外文翻譯--印尼上市公司智力資本與企業(yè)財(cái)務(wù)業(yè)績之間的關(guān)系的實(shí)證研究（原文）

1、An Empirical Research on the Relationship between Intellectual Capital and Corporate Financial Performance on Indonesian Listed Companies Dominique Razafindrambinina and Talita Anggreni1Binus University International S

2、chool of Accounting Jl. Hang Lekir 1 No. 6 Jakarta 12120, Indonesia Ph: 62-21 720 2222 Fax: 62-21 720 5555 Corresponding address: dominique@binus.ac.id Abstract The main focus of the research is to investigate the rela

3、tionship between Intellectual Capital and Corporate Financial Performance of Indonesian listed companies. Intellectual Capital (IC) has gained in importance and has been increasingly viewed as a significant contributo

4、r to the process of value-creation in corporations (Sullivan 2000). Unlike financial and physical assets, intangible assets are difficult to emulate, which makes them a powerful source of competitive advantage. The s

5、tudy uses data from consumer goods firms listed on the Jakarta Stock Exchange. Pulic’s Value Added Intellectual Coefficient (VAIC) model is utilized as the efficiency measure of capital employed, human capital and str

6、uctural capital. The 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 Intel

7、lectual Capital does contribute to the financial performance, with the exception of revenue growth, of consumer goods firms in Indonesia. Furthermore, findings suggest that future performance is also affected by the l

8、evel of intellectual capital. Finally, evidence is presented that physical/financial capital and structural capital are the most significant underlying drivers of corporate performance. Although insignificant, human ca

9、pital 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 intellect

10、ual capital in the region, especially in Indonesia, could bring in more advantages for its economy and reinforce the competitiveness of the region as a whole in terms of attracting more investments. 1 Dominique Razafi

11、ndrambinina is the lead author and a lecturer in the Accounting School – Binus University International. Talita Anggreni is a student of the Accounting School - Binus University International. This paper aims to study

12、 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

13、Value Added Intellectual Coefficient (VAIC?) developed by Pulic (1998) is employed as an extent measure of intellectual capital. The corporate performance of the companies will be measured by four ratios: Return on Asse

14、ts (ROA), Asset Turnover (ATO), Revenue Growth (RG), and Operating Cash Flow ratio (OCF). The contribution of this research relates to numerous groups. The study contributes to the development of literature and studies o

15、n 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 th

16、eir awareness of the importance and advantages of effective intellectual capital management within an organization. Also, accounting regulators of the Indonesian business environment can make use of findings to determine

17、 possible necessary changes to present policies that will support developing the groundwork of the nation’s intellectual capital. Findings can help investors to gain a better understanding of the changes taking place in

18、Indonesian businesses and to know what to look for in a company. Academically, this study provides a basis for further research regarding intellectual capital by local as well as international academics. Therefore, more

19、knowledge on intellectual capital may be obtained and distributed within the academic community. The remainder of this paper is organized as follows. Section two introduces the literature review of the theoretical found