Intellectual Capital Disclosure Level and Industry-Adjusted Earnings-Price Ratio of Indonesian Public Companies

Muhammad Madyan and Dinnar Novianty Dwi (2019) Intellectual Capital Disclosure Level and Industry-Adjusted Earnings-Price Ratio of Indonesian Public Companies. Journal of Advanced Research in Dynamical and Control System, 11 (05). pp. 1293-1301. ISSN 1943-023X

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Abstract

This study aimed to test whether the intellectual capital disclosure (ICD) level affect the value of equity capital. The ICD level calculation was done using the method of disclosure index. The value of equity capital was calculated using the industry-adjusted price earnings ratio (IndEP ratio). Testing the effect of ICD level on the value of equity capital is done by multiple linear regression analysis using a sample of 97 companies listed in the Indonesia Stock Exchange in 2013 and 2014, with a total sample of 194 observations. The control variable of this work is size, leverage, market to book value and industry. The results of this study indicate that the intellectual capital disclosure level, human capital disclosure level, structural capital disclosure level and relational capital disclosure level had significant negative effect on the cost of equity capital. This study also used four control variables, namely size, leverage, market to book value and industry. Of the four variables, size is not significant positive effect on the cost of equity capital. Leverage and industry had significant negative effect on the cost of equity capital. While, the market to book value had significant negative effect on the cost of equity capital.

Item Type: Article
Uncontrolled Keywords: Intellectual capital, human capital, structural capital, relational capital, disclosure level, value of equity capital, size, leverage.
Subjects: H Social Sciences > HG Finance
H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance.Corporation finance
H Social Sciences > HG Finance > HG4501-6051 Investment, capital formation, speculation > HG4701-4751 Government securities. Industrial securities. Venture capital
Divisions: 04. Fakultas Ekonomi dan Bisnis > Manajemen
Creators:
CreatorsNIM
Muhammad MadyanNIDN0004017104
Dinnar Novianty DwiUNSPECIFIED
Depositing User: Tn Sugeng Riyanto
Date Deposited: 19 Nov 2019 03:23
Last Modified: 13 Dec 2019 08:32
URI: http://repository.unair.ac.id/id/eprint/91068
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