Pengaruh Intellectual Capital Terhadap Kinerja Perusahaan Sektor Teknologi Yang Terdaftar di BEI
DOI:
https://doi.org/10.21067/jrma.v14i1.14319Keywords:
Intellectual Capital, Kinerja Perusahaan, Human Capital Efficiency, Sektor Teknologi, Bursa Efek IndonesiaAbstract
Penelitian ini bertujuan untuk menginvestigasi pengaruh intellectual capital yang dipetakan melalui tiga dimensi utama: human capital efficiency, structural capital efficiency, dan capital employed efficiency terhadap kinerja pasar perusahaan yang diproksikan dengan tobin’s q. Studi ini secara khusus memfokuskan observasi pada 34 perusahaan sektor teknologi yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2022–2024, dengan total 102 unit observasi. Dengan menggunakan teknik regresi data panel dan model random effect model, penelitian ini menyertakan ukuran perusahaan sebagai variabel kontrol. Temuan penelitian menegaskan bahwa secara simultan, komponen modal intelektual memiliki peran dalam mendukung pembentukan kinerja perusahaan sektor teknologi. Secara parsial, human capital efficiency terbukti memberikan pengaruh positif dan signifikan terhadap kinerja perusahaan, sehingga hipotesis kedua diterima. Hal ini mengonfirmasi bahwa kemampuan perusahaan dalam mengoptimalkan kualitas sumber daya manusia merupakan determinan utama dalam menciptakan nilai pasar. Namun, hasil studi menunjukkan bahwa structural capital efficiency dan capital employed efficiency tidak memiliki pengaruh signifikan terhadap performa pasar perusahaan dalam konteks industri teknologi di Indonesia. Implikasi dari temuan ini memberikan bukti empiris bagi manajemen perusahaan teknologi mengenai pentingnya investasi pada modal manusia sebagai pendorong utama valuasi pasar jangka panjang.
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