Peranan Employee Stock Ownership Program Memoderasi Hubungan Intellectual Capital Terhadap Kinerja Perusahaan
DOI:
10.33395/owner.v6i3.926Abstract
Company performance is the company's ability to use all funds for operational activities. One of the factors that increase or decrease the company's performance is caused by intellectual capital. Intellectual capital is an asset owned by the company in order to provide a competitive advantage. This study aims to examine and analyze the employee stock ownership program in the relationship between intellectual capital and company performance. This research method uses quantitative descriptive using purposive sampling technique and obtained a sample of 38 with the number of observations of 43 banking companies listed on the IDX in 2017-2019. The data was analyzed using the Partial Least Square approach with the WarpPLS 7.0 test tool. The results show that capital employed has a negative and significant effect on company performance. Human capital and structural capital have a significant positive effect on company performance. Relational capital is stated to have a positive but not significant effect on the company's performance. The implementation of the employee stock ownership program as a moderating variable is used to support employee morale, not being able to influence all components of intellectual capital, but only being able to moderate human capital. The results of this study indicate that human resources are the main component in the development of the banking business, especially the provision of employee stock ownership programs that can improve company performance.
Downloads
Plum-X Analityc
References
Aprilyani, R. V. D., Susbiyani, A., & Aspirandi, R. M. (2020). Pengaruh Capital Employed, Human Capital, Structural Capital Terhadap Kinerja Keuangan Pada Perusahaan Perbankan Yang Terdaftar di BEI Tahun 2017-2020. Jurnal Akuntansi Profesi, 11(2), 330–338. https://doi.org/http://dx.doi.org/10.23887/jap.v11i2.30693
Asyik, N. F. (2017). The Adoption and Maintenance of Executive Stock Option Plan (ESOP)?: Company Characteristics Evaluation in Indonesia. Over The Rim, 191–199. https://doi.org/10.2307/j.ctt46nrzt.12
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management.
Chowdhury, L. A. M., Rana, T., & Azim, M. I. (2019). Intellectual capital efficiency and organisational performance: In the context of the pharmaceutical industry in bangladesh. Journal of Intellectual Capital, 20(6), 784–806. https://doi.org/10.1108/JIC-10-2018-0171
Daat, S. C. (2019). Pengaruh Pengungkapan Relational Capital Pada Kinerja Keuangan Perusahaan (Studi Empiris Pada Perusahaan High-IC Intensive Industries Yang Terdaftar di Bursa Efek Indonesia). Nominal: Barometer Riset Akuntansi Dan Manajemen, 8(2), 255–273. https://doi.org/10.21831/nominal.v8i2.26702
Fahmi, M., & Rahayu, D. (2017). Pengaruh Good Corporate Governance (GCG) dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Manufaktur Yang Terdaftar di BEI. Jurnal Bina Akuntansi, 26(1), 1–14. https://doi.org/10.31227/osf.io/cw78k
Ge, F., & Xu, J. (2021). Does Intellectual Capital Investment Enhance Firm Performance? Evidence From Pharmaceutical Sector In China. Technology Analysis and Strategic Management, 33(9), 1006–1021. https://doi.org/10.1080/09537325.2020.1862414
Gupta, K., Goel, S., & Bhatia, P. (2020). Intellectual Capital And Profitability: Evidence From Indian Pharmaceutical Sector. Vision, 24(2), 204–216. https://doi.org/10.1177/0972262920914108
Harefa, A. A., & Kennedy, P. S. J. (2018). Financial Technology, Regulation and Banking Adaptation in Indonesia. Fundamental Management Journal, 3(1), 1–11.
Laudya, R., & Handoko, J. (2019). The Effect of Employee Stock Option Plan on Market Performance With Firm Performance As Intervening Variable. Jurnal Akademi Akuntansi, 2(2), 13. https://doi.org/10.22219/jaa.v2i2.8976
Manurung, E. T. (2018). Meningkatkan Komitmen Karyawan Melalui Employee Stock Ownership Program Untuk Meningkatkan Kesejahteraan Karyawan. Jurnal Riset Akuntansi Kontemporer, 10(2), 49–57. https://doi.org/10.23969/jrak.v10i2.1240
Masri, I., Frisca, D. P., Satria, I., & Bantasyam, S. (2018). The Role of Intellectual Capital to Economic Value Added (Empirical Study on Manufacturing Companies of Consumption Goods Sector). Jurnal ASET (Akuntansi Riset), 10(1), 95–104. https://doi.org/10.17509/jaset.v10i1.12741
Mohammad, H. S., & Bujang, I. (2019). Performance of Malaysian Financial Firms: An Intellectual Capital Perspective Using MVAIC model. Asian Economic and Financial Review, 9(7), 752–765. https://doi.org/10.18488/journal.aefr.2019.97.752.765
Molodchik, M. A., Jardon, C. M., & Bykova, A. A. (2019). The Performance Effect of Intellectual Capital in The Russian Context: Industry vs Company Level. Journal of Intellectual Capital, 20(3), 335–354. https://doi.org/10.1108/JIC-10-2018-0190
Murugesan, S., Vadivel, T., Chinnadurai, K., & Dhamotharan, D. (2017). Intellectual Capital: Its Effect on Financial Performance of Indian Private Sector Banks. International Journal of Advanced Scientific Research and Management, 3(2), 100–106.
Nasrullah, A., & Pohan, E. S. (2020). Intellectual Capital dan Spiritual Capital Terhadap Business Performance Pada Perusahaan Manufaktur di Banten. Jurnal Riset Akuntansi Tirtayasa, 5(1), 14–31. https://doi.org/10.48181/jratirtayasa.v5i1.7973
Nurhayati, Arifin, B., & Mulyasari, W. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Di Industri Perbankan Dengan Compotitive Advantage Sebagai Variabel Intervening. Tirtayasa EKONOMIKA, 14(1), 1–24. https://doi.org/http://dx.doi.org/10.35448/jte.v14i1.5424
Nurlela, E., Nurhasanah, E., & Zahra, F. F. (2021). Pengaruh Employee Stock Ownership Program (Esop) dan Fixed Asset Intensity (Fai) Terhadap Kinerja Perusahaan. Finansha- Journal of Sharia Financial Management, 2(1), 11–25. https://doi.org/10.15575/fjsfm.v2i1.12541
Ousama, A. A., Hammami, H., & Abdulkarim, M. (2020). The Association Between Intellectual Capital And Financial Performance In The Islamic Banking Industry: An Analysis of The GCC banks. International Journal of Islamic and Middle Eastern Finance and Management, 13(1), 75–93. https://doi.org/10.1108/IMEFM-05-2016-0073
Pebriani, R. A., & Sari, R. (2021). Faktor - Faktor Yang Memengaruhi Profitabilitas Pada Perusahaan Subsektor Investment Company di BEI Periode 2015 – 2019. Jurnal Ilmiah Ekonomi Global Masa Kini Volume, 12(01). https://doi.org/http://dx.doi.org/10.36982/jiegmk.v12i1.1288
Praditya, I. I. (2014). Tuntut Kenaikan Gaji, Karyawan Gugat BCA. https://www.liputan6.com/bisnis/read/2027188/tuntut-kenaikan-gaji-karyawan-gugat-bca
Pramathana, B., & Widarjo, W. (2020). The Effect of Intellectual Capital Performance on Company’s Financial Performance. Jurnal Reviu Akuntansi Dan Keuangan, 10(3), 497–508. https://doi.org/10.22219/jrak.v10i3.13273
Pulic, A. (1998). Measuring The Performance of Intellectual Capital Potential In Knowledge Economy. Mc Master University.
Rahmadhani, O., & Panggabean, R. (2018). Pengaruh Intellectual Capital dan Good Corporate Governance Terhadap Kinerja Keuangan. Encyclopedia of Knowledge Management, 1(1), 452–461.
Sukatmadiredja, N. R. (2021). Pengaruh Sistem Pengenda. Media Mahardhika, 19(3), 421–433. https://doi.org/10.29062/mahardika.v19i3.268
Sukmawijaya, A. (2018). Kepemilikan Saham Untuk Karyawan Bisa Tingkatkan Kinerja Perusahaan. https://kumparan.com/kumparanbisnis/kepemilikan-saham-untuk-karyawan-bisa-tingkatkan-kinerja-perusahaan/full
Ulum, I., Ghozali, I., & Purwanto, A. (2014). Intellectual Capital Performance of Indonesian Banking Sector: A Modified VAIC (M-VAIC) Perspective. Asian Journal of Finance & Accounting, 6(2), 103. https://doi.org/10.5296/ajfa.v6i2.5246
Virliana, E., Mulya, Y., & Chaidir. (2018). Analisis Penerapan Employee Stock Ownership Program Terhadap Kinerja Keuangan dan Nilai Perusahaan yang Terdaftar di Bursa Efek Indonesia. Journal of Business Ethics, 14(3), 37–45.
Weqar, F., Khan, A. M., & Haque, S. M. I. (2020). Exploring the effect of intellectual capital on financial performance: a study of Indian banks. Measuring Business Excellence, 24(4), 511–529. https://doi.org/10.1108/MBE-12-2019-0118
Weqar, F., Sofi, Z. A., & Haque, S. M. I. (2020). Nexus Between Intellectual Capital and Business Performance: Evidence From India. Asian Journal of Accounting Research, 6(2), 180–195. https://doi.org/10.1108/AJAR-07-2020-0064
Wiefek, N., Rosen, C., & Garbinsky, T. (2019). Promoting Employee Ownership: A Look at Tthe States. Journal of Participation and Employee Ownership, 2(3), 183–189. https://doi.org/10.1108/jpeo-09-2019-0024
Xiao, H., Shi, Y., & Varma, A. (2019). The Effects of Employee Stock OwnershipPlans on Career Development in A New Era: Evidence From China’s Manufacturing Transformation. Career Development International, 24(5), 453–474. https://doi.org/10.1108/CDI-05-2018-0126
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Putri Estiningtyas, Yefta Andi Kus Noegroho
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.