Ihyaul Ulum

(FE Universitas Muhammadiyah Malang)

Imam Ghozali & Anis Chariri

(FE Universitas Diponegoro Semarang)


The purpose of this study is to investigate the association between the efficiency of value added (VAICTM) by the major components of a firm’s resource base (physical capital, human capital and structural capital) and three traditional dimensions of financial company’s performance: ROA, ATO, and GR. Data are drawn from 130 Indonesian banking sectors for three years (2004-2006). It is an empirical study using PLS for the data analysis. The findings show that: IC influences positively to financial company’s performance; IC influences positively to future financial company’s performance; and the rate of growth of a company’s IC (ROGIC) is not influences to the future financial company’s performance. Overall, the empirical findings suggest that human capital (VAHU) and profitability ROA remains the most significant indicator for VAICTM and financial company’s performance for three years. While physical capital (VACA) is significant only for 2006. The limitation of this research is: the data is drawn from all of Indonesian banking sectors, listed and unlisted, which have limited this research to choose the financial performance measure based on market value.

Key words: Intellectual Capital, VAICTM, company’s performance, Indonesian banking sector, partial least squares.


Since the 1990s, attention to practice management of intangible assets (intangible assest) has increased dramatically (Harrison and Sullivan, 2000). One approach used in the assessment and measurement of intangible assest is the intellectual capital (IC) which has been the focus of attention in various fields, good management, information technology, sociology, and accounting (Petty and Guthrie, 2000; Sullivan and Sullivan, 2000) .

In Indonesia, the IC starts growing phenomenon, especially after the emergence of SFAS No. 19 (revised 2000) on intangible assets. Although not stated explicitly as an IC, but IC has received much less attention. According to SFAS No. 19, intangible assets are non-monetary assets that can be identified and has no physical form and held for use in produce or deliver goods or services, leased to other parties, or for administrative purposes (IAI, 2002).

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(Simposium Nasional Akuntansi 11)

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