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The Influence of Intellectual Capital to Financial Performance at Insurance Companies in Jakarta Stock Exchange (JSE)

Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia, 2007, 1393-1399

Sri Iswatia* and Muslich Anshoria
a Faculty of Economics Airlangga University
To overcome the competition, a company not only focuses on physical capital, but also focuses on intellectual capital.
Company can achieve a competitive advantage and earn profit by owing intellectual capital. Intellectual capital rests on a potential
link between intellectual capital on one hand and corporate performance on the other hand. A company will grow up if a growing
number of physical capitals in the same line with a growing number of intellectual capitals.
The purpose of this empirical study is to investigate the influence of intellectual on insurance company’s performance,
especially financial performance. This study uses empirical data from Indonesia Capital Market Directory 2005 that issued of
Jakarta Stock Exchange (JSE). This research use quantitative analysis. The population of the research is insurance companies at
listed in JSE. The hypothesis test conducted by regression analysis model with the degree of significant at 0.05. The main
conclusion from this particular study is intellectual capital has influence on bank’s performance.
Keywords: Intellectual capital; Insurance companies; Financial performance
1. Introduction*
Human being is a central attention in twentieth
century. It relates to the progress of the economic
development sciences and sociology. The experts of
those sciences agree on one thing that human capital
takes a significant role or even more important than
technological factor driving the economic growth.
Human capital concern not only on quantity sector but
more importantly is qualification sector. The new
perspectives of the productivity growth started at the
end of 1980’s lead by the pioneers like Paul Roomer
and Robert Lucas who emphasized on the development
of human capital aspects (Roos and Rylander, 2000).
Human capital refers to the individual knowledge and
skill. Education is one the ways to increase human
capital. It is expected that the higher an individual
takes the education, his human capital also increases.
In modern economic perspectives, the progress of
economic growth refers to knowledge-base economic
and the implementation of knowledge management.
This system shares opinion that conventional capitals
such as natural resources, financial resources, and other
tangible assets resources are meaningless without
knowledge-base and technological base capital. The
implementation of knowledge-base and technologicalbase
capital in a company will accelerate the efficiency
* Corresponding author. E-mail: iswati@fe.unair.ac.id
and effectiveness of the implementation of other
resources, so that they will affect to the competitive
advantage of the company.
The great gaps between market value of the
company and its book value have successfully drawn
the researchers attention to study and investigate the
missing value which have not been reported in the
financial reports (Daniel and De Jonge, NY)
Monetary industry is a knowledge intensive
industry where its activity more using intellectual
capital compared to physical asset in manufacturing
business. One of the monetary industries is the
Insurance companies companies. Because of the
importance of intellectual capital, companies need
information about it. Beside that, management of
intellectual capital effectively will push growth of
performance which is on finally will be able to
improve market value.
The intellectual-base companies will have totally
different financial structures with tangible asset-base
companies. The comparison of IBM and Microsoft can
be used to convince the opinion. Eventhough IBM
selling was greater, Microsof was a company with
higher value. Since November 1996, total market
capitalization owned by IBM was $ 70,7 billion, while
Microsoft was $ 85,5 billion. The assets served as a
basis of those capital is totally different. In early of
1996, net value of asset of IBM was $ 16,6 billion
Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia, 2007, 1393-1399
while net value of asset Microsoft was $ 930 million
(Steward, 2002)
2. Literature Review and Hypothesis
2.1. Financial Performance
Company performance is very essential to
management as it is an outcome which has been
achieved by an individual or a group of individuals in
an organization related to its authority and
responsibility in achieving the goal legally, not against
the law, and conforming to the morale and ethic.
Performance is the function of the ability of an
organization to gain and manage the resources in
several different ways to develop competitive
advantage. There are two kinds of performance,
financial performance and non-financial performance
(Hansen and Mowen, 2005). Financial performance
emphasizes on variables related directly to financial
report. Company’s performance is evaluated in three
dimensions. The first dimension is company’s
productivity, or processing input into output efficiently.
The second is profitability dimension, or the level of
which company’s earning is bigger than its cost. The
third dimension is market premium, or the level of
which company’s market value is exceeding its book
value (Walker, 2001).
2.2. Profitability
In this study, financial performance only focused
on one dimension as stated by Walker (2001),
profitability. The reason choosing the standard are:
a. The implementation of net profit before tax
eliminates the effects of converting of tax
structure to profitability level.
b. Identifying of the company’s effectiveness in
managing the resources.
In SFAC No.1 is stated that the profit information
is prime attention in appraising performance or
responsibility of the management, and profit
information helps the owner of stake holders appraise
the company’s profitability in the long run. In financial
report, profits also functions as parameter to evaluate
management performances, so that the investor’s
attention only on profit information without paying
attention the procedure which is applied by the
company to produce profit. This concern urges
managers in maximizing the ratio of profitability.
2.3. Intellectual Capital
Intellectual capital is also known as intellectual
property, intellectual assets, and knowledge assets.
However, the concepts are different among them
(McConnachie, 1997). Intellectual capital is considered
as a potentially valuable knowledge. When the
intellectual declared for the proprietorship as the same
time it turns into intellectual property which value can
be measured depends on its implementation.
Knowledge with definite value and specific
implementation for definite goal has become
intellectual assets to the proprietor. Intellectual capital
reveals transformed knowledge into valuable one to
company, while intellectual asset is the changing form
for knowledge transformation product. Therefore, in
accounting terms the intellectual asset is on the debit
side such as patent, while intellectual capital is on the
credit side which is total capital invested in intellectual
Society of Management Accountants Canada
(SMAC) defines intellectual capital as item of
knowledge held by individuals which then joining to
the company to gain for future benefit. According to
Stewart (1997), intellectual capital is as follows:
1. Intellectual capital is wholly things known
and given by individuals to the company
which result the competitive advantage.
2. Intellectual capital is intellectual material such
as knowledge, information, intellectual
proprietary right, and experiences which
creating wealth. Intellectual capital is
essential for it is affirming that:
a. The transformation from industrial
era to information era,
b. The main contributor to the
company’s value is intangible asset,
c. Knowledge and information keep
Intellectual capital possesses different uniqueness
refers to its core business and core competency. The
value which is assembled from the intellectual
elements shown in the financial report will reflect the
uniqueness of the company.
2.4. The Intellectual Capital Measurement and
The effort to develop intellectual capital
measurement and disclosure has long time treated with
several approach. According Stewart (1997) there are
three methods to measure intellectual capital that is:
a. Market-to-book value (MBV)
The Market to book value is deference
between market value and book value. The
disadvantage are: (1) obey external factor can
influence market value, (2) The book value
and market value sometimes not represent real
value of firms, caused of the difference of
accounting method which used by the firms.
Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia, 2007, 1393-1399
b. Tobin’s “q”
The method compare between market value of
assets with replacement cost. The advantage
of this method is has inflation factor.
c. Calculated Intangible Value (CIV)
The CIV method count the return over from
tangible assets, than used it for based for
certain effect return portion from intangible
According Rodov and Leliaert (2002) and Pablos
(2003) intellectual capital measurement can calculate
by the following methods:
a. The invisible balance-sheet (IBS)
The invisible balance sheet divided
intellectual capital in individual capital and
structural capital. The indicator individual
capital is professional competition, company
strategy, education, experience, size of worker
which related by customer and stated project.
b. The intangible assets monitor (IAM)
The IAM purpose to measure intangible assets
in similar model with the balanced scorecard,
that is used three indicators to measure
intellectual capital. The indicator are client
(external assets structure), organization
(internal assets structure), and human being
(worker competition assets).
c. The balanced scorecard (BSC)
The balanced scorecard is measurement
system which show how far company strategy
has implemented in four perspectives. The
perspective is financial, customer, business
internal, and innovation and growth.
d. Economic Value Added (EVA™)
EVA is a comprehensive performance
measurement which uses capital budgeting
variable and financial, goal setting,
performance measurement, stock holder
communication, and incentive compensation
which get to improve or decreasing company
e. IC-index
The IC-index tries to consolidate among
individual indicator in single index. Beside
that, the IC-index tries to correlate intellectual
capital change in the market. This approach
combine strategy, non financial size, and
management value added.
f. Technology broker (TB)
The model explains that market value of
company consists of two elements, there are:
tangible assets and intangible assets. The TB
approach perform split in intellectual capital
practice because company possibility to count
dollar value intellectual capital.
g. The return on assets (ROA) method
The ROA is ratios between average
company’s incomes divided by average
tangible assets during five average years. This
ratio compare with industry average to count
the difference. If the different are zero or
negative, than the company have no over
intellectual capital, therefore the company
intellectual capital is zero. If the difference is
positive, company assumption have over
intellectual capital from industries.
h. Market capitalization method (MCM)
The MCM method gives market size of
intellectual capital. The assumption of this
method is market capitalization over stock
holder’s equity as intellectual capital. This
method based on market premium and quote
stock price.
i. The direct intellectual capital method (DIC)
The DIC method focus on value of intellectual
capital measurement which identification
several part and further evaluation. The
component of market asset such as: customer
loyalty, intellectual property (such as: patent,
copyright), technology assets, human being
assets (such as: education, training), and
structural capital (such as: information system)
as focus of the DIC. After measure all
component, will obtain total intellectual
j. Skandia AFS Business Navigator (SBN)
The SBN’s model explains value of
component which performs intellectual capital.
It’s consisting of the role and development
report method. Design of SBN used for
balance visualization from financial capital
and intellectual capital. The Skandia monitor
its performance based on 30 key
predominance indicators in several areas.
k. Financial method of intangible assets
measuring (FiMIAM)
According this model, the company
intellectual capital consists of human being,
customers, and structure. It’s method to make
Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia, 2007, 1393-1399
possible somebody to estimate monetary
value part of relevant intellectual capital and
to estimate the company balance sheet.
In this research, Intellectual capital counted by
market to book value. The advantage this method that
a. the information to count intellectual capital
prepared for public
b. suitable for management decision
c. Suitable for external user because the
indicator which used common know and the
information easy to obtain.
2.5. The Influence of Intellectual Capital to
Organization Performance
Several research indicate significant prove if
intellectual capital influence to organization
performance. In globalization era, all organization
effort has to competitive advantage. To achieved
competitive advantage needs both physical capital and
intellectual capital. The study result of Hitt et al. (2001)
proved the role intangible capital more dominant
compare with tangible capital. Another research
indicate that intellectual capital recognized as
important resources which give use for create
organization efficiency, effectively, productivity, and
innovative better than physical capital and financial
capital (Najibullah, 2005).
The research result by Pulic (1999) show that
intellectual capital can create value added for
organization. Its study support the idea if intellectual
capital as very important resources for organization.
Consistent with research before, intellectual capital has
potential as wealth creator in business organization
(Walker, 2001; Usoff et al., 2002; and Karp, 2003).
The ability intellectual capital as strategic resources
can see through its role as a driver in increasing
business performance. In this case, the intellectual
capital is an important key to achieve competitive
advantage. The opposite research result before, studied
by Iswati (2007) show that no influence between
intellectual to bank’s performance in Jakarta Stock
Interest for depth further, the Peña (2002) result
proved his hypothesis, that the new organization
performance depend on intellectual capital
management which achieved by entrepreneur in
preparation period. This result strongly support about
intellectual capital role in business life cycle, start from
preparation stage till maturity stage.
Breman (2001) has test the influence of
intellectual capital to business performance for
organization which go public in Ireland. The
performance variables consist of productivity, skill,
and organization profitability. Its result show that the
influence of intellectual influence profitability variable.
Besides that, Walker (2001) did research the relation
between intellectual capitals with three dimension of
organization performance; there are profitability,
productivity, and market price. Walker’s result there is
significant positive relation between human being
capital and organization performance in both yang low
knowledge base organization and high knowledge-base
organization. Based on literature review which
explains before, this leads to the following hypothesis.
Hypothesis: “Intellectual Capital has influence to
organization performance in Insurance companies in
Jakarta Stock Exchange”.
.3. Research Methodology
3.1 Research Framework
According to the description at the literature
review, the hypothesis perform is “Intellectual Capital
has influence to organization performance in Insurance
companies in Jakarta Stock Exchange”. This research
uses the quantitative paradigm. To examine the
hypothesis used simple regression analysis. All test
conducted by software SPSS version 11.5 for Windows
program. The degree of significant is 5%. The prime
research which used model is Brennan (2001). It’s test
the influence of intellectual capital to business
performance which goes public in Ireland. The result
of this research is intellectual Capital has influence to
organization performance. Beside that, in this study
combined research which conduct by Walker (2001).
Its result there is significant positive relation between
human being capital and organization performance in
both yang low knowledge base organization and high
knowledge-base organization.
3.2. The Research Population and Sample
The research population is all companies which
go public in Jakarta Stock Exchange (JSE), totally 10
units. All companies processed in statistical model,
without sample. All companies use same fiscal period.
3.3. The Variables and Operational Definition
The research analyzes the relationship between
independent variable and dependent variable. There are:
a. Intellectual Capital (IC) is a independent
Intellectual capital as a market value which
above tangible asset value in the balanced
sheet. IC determined by market-to-book value
formula (Stewart, 2002:247)
Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia, 2007, 1393-1399
IC = the average from five years of
market value – The average
from five years of book
Market value = the price of per-peace of
stock X outstanding stock
b. Financial Performance (FP) is a dependent
variable. Financial performance is
achievement insurance companies which
measured by profitability. The profitability
used to measure effectively measurement of
3.4. Analysis Model
The analysis model which used by this research is:
FP = b0 + b1 IC + e, which:
FP = Financial Performance of Insurance
IC = Intellectual Capital
b0 = constant
b1 = slope, the score of intellectual capital
influence to Financial performance
e = error, the score of error factor out of
4. Research Results, Findings and Discussion
The data which process is 10 insurance companies.
From 10 companies be evident three companies
experience deficit (negative income) in 2004 and 2005
there are Asuransi Bina Dana Artha Company and
Asuransi Bintang Company. Further, in 2003 Lippo
General Insurance companies, there for three
companies expelled from that statistical process.
The Insurance companies which used in this
research namely:
a. PT. Asuransi Dayin Mitra
b. PT. Asuransi Harta Aman Pratama
c. PT. Asuransi Jasa Tania
d. PT. Asuransi Ramayana
e. PT. Maskapai Reasuransi Indonesia
f. PT. Panin Insurance
g. PT. Panin Life
Table 1. Insurance Companies with Negative Income Year 2001-2005
The Name Insurance Companies Negative Income (in billion Rupiah)
2005 2004 2003
PT. Asuransi Bina Dana Arta
PT. Asuransi Bintang
PT. Lippo General Insurance


Source: Indonesian Capital Market Directory 2005, processed
Table 2. Regression Coefficient and Level of Significant for
Financial Performance as Independent Variable, and Intellectual Capital as Dependent Variable.
Model B Std.Error Beta
1 (Constant)
Intellectual capital
Depended Variable: Financial Performance
Source: Regression result
4.1. The Reliabilities and Validities test
Cronbach’s alpha was used to test the reliability
and validity of data. The results show that all alpha
scores more than 0.05. Its mean, that all the data were
reliable. The validity testing used the rank
spearman’s rho correlation. The results show that all
variables have the significant less than 0.05. Its mean,
that all the data were valid. The results of normality,
multicollinearity, and heteroscedasticity test show that
model preparations comply with the classic
assumption (the data didn’t included in the article).
4.2 Analyses and Hypotheses Test
The data test use SPSS version 11.5 for window
program. The results of data preparation can be seen
at Table 2. At the level of significant 0.05, Table 2
shows that the intellectual capital has influence to
financial performance in insurance companies. Based
Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia, 2007, 1393-1399
on the estimation from regression model, the
regression model was:
Y = 3.640 + 0.169X + 0.276,
Financial Performance = 3.640 + 0.169
Intellectual capital +
The regression coefficient 3.640 means the
relation between intellectual capital and financial
performance is positive. The model indicated every
added of intellectual capital which added positively
significant of financial performance. Every increasing
one point of intellectual capital value will increase
0.169 point of financial performance. Based on
regression output show that value of significance less
than 5% (p < 0.005), its mean intellectual capital
influence to financial performance. The R value
0.637 mean there are correlation among variables. The
R-square value 4.058 mean intellectual can used to
predict financial performance 4% among variables
which influence profitability. Based on statistically
result the level of influence intellectual capital to
financial performance only four percent, and 96%
which predict profitability determined by another
variables. Although the influence small relatively but
significant, so the organization can obey this finding.
There are many methods to measure financial
performance such as the level of profitability, earning
after taxes, residual income, return on assets, return on
earning, return on investment, economic value added,
etc. All method which a mention before is financial
perspective. Until now, profitability as often used by
researcher cause of very famous and common
measurement for external user’s although has no
accounting background. So, this indicator can
understood for every body in business society.
4.3. Discussion
Based on data analysis which explained above,
we know that the research hypotheses approved. Its
mean intellectual capital has influence to financial
performance in insurance industries in Jakarta’s Stock
Exchange (JSE).
This research supports the Brennan (2001)
research. It’s statistically proved has influence to
financial performance in insurance industries in
Ireland. Besides that, the research result also supports
Walker (2001) which uses three dimensions to
measure financial performance. The one’s is corporate
profitability. There is positive relationship between
human capital and financial performance for both low
knowledge based corporate and high knowledge based
corporate. In other side, the research result also
supports Bontis (2000) and Belkaoui (2002). In their
research proved that intellectual capital as important
component to support organization wealth.
Interest for depth further, the Peña (2002) result
proved his hypothesis, that the new organization
performance depend on intellectual capital
management which achieved by entrepreneur in
preparation period. This result strongly support about
intellectual capital role in business life cycle, start
from preparation stage till maturity stage.
Intellectual capital which used in this study was
market to book value (MBV). The advantages of this
method are easier to use, data can be access from
capital market and the cost relatively cheap. In other
side, the disadvantages of this method are obey
external factor can influence market value. The book
value and market value sometimes not represent real
value of firms, caused of the difference of accounting
method which used by the firms. The explain above
we know several method to measure intellectual
capital, Stewart (1977) besides market to book value
over Tobin’s “q” and Calculated Intangible Value
(CIV). RodovandLeliaert (2002) and Pablos (2003)
offer several method for intellectual capital measure,
there are the invisible balance-sheet (IBS), The
intangible assets monitor (IAM), the balanced
scorecard (BSC), Economic Value Added (EVA™),
IC-index, Technology broker (TB), The return on
assets (ROA) method, Market capitalization method
(MCM), The direct intellectual capital method (DIC),
Skandia AFS Business Navigator (SBN), and
Financial method of intangible assets measuring
(FiMIAM).Although no perfect method, we necessary
to prove several methods to make confidence with
research result.
5. Conclusion and Recommendation
The research result can prove that intellectual
capital influence to insurance’s financial performance
in Jakarta Stock Exchange. Notice to the method that
used to count capital intellectual, therefore necessary
developed other research that used different method.
The intellectual capital concept is new relatively,
not only in Indonesian but in global business
environment. Therefore only the developed countries
have applied apply those concepts in business. The
business society facing suitable measurement problem
of intellectual capital therefore it’s make challenge for
science society.
In traditional paradigm, economic science only
emphasis and examine physical capital. Human
capital as main resources in an organization for
support productivity and economic activity often
abandon (Nahapiet and Ghosal, 1998). Several
Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia, 2007, 1393-1399
researches which done by researcher in intellectual
capital sector can give enlighten specially in human
being side (McConnachie, 1997; Roos and Roos,
1997; Roos and Rylander, 2000; Bontis, 2000;
Brennan, 2001; Pablos. 2002; Rodov, Irena and
Leliaert. 2002; Belkoui 2002; Tseng and James, 2005).
As it’s found by several disadvantages from
accounting measurement side which focus on
monetary, the study about intellectual capital gives a
new inspiring. It’s can explore and appear if
intellectual capital as a most important capital in all
business for both profit oriented and non profit
oriented. In turns, the more human studies will
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Performance of U.S. Multinational Firms: A Study of the
Resource-Based and Stakeholder views”. http:/papers.ssrn.com.
Bontis, Nick. (1998). Intellectual Capital: an Exploratory Study that
Develops Measures and Models. Management Decision, 36 (2),
Bontis, Nick, William Chua Chong Keow, and Stanley Richardson.
(2000). Intellectual Capital and Business Performance in
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Brennan, Niamh. (2001). Reporting Intellectual Capital in Annual
Reports: Evidence from Ireland. Accounting, Auditing &
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Daniel, Henry and De Jonge, Tanpa Tahun (NY). Project Selection
in Knowledge Intensive Organizations Based on Intellectual
Scorecards. Netherlands: Tilburg University and Erasmus
University, Rotterdam
Firer, Steven and S. Mitchell Williams. (2003). Intellectual Capital
and Traditional Measures of Corporate Performance. Journal
of Intellectual Capital, 4 (3), 348-360.
Hansen, Don R., and Maryanne M. Mowen. (2005). Management
Accounting, 7th Edition. Singapore: South-Western, a Division
of Thomson Learning Inc.
Hitt, Michael A. et all. (2001). Direct and moderating Effects of
human Capital on Strategy and Performance in Professional
Service Firms: A Resource-Based Perspective. Academy of
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Intelektual pada Perusahaan Perbankan Terbuka di Bursa Efek
Jakarta. Ekuitas, XI (2), 159-174
Karp, Tom. (2003). Is Intellectual Capitalism the Future Wealth of
Organizations? Foresight, 5 (4),20-27.
McConnachie, Gordon. (1997). The Management of Intellectual
Assets: Delivering Value to the Business. The Journal of
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Relationship between Intellectual Capital and Firms’ Market
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Academy of Management review, 23 (22), 242-266.
Niswonger, Rollin C, Carl S. Warren, James M. Reeve, and Philip
E. Fees. (2005). Accounting Principles. 21st Edition. New
York: South-Western College Publishing.
Pablos, Patricia Ordoñez. (2002). Evidence of Intellectual Capital
Measurement from Asia, Europe and the Middle East. Journal
of Intellectual Capital, 3 (3), 287-302.
Peña, Iñaki. (2002). Intellectual Capital and Business Start-Up
Success. Journal of Intellectual Capital, 3 (2), 80-198.
Prager, Jonas, (1992). Fundamental of Money, Banking, and
Financial Institution. New York: Harper and Row Publisher.
Pulic, Ante and Manfred Bornemann. (1999). The Physical and
intellectual Capital of Austrian Bank. http:/www.measuringip.
Rodov, Irena and Philippe Leliaert. (2002). FiMIAM: Financial
Method of Intangible Assets Measurement. Journal of
Intellectual Capital, 3 (3),323-336.
Roos, Goran and Roos, Johan, (1997). Measuring your Company’s
Intellectual Performance. International Journal of Strategic
Management: Long Range Planning, 30 (3), 413-426.
Roos, G., Kristine Jacobsen, and Anna Rylander, (2000). Towards
Improved Information Disclosure on Intellectual
Capital,.International Journal of Technology Management, 20
(5/6/7/8), London, United Kingdom.
Stewart, Thomas A. (2002). Modal Intelektual: Kekayaan Baru
Organisasi. Jakarta: PT Elex Media komputindo.
Tseng, Chun-Yao and Goo, Yeong-Jia James, (2005). Intellectual
Capital and Corporate Value in an Emerging Economy:
Empirical Study of Taiwanese Manufacturers. R & D
Us off, Chaterine A., Jay C. Thibodeau, Priscilla Burnaby. (2002).
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Walker, Dana Charles. (2001). Exploring the Human Capital
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