Intellectual Capital, Arus Kas Operasi, Dan Nilai Perusahaan: Investigasi Pengaruhnya Terhadap Kinerja Perusahaan Manufaktur DiIndonesia

Shiddiq Waskito; Lukman Effendy

doi:10.37034/jems.v7i4.156

Authors

Shiddiq Waskito Universitas Mataram
Lukman Effendy Universitas Mataram

DOI:

https://doi.org/10.37034/jems.v7i4.156

Keywords:

Intellectual Capital, Arus Kas Operasi, Nilai Perusahaan, Kinerja Keuangan, Manufaktur

Abstract

A study was conducted to investigate the effects of intellectual capital, operating cash flow, and firm value on the performance of manufacturing companies in Indonesia. The manufacturing sector faces challenges such as intense competition, changing consumer preferences, and environmental regulations. This study employed a descriptive quantitative method, utilizing manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020-2022. A total of 143 companies were included as research samples. The findings indicate no crucial relationship between intellectual capital and company performance. However, operating cash flow and firm value were found to positively and crucially influence the financial performance of manufacturing companies. This suggests that healthy cash flow management and positive market perception of firm value are important factors in achieving strong financial performance within the manufacturing sector.

References

Wijaya, A., & Utama, C. A. (2023). The impact of busy director on the relationship between intellectual capital and performance of manufacturing companies: Evidence from Indonesia. Intangible Capital, 19(2), 328-342. https://doi.org/10.3926/IC.2022

Nugraheny, D. E., & Arief, T. M. V. (2025). Gelombang PHK di Awal 2025, 9 Perusahaan Tutup Pabrik. Kompas.com. Retrieved from https://money.kompas.com/read/2025/03/10/074741326/gelombang-phk-di-awal-2025-9-perusahaan-tutup-pabrik?page=all

Xu, J., & Wang, B. (2018). Intellectual capital, financial performance and companies’ sustainable growth: Evidence from the Korean manufacturing industry. Sustainability (Switzerland), 10(12), 4651. https://doi.org/10.3390/su10124651

Purwanti, D. (2021). Determinasi Kinerja Keuangan Perusahaan: Analisis Likuiditas, Leverage Dan Ukuran Perusahaan (Literature Review Manajemen Keuangan). Jurnal Ilmu Manajemen Terapan, 2(5), 692-698. https://doi.org/10.31933/jimt.v2i5

Besim, S. (2023). The impact of control structures on firm value. Borsa Istanbul Review, 23(5), 1001-1012. https://doi.org/10.1016/j.bir.2023.05.001

Simanjuntak, J. E., & Helda, D. (2023). Pengaruh profitabilitas, dewan komisaris independen, leverage, intensitas aset tetap terhadap tarif pajak efektif pada perusahaan manufaktur yang terdaftar di BEI. Journal of Innovation Research and Knowledge, 2(9). https://doi.org/10.53625/jirk.v2i9.5220

Situmorang, N. L., Nurfitria, R., Panjaitan, N. A., Pd, C. R., & Yulaeli, T. (2023). Pengaruh Arus Kas, Laba, Arus Kas Investasi, Arus Kas Operasi dan Arus Kas Pendanaan (Literature Review Manajemen Keuangan). Sammajiva, 1(3). https://doi.org/10.47861/sammajiva.v1i2.366

Pratama, V. Y., & Setiawan, D. (2019). Political connection and firm value in Indonesia. Sebelas Maret Business Review, 3(2), 1-7. https://doi.org/10.20961/smbr.v3i2.14932

Laili, C. N., Djazuli, A., & Indrawati, N. K. (2019). The influence of corporate governance, corporate social responsibility, firm size on firm value: Financial performance as mediation variable. Jurnal Aplikasi Manajemen, 17(1), 179-186. https://doi.org/10.21776/ub.jam.2019.017.01.20

Lubis, N. W. (2022). Resource based view (RBV) in improving company strategic capacity. Research Horizon, 2(6), 587-596. https://doi.org/10.54518/rh.2.6.2022.587-596

Septiana, A., Sukamto, S., & Wahyuni, W. (2021). Pengaruh Intellectual Capital Dan Pengungkapan Corporate Social Responsibility Terhadap Return Saham. Equilibrium: Jurnal Ekonomi-Manajemen-Akuntansi, 17(1). https://doi.org/10.30742/equilibrium.v17i1.1449

Gómez-Valenzuela, V. (2022). Intellectual capital factors at work in Dominican firms: understanding their influence. J Innov Entrep, 11(1). https://doi.org/10.1186/s13731-022-00205-8

Noury, B., Hammami, H., Ousama, A. A., & Zeitun, R. (2020). The prediction of future cash flows based on operating cash flows, earnings and accruals in the French context. Journal of Behavioral and Experimental Finance, 28, 100414. https://doi.org/10.1016/j.jbef.2020.100414

Debbianita, D., Hidayat, V. S., Mangunsong, S., & Destiana, R. S. (2020). Detection of Cash Flow from Operation Management Using Classification and Timing. KINERJA, 24(2), 170-181. https://doi.org/10.24002/kinerja.v24i2.3178

Irawan, D., & Kusuma, N. (2019). Pengaruh struktur modal dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Aktual STIE Trisna Negara, 17(1), 66-81.

Prabawati, P. I., & Rahmawati, I. P. (2022). The effects of Environmental, Social, and Governance (ESG) scores on firm values in ASEAN member countries. Jurnal Akuntansi dan Auditing Indonesia, 119-129. https://doi.org/10.20885/jaai.vol26.i

Kurnia, P., Nur, D. P. E., & Putra, A. A. (2021). Carbon emission disclosure and firm value: A study of manufacturing firms in Indonesia and Australia. International Journal of Energy Economics and Policy, 11(2). https://doi.org/10.32479/ijeep.10730

Sulistiyowati, L. N., & Alviansyah, A. (2023). Pengaruh Green Financial Performance terhadap Financial Sustainability dan Firm Value. Jurnal Ilmiah Bisnis dan Ekonomi Asia, 17(3), 346-364. https://doi.org/10.32812/jibeka.v17i3.1788

Suharman, H., Hapsari, D. W., Hidayah, N., & Saraswati, R. S. (2023). Value chain in the relationship of intellectual capital and firm’s performance. Cogent Business & Management, 10(1), 2199482. https://doi.org/10.1080/23311975.2023.2199482

Basuki, A. T., & Prawoto, N. (2016). Analisis Regresi dalam Penelitian Ekonomi dan Bisnis Dilengkapi Aplikasi SPSS & EVIEWS. PT Rajagrafindo Persada.

Usman, H., & Mustafa, S. W. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan dan Nilai Pasar Perusahaan yang Listed di Jakarta Islamic Index. AkMen Jurnal Ilmiah, 16(4), 529-535.

Allan, F., Sondakh, J. J., & Gamaliel, H. (2020). Pengaruh Intellectual Capital, Corporate Social Responsibility dan Good Corporate Governance Terhadap Kinerja Perusahaan (Studi pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia). JURNAL RISET AKUNTANSI DAN AUDITING" GOODWILL", 11(1). https://doi.org/10.35800/jjs.v11i1.29034

Ramadhani, A. T., & Sulistyowati, E. (2023). Pengaruh intellectual capital dan implementasi good corporate governance terhadap peningkatan kinerja keuangan. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(2), 969-986. https://doi.org/10.31955/mea.v7i2.3091

Skhvediani, A., Koklina, A., Kudryavtseva, T., & Maksimenko, D. (2023). The Impact of Intellectual Capital on the Firm Performance of Russian Manufacturing Companies. Risks, 11(4), 76. https://doi.org/10.3390/risks11040076

Nguyen, A. H., & Doan, D. T. (2020). The impact of intellectual capital on firm value: Empirical evidence from Vietnam. International Journal of Financial Research, 11(4), 74. https://doi.org/10.5430/ijfr.v11n4p74

Salangka, M. K., Kameo, D. D., & Harijono. (2024). The effect of intellectual capital towards sustainability of business performance mediated by eco-product innovation & external learning: The Indonesian bottled drinking water industries. Uncertain Supply Chain Management, 12(1). https://doi.org/10.5267/j.uscm.2023.8.017

Hermawan, S., Hanun, N. R., Nirwana, N. Q. S., & Candrawati, C. I. (2021). Intellectual Capital, Market Value, and Financial Performance: Indonesia and Malaysia’s Banking Companies. Journal of Accounting and Strategic Finance, 4(2), 135–151. https://doi.org/10.33005/jasf.v4i2.142

Susriany, S., Rosmegawati, & Fitriyanti, L. (2024). Analisis Pengaruh Nilai Perusahaan terhadap Profitabilitas Perusahaan Manufaktur Yang Terdaftar di BEI. Jurnal Manajemen FE-UB, 12(1).