Pengaruh Intellectual Capital terhadap Return Saham Melalui Kinerja Keuangan pada Perusahaan Sektor Industri Barang Konsumsi di BEI Tahun 2012-2017

Abstract

This study aims to determine the effect of intellectual capital’s components on stock return indirectly through financial performance as intervening variabel. Intellectual capital with of three components, those are; Value Added Human Capital (VAHU), Value Added Capital Employed (VACA), dan Structural Capital Value Added (STVA). Meanwhile financial performance is represented by Return on Equity (ROE). Research was conduct on 19 companies of consumer goods industries listed in Indonesian Stock Exchange on the year 2012-2017. To test the hypothesis in this research is using path analysis by AMOS version 22. The result test of hyphothesis show that three components of intellecetual capital; VAHU, VACA, and STVA, has significantly effects to financial performance. Meanwhile VAHU, VACA, STVA and financial performance has not effect on stock return. The result of Sobel test show that financial performance has failed to mediate indirect effect of intellectual capital’s components on stock return. Generally, intellectual capital can increase corporate’s profits but can’t be causeof reaction in stocks market.