Board Structures dan Value-Added Intellectual Capital: Studi Kasus pada Industri Barang Konsumsi dan Perdagangan Indonesia

Saarce Elsye Hatane, Nadya Gomes I., Waisiyana Sastrawati


Dalam era knowledge-based economy, knowledge-based asset merupakan hal yang penting untuk diinvestigasi. Melalui corporate governance, board of director memiliki tanggung jawab untuk meningkatkan intellectual capital dan mencapai efisiensi maksimum atas penggunaan sumberdaya intellectual capital yang dimiliki, sehingga meningkatkan kinerja keuangan perusahaan. Board structures, sebagai indikator corporate governance, diukur menggunakan the composition of board independence, board size, dan board meeting. Komposisi pendanaan (leverage) dan besarnya assets perusahaan juga menjadi faktor yang mempengaruhi terbentuknya intellectual capital, yang diukur menggunakan Value-Added Intellectual Capital. Objek penelitian ini adalah perusahaan terbuka yang tergabung dalam industri manufaktur barang konsumsi, serta perdagangan. Dari total 112 pengamatan yang dilakukan dari tahun 2010 hingga 2015, dan pengolahan statistik menggunakan analisa regresi berganda, hasil penelitian ini menunjukkan bahwa board meeting dan total assets dapat meningkatkan nilai tambah intellectual capital perusahaan. Berlawanan dengan itu, semakin tingginya komposisi hutang dalam struktur pendanaan dapat menurunkan nilai tambah intellectual capital.


Board Size; Board Independence; Board Meeting; Corporate Governance; Value-Added Intellectual Capital.


Abdoli, M., Panahi, H., and Rahimiyan, F. (2013). The effect of corporate governance factors on the improvement of intellectual capital. Journal of Social Issues & Humanities, 1(7), 74-80.

Abeysekera, I. (2008). Intellectual capital disclosure trends: Singapore and Sri Lanka. Journal of Intellectual Capital, 9(4), 723-737.

Adams, R., Hermalin, B. and Weisbach, M. (2010). The role of boards of directors in corporate governance: a conceptual framework and survey. Journal of Economic Literature, 48(1), 58-107.

Al-Musali, M. A. K. and Ismail, K. N. I. K. (2015). Board diversity and intellectual capital performance. The moderating role of the effectiveness of board. Accounting Research Journal, 28(3), 268-283.

Altuner, D., Çelik, S. and Güle, T., C. (2015). The linkages among intellectual capital, corporate governance and corporate social responsibility. Corporate Governance: The International Journal of Business in Society, 15(4), 491-507.

Alves, S. M. G. (2011). The effect of the board structure on earnings management:

Evidence from Portugal. Journal of Financial Reporting & Accounting, 9(2), 141-160.

Ameer, R., Ramli, F. and Zakaria, H. (2010). A new perspective on board composition and firm performance in an emerging market. Corporate Governance: The international journal of business in society, 10(5), 647-661.

An, Y., Davey, H. and Eggleton, I.R.C. (2011). Towards a comprehensive theoretical framework for voluntary IC disclosure. Journal of Intellectual Capital, 12(4), 571-585.

Appuhami, A. and Bhuyan, M. (2015). Examining the influence of corporate governance on intellectual capital efficiency. Managerial Auditing Journal, 30(4/5), 347-372.

Aras, G. and Crowther, D. (2008). Governance and sustainability: an investigation into the relation-ship between corporate governance and corporate sustainability. Management Decision, 46(3), 433-448.

Arifin, J., Suhadak, Astuti, E. S. and Arifin, Z. (2014). The influence of corporate governance, intellectual capital on financial performance and firm value of bank sub-sector companies listed at Indonesia stock exchange in period 2008-2012. European Journal of Business and Management, 6(26), 159-167.

Aslam, S, Makki, M. A. M., Nawaz, H. M. and Latif, M. (2014). Mediating role of intellectual capital efficiency in capital structure and financial performance of quoted banks of Pakistan. Research Journal of Finance and Accounting, 5(17), 141-150.

Belkaoui, A. and Karpik, P. G., (1989). Determinants of the Corporate Decision to Disclose Social Information. Accounting, Auditing & Accountability Journal, 2(1).

Bonazzi, L. and Islam, S. M. N. (2007). Agency theory and corporate governance. Journal of Modelling in Management, 2(1), 7-23.

Brick, I. E., and Chidambaran, N.K. (2010). Board meetings, committee structure, and firm value. Journal of Corporate Finance, 16(4), 533–553.

Chalevas, C. and Tzovas, C. (2010). The effect of the mandatory adoption of corporate governance mechanisms on earnings manipulation, management effectiveness and firm financing. Managerial Finance, 36(3), 257-277.

Chang, W. S., and Hsieh, J. J. (2011). Intellectual capital and value creation-Is innovation capital a missing link?. International Journal of Business and Management, 6(2), 3-12.

Chen, G. Firth, M., Gao, D. N., & Rui, O. M. (2006). Ownership structure, corporate governance, and fraud: evidence from China. Journal of Corporate Finance, 12(3), 424-448.

Cho, C. C., and Wu, C. H. (2014). Role of auditor in agency conflict and corporate governance. Chinese Management Studies, 8(3), 333-353.

Davis, J. H., Schoorman, F. D. and Donaldson, L. (1997). Toward a stewardship theory of mana-gement. Academy of Management Review, 22(1), 20-47.

Dawar, V. (2014). Agency theory, capital structure and firm performance: some Indian evidence. Managerial Finance, 40(12), 1190-1206.

Dibia, N. O., & Onwuchekwa, J. C. (2014). An appraisal of corporate governance mechanisms and earnings management in Nigeria. International Journal of Finance and Accounting, 3(2), 49-59.

Dimitropoulos, P. (2014). Capital structure and corporate governance of soccer clubs. Mana-gement Research Review, 37(7), 658-678.

Donaldson, L., and Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance shareholder returns. Australian Journal of Management, 16(1), 49-64.

Dorata, N. T. and Petra, S. T. (2008). CEO duality and compensation in the market for corporate control. Managerial Finance, 34(5), 342-353.

Eisenberg, T., Sundgren, S., & Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of Financial Economics, 48, 35-54.

Eisenhardt, K. M. (1989). Agency theory: an assessment and review. Academy of Management Review, 14(1), 57-74.

Finkelstein, S., Ham brick, D. C., and Canella, A. A. (2009). Strategic leadership; theory and research on executives, top management teams and boards. Oxford: Oxford University Press.

Gonza´lez, J. S., & Meca, E. G. (2014). Does corporate governance influence earnings management in Latin American markets?. J Bus Ethics, 121, 419–440.

Guthrie, J., Petty, R., Yongvanich, K. and Ricceri, F. (2004). Using content analysis as a research method to inquire into intellectual capital reporting. Journal of Intellectual Capital, 5(2), 282-293.

Guthrie, J., Petty, R. and Ricceri, F. (2006). The voluntary reporting of intellectual capital: comparing evidence from Hong Kong and Australia. Journal of Intellectual Capital, 7(2), 254-271.

Haji, A. A. and Ghazali, N. A. M. (2013). A longitudinal examination of intellectual capital disclosures and corporate governance attributes in Malaysia. Asian Review of Accounting, 21(1), 27-52.

Hanka, G. (1998). Debt and the terms of employment. Journal of Financial Economics, 48(3), 245-282.

Hart, O. (1995). Corporate governance: some theory and implications. The Economic Journal, 105(430), 678-689.

Haspeslagh, P. (2010). Corporate governance and the current crisis. Corporate Governance: The international Journal of Business in Society, 10(4), 375-377.

Hennessey, R. (2015). When the CEO Goes Bad, the Whole Company Needs a Fresh Look., diakses 2 Oktober 2016.

Hidalgo, R. L., Gracía-Meca, E., and Martínez, I., (2011). Corporate governance and intellectual capital disclosure. Journal of Business Ethics, 100(3), 483-495.

Ho, C. A. and Williams, S. M. (2003). International comparative analysis of the association between board structure and the efficiency of value added by a firm from its physical capital and intellectual capital resources. The International Journal of Accounting, 38(4), 465-491.

Iazzolino, G. and Laise, D. (2013). Value added intellectual coefficient (VAIC). Journal of Intellectual Capital, 14(4), 547-563.

International Advisory Services in Indonesia. (2014). The Indonesia corporate governance manual (1st ed). Jakarta, Indonesia.

Jahanzeb, A., Saif-Ur-Rehman, Bajuri, N. H., Karami, M and A. Aiyoub. (2014). Trade-off theory, pecking order theory and market timing theory: A comprehensive review of capital structure theories. International Journal of Management and Commerce Innovations, 1(1), 11-18.

Jaradat, M. S. (2015). Corpoarte governance practices and capital structure: A study with special reference to board size, board gender, outside director and CEO duality. International Journal of Economics, Commerce and Management, 3(5), 264-273.

Jensen, M. C. and Meckling, W. (1976). Theory of the firm: managerial behaviour, agency costs, and ownership structure. Journal of Financial Economics, 4(4), 305-360.

Kajananthan, R. (2012). Effect of corporate governance on capital structure: Case of the Srilankan listed manufacturing company Journal of Arts, Science & Commerce, [3(4(1)], 63-71.

Keenan, J. and Aggestam, M. (2001). Corporate governance and intellectual capital: some conceptualization. Corporate Governance: An International Review, 9(4), 259-275.

Kirkpatrick, G. (2009). The Corporate Governance Lessons from the Financial Crisis. Financial Market Trends. Paris, OECD Publication

Komite Nasional Kebijakan Governance. (2006). Pedoman umum good corporate Indonesia.

Krause, R. and Semadeni, M. (2013). Apprentice, departure, and demotion: an examination of the three types of CEO–board chair separation. Academy of Management Journal, 56(3), 805-826.

L’Huillier, B. M. (2014). What does “corporate governance” actually mean?. Corporate Governance: The International Journal of Business in Society, 14(3), 300-319.

Lehn, K., Patro, S., & Zhao, M. (2004). Determinants of the size and structure of corporate boards: 1935-2000.

Letza, S., Kirkbride. J., Sun, X. and Smallman. C. (2008). Corporate governance theorising: limits, critics and alternatives. International Journal of Law and Management, 50(1), 17-32.

Li, J., Mangena, M. and Pike, R. (2012). The effect of audit committee characteristics on intellectual capital disclosure. The British Accounting Review, 44(2), 98-110.

Lipton, M. and Lorsch, J. (1992). A modest proposal for improved corporate governance. Business Lawyer, 48, 59-77.

Lucyanda, J. and Rahmayanti, A. (2012). Pengaruh strategi bersaing dan corporate governance terhadap intellectual capital performance. JEaM, 11(1),70-82.

Maaloul, A. and Zéghal, D. (2015). Financial statement informativeness and intellectual capital disclosure. Journal of Financial Reporting and Accounting, 13(1), 66-90.

Maher, M. and Andersson, T. (1999). Corporate governance: effects on firm performance and economic growth, law and economics. Conference on Convergence and Diversity in Corporate Governance Regimes and Capital Markets, Tilburg University, Eindhoven, 4-5 November.

Makki, M. A. M. and Lodhi, S. A. (2014). Impact of corporate governance on intellectual capital efficiency and financial performance. Pakistan Journal of Commerce and Social Sciences, 8(2), 305-330.

Mili, M. and Abid, S. (2016). Do corporate bond recovery rates monitored by corporate governance mechanisms. Managerial Finance, 42(8), 830-848.

Murale, V., Jayaraj, R. and Ashrafali, (2010). Impact of Intellectual Capital on Firm Performance: A Resource Based View Using VAIC Approach. Internaltional Journal of Business Management, Economics and Information Technology, 2(2), 283-292.

Nazari, J. A. and Herremans, I. M. (2007). Extended VAIC model: measuring intellectual capital components. Journal of Intellectual Capital, 8(4), 595-609.

Oba, V. C., Ibikunle, J. and Damagum, Y. M. (2013). The impact of board mechanisms on intellectual capital disclosures in Nigeria. Journal of Accounting and Management, 3(1), 65-80

Patel, S. A., Balic, A. and Bwakira, L. (2002). Measuring transparency and disclosure at firmlevel in emerging markets. Emerging Markets Review, 3(4), 325-337.

Peraturan Otoritas Jasa Keuangan. (2014). Direksi dan dewan komisaris emiten atau perusahaan.

Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 17(2), 218-228

Pulic, A. (1998). Measuring the performance of intellectual potential in knowledge economy. Paper presented at the 2nd World Congress on Measuring and Managing Intellectual Capital, McMaster University, Hamilton.

Pulic, A. (2004). Intellectual capital – does it create or destroy value?, Measuring Business Excellence, 8(1), 62-68.

Rahman, R. A., & Mohamed Ali, F. H. (2006). Board, audit committee, culture and earnings management: Malaysian evidence. Managerial Auditing Journal, 21(7), 783 – 804.

Reddy, Y. R. K. (2009). The ethics of corporate governance. International Journal of Law and Management, 51(1), 17-26.

Rubach, M. J. and Sebora, T. C. (2009). Determinants of institutional investor activism: a test of the Ryan-Schneider model (2002). Journal of Managerial Issues, 21(2), 245-261.

Saeed, S., Rasid, S. Z. A., and Basiruddin, R. (2015). The mediating role of Intellectual capital in corporate governance and the corporate performance relationship. Mediterranean Journal of Science, 6(5), 209-219.

Safieddine, A., Jamali, D. and Noureddine, S. (2009). Corporate governance and intellectual capital: evidence from an academic institution. Corporate Governance: The International Journal of Business in Society, 9(2), 146-157.

Siam, Y. I. S. A., Laili, N. H. B., & Khairi, K. F. B. (2014). Board of directors and earnings management among Jordanian listed companies: Proposing conceptual framework. Internationnal Journal of Technical Research and Applications, 2, 01-07.

Shleifer, A. and Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737-783.

Ståhle, P., Ståhle, S. and Aho, S. (2011). Value added intellectual coefficient (VAIC): a critical analysis. Journal of Intellectual Capital, 12(4), 531-551.

Tahir, T. and Fraz, A. (2015). Human capital, capital structure, employee pay: Empirical evidence from Pakistan. Global Journal of Management and Business Research: Finance, 15(9), 19-41.

Taliyang, S. M. and Jusop, M. (2011). Intellectual capital disclosure and corporate governance structure: Evidence in Malaysia. International Journal of Business and Management, 6(12), 109-117.

Tarraf, H. (2011). The role of corporate governance in the events leading up to the global financial crisis: Analysis of aggressive risktaking. Global Journal of Business Research, 5(4), 93-105.

Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113-142.

Vakilifard, H. R., Gerayli, M. S., Yanesari, A. M. and Ma’atoofi, A. R. (2011). Effect od corporate governance on capital structure: Case of the Iranian listed firms. European Journal of Economics, Finance and Administrative Sciences. 35, 165-172

Xie, B., Davidson III, W.N., & DaDalt, P.J. (2003). Earnings management and corporate governance: The roles of the board and the audit committee. Journal of Corporate Finance, 9, 295–316.

Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40, 185-211.

Youndt, M. A., Subramaniam, M. and Snell, S. A. (2004). Intellectual capital profiles: an examination of investments and returns. Journal of Management Studies, 41(2), 335-361.

Zéghal, D. and Maaloul, A. (2010). Analysing value added as an indicator of intellectual capital and its consequences on company performance. Journal of Intellectual Capital, 11(1), 39-60.

Full Text: PDF

The Journal is published by The Institute of Research & Community Outreach - Petra Christian University. It available online supported by Directorate General of Higher Education - Ministry of National Education - Republic of Indonesia.

©All right reserved 2016.Jurnal Akuntansi dan Keuangan, ISSN: 1411-0288, e-ISSN: 2338-8137

click tracking
View My Stats

Copyright © Research Center Web-Dev Team