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

1、An Empirical Research on the Relationship betweenIntellectual Capital and Corporate Financial Performance on Indonesian Listed Companies（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：Dominique Razafindrambinina，Talita Anggreni文献出处：International Conference on accounting and business,2008,1263（32）:590-594字数统计：英文 2

2、555 单词，14475 字符；中文 4389 汉字外文文献：An Empirical Research on the Relationship between Intellectual Capital and Corporate Financial Performance onIndonesian Listed CompaniesAbstractThe main focus of the research is to investigate the relationship between Intellectual Capital and Corporate Financial Perfor

3、mance of Indonesian listed companies. Intellectual Capital （IC） has gained in importance and has been increasingly viewed as a significant contributor to the process of value-creation in corporations （Sullivan, 2000）. Unlike financial and physical assets, intangible assets are difficult to emulate,

4、which makes them a powerful source of competitive advantage.The study uses data from consumer goods firms listed on the Jakarta Stock Exchange. Pulics Value Added Intellectual Coefficient （VAIC） model is utilized asthe efficiency measure of capital employed, human capital and structural capital. The

5、 regression models explore the relationship between intellectual capital and its contribution to the financial performance of firms in both current and future years.The research reveals that Intellectual Capital does contribute to the financial performance, with the exception of revenue growth, of c

6、onsumer goods firms in Indonesia. Furthermore, findings suggest that future performance is also affected by the level of intellectual capital. Finally, evidence is presented that physical/financial capital and structural capital are the most significant underlying drivers of corporate performance. A

7、lthough insignificant, human capital has a positive and consistent role in revenue growth.In creating corporate value, Indonesian investors put less weight on intellectual capital potential. Improvement in understanding the importance of intellectual capital in the region, especially in Indonesia, c

8、ould bring in more advantages for its economy and reinforce the competitiveness of the region as a whole in terms of attracting more investments.Key words：Intellectual Capital, Financial Performance, Consumer Goods,Jakarta Stock Exchange, IndonesiaIntroductionOver the last decade, Intellectual Capit

9、al （IC） has gained in importance. IC has been increasingly viewed as a significant contributor to the process of value-creation in corporations （Sullivan, 2000）, and also to their performance.In the new “knowledge-based” economy that started to develop in the 1990s （Williams, 2000）, intellectual cap

10、ital, rather than physical capital, has become the key factor of a firms potential future performance and success. Unlike financial and physical assets, intangible assets are hard to emulate by competitors, which makes them a powerful source of competitive advantage.Intellectual capital is generally

11、 considered to be a vital strategic asset （Mouritsen, 1988）. This qualification of intellectual capital as a strategic asset rests on a potential link between intellectual capital and firm performance. Empirical research findingsvary among countries due to differences in economic, political, legal,

12、social, and cultural factors. （Firer and Williams 2003）, （Belkaoui, 2003）, （Chen et al. 2005; Shiu, 2006）, （Zhang et al. 2006）, （Tan et al. 2007）.Research on intellectual capital and how it affects the profitability of Indonesian companies is significant because not only do these companies compete a

13、mongst themselves, but with foreign companies as well. Clearly, Indonesian organizations must have a strategy to compete and survive in such a dynamic international environment. One way for these Indonesian organizations to gain competitive advantage is to manage their intellectual capital.This pape

14、r aims to study whether the intellectual capital of Indonesian corporations relates to their financial performance. The sample used comprises 36 consumer goods companies listed on the Jakarta Stock Exchange between 2003 and 2006. The Value Added Intellectual Coefficient （VAIC） developed by Pulic （19

15、98） is employed as an extent measure of intellectual capital. The corporate performance of the companies will be measured by four ratios: Return on Assets （ROA）, Asset Turnover （ATO）, Revenue Growth （RG）, and Operating Cash Flow ratio （OCF）.The contribution of this research relates to numerous group

16、s. The study contributes to the development of literature and studies on intellectual capital by focusing in Indonesia, a developing country. Previous studies on intellectual capital have mostly focused on businesses in developed countries. For the organizations, the results may increase their awareness of the importance and advantages of effective intellectual capital management within an organi