Nurul Fatimah Aziz, Fefri Indra Arza

Pengaruh Intellectual Capital dan Intensitas Research and Development (R&D) terhadap Nilai Perusahaan

Introduction

Pengaruh intellectual capital dan intensitas research and development (r&d) terhadap nilai perusahaan. Menganalisis pengaruh intellectual capital & intensitas R&D terhadap nilai perusahaan F&B di BEI (2018-2022). SDM positif, intensitas R&D negatif memengaruhi nilai perusahaan.

Abstract

“The primary issue in this research is how intellectual capital and the intensity of research and development (R&D) affect the corporate value in the F&B sector listed on the Indonesia Stock Exchange (IDX) from 2018 until 2022. The impact of R&D intensity and intellectual capital on corporate value serves as an important indicator of a firm’s growth prospects. This study employs a quantitative approach with hypothesis testing, utilizing secondary data. The findings reveal that human resources has a positive impact on corporate value”, whereas R&D intensity negatively influences the firm's worth.

Review

This study investigates the crucial relationship between intellectual capital, R&D intensity, and corporate value within the F&B sector listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. Addressing a pertinent issue in corporate finance and strategic management, the research aims to shed light on how these non-financial assets and strategic investments contribute to a firm's growth prospects and overall worth in an emerging market context. The chosen timeframe and sector provide a focused lens to understand dynamic market conditions and industry-specific nuances. Employing a quantitative approach with hypothesis testing, the study utilizes secondary data to analyze its proposed relationships. The methodology is straightforward, aiming to establish statistical significance for the hypothesized impacts. The findings present a mixed picture: specifically, human resources, identified as a component of intellectual capital, demonstrates a positive influence on corporate value. Conversely, R&D intensity is found to negatively affect a firm's worth, offering a counter-intuitive result that challenges conventional understanding of R&D's role in value creation. The finding that human resources positively impacts corporate value aligns with established theory, emphasizing the strategic importance of human capital in driving firm success. However, the negative correlation between R&D intensity and corporate value is particularly striking and warrants further investigation and contextualization. This result could indicate a variety of factors unique to the Indonesian F&B sector during the study period, such as delayed returns on R&D investments, inefficiencies in R&D expenditure, or a mismatch between R&D focus and immediate market demands. Future research could benefit from exploring the qualitative reasons behind this unexpected negative impact and examining the lag effects of R&D, as well as providing more detail on the specific components of intellectual capital analyzed beyond human resources.

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