable to moderate strengthens the positive influence between intellectual capital relations on company performance, 1). Small, diversified foreign shareholdings can reduce the direct impact on a company's performance. 2). Employees who have a high level of expertise and skills can increase company productivity. 3). R&D accompanied by foreign ownership that contributes to it helps companies to better identify and manage risks. 4). R&D needs to be well focused to increase the positive effects of intellectual capital owned.
Referensi
Ali S, Murtaza G & Hedvicakova M. 2022. Intellectual Capital and Financial Performance: A Comparative Study. Organization Psychology a Section Of The Journal Frontiers in Psychology
Aneta Bobenic Hintosova & Zuzana Kubikova. 2016. The Effect of The Degree of Foreign Ownership on Firm’s Performance. Review of Economic Perspectives- Narodohospodarsky Obzor. Vol.16 (No.1) : 29-43
Baskoro. P. A, Suratno , Djaddang Syahril. 2020. Peran Intellectual Capital Terhadap Market to Book Value dan Return on Asset Dengan Research dan Development Sebagai Pemoderasi. Journal of Business and Banking. Vol.9 (No.2)
Brigham, E. F., & Houston, J. F. 2007. Essentials of Financial Management. Cengage Learning Asia Pte Ltd.
Busru S.A & Shanmugasundaram G. 2017. Effect of Innovation Investment on Profitability and Moderatiing Role of Corporate Governance : Empirical Study of Indian Listed Firms. Indian Journal of Corporate Governance. Vol.10 (No.2): 97-117
Cahyadi, et al. 2020. Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Badan Pelayanan Umum (BLU) UIN Syarif Hidayatullah Jakarta. Jurnal Akuntansi Dewantara. Vol. 4 (No.1): 2020
Esthi, et al .2021. Determinan Kepemilikan Asing, Kepemilikan Manajerial, Kebijakan Hutang, dan Kebijakan Dividen Terhadap Kinerja Keuangan. Jurnal Akuntansi dan Keuangan Universitas Jambi. Vol 6 (No.1) : 45-60
Eny Purwaningsih, Karimah Lestari. 2021. SISTEM INFORMASI, KEUANGAN, AUDITING DAN PERPAJAKAN Vol 6 (No. 1), Hal 108-124
Desi M, Nursyanty Ida A & Rusdi. 2023. Pengaruh Struktur Modal, Kebijakan Devide, Efisiensi Penggunaan Modal Kerja dan Modal Intellektual Terhadap Nilai Perusahaan IDX80 di Bursa Efek Indonesia Tahun 2017-2019. Jurnal Ilmiah Ekonimi dan Bisnis. Vol.1 (No.4) : 141-156
Damarsiwi. E.P. M., Mahrina, H. 2022. Pengaruh Corporate Social Reposibility Disclosure, Intellectual Capital Terhadap Return on Asset. Jurnal Ilmiah Ekonomi dan Bisnis. Vol 10 (No.2)
Galib Mukhtar & Hidayat Muhammad. 2018. Analisis Kinerja Perusahaan Dengan Menggunakan Pendekatan Balanced Scorecard Pada PT Bosowa Propertindo. Journal of Management & Business. Vol.2 (No.1): 92-112
Ghozali, Imam. 2006. Aplikasi Analisis Multivariate dengan Program SPSS (Edisi Ke 4). Semarang:Badan Penerbit Universitas Diponegoro.
Gustiana. M, Zupiyardi. 2022. Pengaruh Intellectual Capital, Pengungkapan Social Responsibility dan Struktur Modal Terhadap Kinerja Keuangan. Jurnal Akuntansi Keuangan dan Teknologi Informasi Akuntansi. Vol.3 (No.2). Hal 694-711
Hartati. D. R, et al. 2019. Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Kepemilikan Asing, dan Ukuran Perusahaan terhadap Kinerja Modal Intelektual (Studi Empiris pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2017). Wahana Riset Akuntansi. Vol.7 (No.10 anak ke2) (1.465-1.476)
Hery. 2016. Analisis Laporan Keuangan. Jakarta: Grasindo
Irene Wei Kiong Ting, Kweh Q L, Lean H H, Hwa Ng J. 2016. Ownership Structure and Firm Performace: The Role of R&D. Institutions and Economies. Vol.8 (No.4): 1-21
Kasmir. 2016. Analisis Laporan Keuangan. Jakarta : PT. RajaGrafindo Persada Jakarta: Rajawali Pers.
Krinando. 2017. Pengaruh Struktur Kepemilikan Institusional, Ukuran Perusahaan dan Dividen Terhadap Manajemen Laba Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Periode 2010-2014â€. Jurnal STEI Ekonomi Vol 26 (No. 01).
Kurniawan P A dan Mertha M I. 2016. Kinerja Keuangan Sebagai Pemediasi Pengaruh Intensitas Research and Development dan Aset Tidak Berwujud Pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana. Vol.14 (No.1) : 723-750
Jensen, Michael C. dan William H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, Vol.3 (4) : 305-360.
Jogiyanto.2007.Metode Penelitian Bisnis.Yogyakarta : BPPE
Martin Lindemanis, Arturs Loze & Anete Pajuste. 2019. The Effect of Domestic to Foreign Ownership Change on Firm Performance in Europe. International Review of Financial Analysis.
Nurhikmah F, Winarsih, Metta Kusumaningtyas. 2018. Pengaruh Dewan Pengawas Syariah Dan Intellectual Capital Terhadap Pengungkapan Corporate Social Responsibility Dengan Kinerja Keuangan Sebagai Variabel Mediasi. Journal of Islamic Banking and Finance. Vol.2 (No.2) : 174-188.
Prihadi, Toto. 2019. Analisis Laporan Keuangan. PT. Gramedia Pustaka Utama.
Pulic, A. 1998. Measuring The Performance of Intellectual Potential in Knowledge Economy. The 2nd McMaster World Congress on Measuring and Managing Intellectual Capital by The Austrian team for Intellectual Potential, Presented in 1998.
Stahle P, Stahle S & Aho Samuli. 2011. Value Added Intellectual Coefficient (VAIC): a Critical Analysis. Journal of Intellectual Capital. Vol.12 (No.4): 531-551
Sugiyono.2018.Metode Penelitian Kuantitatif Kualitatif dan R&D.Bandung: Alfabeta
Sari, R. 2020. Pengaruh Kepemilikan Asing dan Leverage Terhadap Kinerja Keuangan. Jurnal Akuntansi dan Bisnis. Vol 5 (No. 1): 64-70
Soebagyo, M.A.W & Iskandar. 2022. Pengaruh Kepemilikan Institusional, Kepemikan Manajerial, Profitabilitas dan Ukuran Perusahaan Terhadap Cost of Debt. Jurnal Ekonomi dan Manajemen. Vol.19 (No.2) : 345-355
Soewarno, N., & Tjahjadi, B. 2020. Measures that matter: an empirical investigation of intellectual capital and financial performance of banking firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085–1106. https://doi.org/10.1108/JIC- 09-2019-0225
Sudana, I. 2011. Manajemen Keuangan Perusahaan Teori dan Praktek. Jakarta: Erlangga.
Tidd, J & Bessant, J (2011). Managing Innovation : Integrating Technological, Market and Organzaional Change
Ulum, I. 2008. Intellectual capital performance sektor perbankan di Indonesia. Jurnal Akuntansi dan Keuangan, 10(2), 77-84.
Vicky Ching Gu, Ray Qing Cao & John Wang. 2019. Foreign Ownership and Performance: Mediating and Moderating Effects. Review of Intenational Business and Strategy. Vol. 29 (No. 2) : 86-102
Unduhan
Diterbitkan
Terbitan
Bagian
Lisensi
The author submits the manuscript with the understanding that if it is accepted for publication, the copyright of the article will be granted to the Dynamic Management Journal (DMJ), Management Study Program, Faculty of Economics and Business, University Of Muhammadiyah Tangerang, Indonesia as the publisher of the journal
Dynamic Management Journal (DMJ) first publication rights with works licensed simultaneously under a Creative Commons Attribution-ShareAlike 4.0 International License (CC BY-SA 4.0) which allows others to share (copy and redistribute material in the media or any format) and adapt (remix, modify, and build upon material) the work for any purpose, even commercially with acknowledgment of the work's authorship and initial publication in Dynamic Management Journal (DMJ). Authors may enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal published version of the work (for example, posting it to an institutional repository or publishing it in a book), with an acknowledgment of its initial publication in the Dynamic Management Journal (DMJ). Authors are permitted and encouraged to post their work online (for example, in an institutional repository or on their website) prior to and during the submission process, as this can lead to productive exchanges, as well as earlier and larger citations of published work (See The Effect of Open Access).
