智力资本与企业财务绩效中英文对照外文翻译文献Word文档格式.docx

智力资本与企业财务绩效中英文对照外文翻译文献Word文档格式.docx

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AnEmpiricalResearchontheRelationshipbetween

IntellectualCapitalandCorporateFinancialPerformanceonIndonesianListedCompanies（印尼上市公司智力资本与企业财务绩效之间的关系的实证研究）

国外作者：

DominiqueRazafindrambinina，TalitaAnggreni

文献出处：

《InternationalConferenceonaccountingandbusiness》,

2008,1263（32）:

590-594

字数统计：

英文2555单词，14475字符；

中文4389汉字

外文文献：

AnEmpiricalResearchontheRelationshipbetweenIntellectualCapitalandCorporateFinancialPerformanceon

IndonesianListedCompanies

Abstract

ThemainfocusoftheresearchistoinvestigatetherelationshipbetweenIntellectualCapitalandCorporateFinancialPerformanceofIndonesianlistedcompanies.IntellectualCapital（IC）hasgainedinimportanceandhasbeenincreasinglyviewedasasignificantcontributortotheprocessofvalue-creationincorporations（Sullivan,2000）.Unlikefinancialandphysicalassets,intangibleassetsaredifficulttoemulate,whichmakesthemapowerfulsourceofcompetitiveadvantage.

ThestudyusesdatafromconsumergoodsfirmslistedontheJakartaStockExchange.Pulic’sValueAddedIntellectualCoefficient（VAIC）modelisutilizedas

theefficiencymeasureofcapitalemployed,humancapitalandstructuralcapital.Theregressionmodelsexploretherelationshipbetweenintellectualcapitalanditscontributiontothefinancialperformanceoffirmsinbothcurrentandfutureyears.

TheresearchrevealsthatIntellectualCapitaldoescontributetothefinancialperformance,withtheexceptionofrevenuegrowth,ofconsumergoodsfirmsinIndonesia.Furthermore,findingssuggestthatfutureperformanceisalsoaffectedbythelevelofintellectualcapital.Finally,evidenceispresentedthatphysical/financialcapitalandstructuralcapitalarethemostsignificantunderlyingdriversofcorporateperformance.Althoughinsignificant,humancapitalhasapositiveandconsistentroleinrevenuegrowth.

Increatingcorporatevalue,Indonesianinvestorsputlessweightonintellectualcapitalpotential.Improvementinunderstandingtheimportanceofintellectualcapitalintheregion,especiallyinIndonesia,couldbringinmoreadvantagesforitseconomyandreinforcethecompetitivenessoftheregionasawholeintermsofattractingmoreinvestments.

Keywords：

IntellectualCapital,FinancialPerformance,ConsumerGoods,

JakartaStockExchange,Indonesia

Introduction

Overthelastdecade,IntellectualCapital（IC）hasgainedinimportance.IChasbeenincreasinglyviewedasasignificantcontributortotheprocessofvalue-creationincorporations（Sullivan,2000）,andalsototheirperformance.

Inthenew“knowledge-based”economythatstartedtodevelopinthe1990s（Williams,2000）,intellectualcapital,ratherthanphysicalcapital,hasbecomethekeyfactorofafirm’spotentialfutureperformanceandsuccess.Unlikefinancialandphysicalassets,intangibleassetsarehardtoemulatebycompetitors,whichmakesthemapowerfulsourceofcompetitiveadvantage.

Intellectualcapitalisgenerallyconsideredtobeavitalstrategicasset（Mouritsen,1988）.Thisqualificationofintellectualcapitalasastrategicassetrestsonapotentiallinkbetweenintellectualcapitalandfirmperformance.Empiricalresearchfindings

varyamongcountriesduetodifferencesineconomic,political,legal,social,andculturalfactors.（FirerandWilliams2003）,（Belkaoui,2003）,（Chenetal.2005;

Shiu,2006）,（Zhangetal.2006）,（Tanetal.2007）.

ResearchonintellectualcapitalandhowitaffectstheprofitabilityofIndonesiancompaniesissignificantbecausenotonlydothesecompaniescompeteamongstthemselves,butwithforeigncompaniesaswell.Clearly,Indonesianorganizationsmusthaveastrategytocompeteandsurviveinsuchadynamicinternationalenvironment.OnewayfortheseIndonesianorganizationstogaincompetitiveadvantageistomanagetheirintellectualcapital.

ThispaperaimstostudywhethertheintellectualcapitalofIndonesiancorporationsrelatestotheirfinancialperformance.Thesampleusedcomprises36consumergoodscompanieslistedontheJakartaStockExchangebetween2003and2006.TheValueAddedIntellectualCoefficient（VAIC™）developedbyPulic（1998）isemployedasanextentmeasureofintellectualcapital.Thecorporateperformanceofthecompanieswillbemeasuredbyfourratios:

ReturnonAssets（ROA）,AssetTurnover（ATO）,RevenueGrowth（RG）,andOperatingCashFlowratio（OCF）.

Thecontributionofthisresearchrelatestonumerousgroups.ThestudycontributestothedevelopmentofliteratureandstudiesonintellectualcapitalbyfocusinginIndonesia,adevelopingcountry.Previousstudiesonintellectualcapitalhavemostlyfocusedonbusinessesindevelopedcountries.Fortheorganizations,theresultsmayincreasetheirawarenessoftheimportanceandadvantagesofeffectiveintellectualcapitalmanagementwithinanorgani