PENGUNGKAPAN MODAL INTELEKTUAL DAN KEUANGAN DALAM KAPITALISASI PASAR DENGAN SIKLUS HIDUP INDUSTRI SEBAGAI PEMODERASI (INTELLECTUAL CAPITAL DISCLOSURE AND FINANCIAL DISCLOSURE IN MARKET CAPITALIZATION WITH INDUSTRY LIFE CYCLE AS MODERATING VARIABLE)

Siti Nafisah Azis, Gagaring Pagalung, Abdul Hamid Habbe

Abstract


Abstract

Previous research has not examined which of  intellectual capital disclosure and financial disclosure contains more relevant information in investor decision making in industry life cycle perspective. This research examines the effect of industry life cycle in moderating the relationship between intellectual capital disclosure, financial disclosure, and market capitalization; the influence of intellectual capital and financial disclosure on market capitalization; and the influence of good corporate governance on intellectual capital and financial disclosure. The research sample was all non-financial companies listed in the Indonesian Stock Exchange in 2014-2015. By using multiple linear regression, the research finds that industry life cycle moderates the relationship between intellectual capital disclosure and market capitalization, however, it does not moderate the relationship between financial disclosure and market capitalization. Intellectual capital disclosure has a positive effect on market capitalization, whereas financial disclosure does not influence market capitalization. Good corporate governance has a positive effect on intellectual capital and financial disclosure. This study provides a new evidence that the disclosure of relevant information based on industry life cycle will be realized with the implementation of optimal good corporate governance. The information produced can provide a signal that influences investor decisions.

Keywords: Intellectual Capital Disclosure, Financial Disclosure, Market Capitalization, Industry Life Cycle

Abstrak 

Penelitian sebelumnya belum ada yang menguji manakah di antara pengungkapan modal intelektual dan pengungkapan keuangan yang memuat informasi yang lebih relevan dalam pengambilan kepu­tusan in­vestor ketika ditinjau dari perspektif siklus hidup industri. Penelitian ini bertujuan menguji pengaruh siklus hidup industri dalam memoderasi hubungan antara pengungkapan modal intelektual, pengungka­pan keuangan, dan kapitalisasi pasar; pengaruh pengungkapan modal intelektual dan pengungkapan keuangan terhadap kapitalisasi pasar, dan pengaruh good corporate governance terhadap pengungkapan modal intelektual dan pengungkapan keuangan. Sampel adalah semua perusahaan nonkeuangan yang terdaftar di BEI pada tahun 2014-2015. Dengan menggunakan regresi linear ber­ganda, penelitian ini menemukan bahwa siklus hidup industri memoderasi hubungan antara pengungka­pan modal intelektual dan kapitalisasi pasar, namun tidak memoderasi hubungan antara pengungkapan keuangan dan kapitalisasi pasar. Pengungkapan modal intelektual berpengaruh positif terhadap kapitalisasi pasar, sedangkan pengungkapan keuangan tidak berpengaruh terhadap kapitalisasi pasar. Good corporate governance berpengaruh positif terhadap pengungkapan modal in­telektual dan pengungkapan keuangan. Penelitian ini memberikan bukti baru bahwa pengungkapan informasi yang relevan berdasarkan siklus hidup industri akan terwujud dengan adanya implementasi good corporate governance yang optimal, sehingga informasi yang dihasilkan dapat memberikan sinyal yang memengaruhi keputusan investor.

Kata Kunci: Pengungkapan Modal Intelektual, Pengungkapan Keuangan, Kapitalisasi Pasar, Siklus Hidup Industri

Keywords


Intellectual Capital Disclosure, Financial Disclosure, Market Capitalization, Industry Life Cycle; Pengungkapan Modal Intelektual, Pengungkapan Keuangan, Kapitalisasi Pasar, Siklus Hidup Industri

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DOI: http://dx.doi.org/10.21002/jaki.2019.04



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