智力资本与企业财务绩效外文翻译文献

文献信息：

文献标题：An Empirical Research on the Relationship between Intellectual 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2555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 on

Indonesian Listed Companies

Abstract

The main focus of the research is to investigate the relationship 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 contributor 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 study uses data from consumer goods firms listed on the Jakarta Stock Exchange. Pulic’s Value Added Intellectual Coefficient (V AIC) model is utilized as

the efficiency measure of capital employed, human capital and structural 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 Intellectual 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 level 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 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, could 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, Indonesia

Introduction

Over the last decade, Intellectual Capital (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 capital, rather than physical capital, has become the key factor of a firm’s potent ial 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 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 findings