Page 1 of 29 IMPLIKASI INTELLECTUAL CAPITAL TERHADAP FINANCIAL PERFORMANCE, GROWTH DAN MARKET VALUE; STUDI EMPIRIS DENGAN PENDEKATAN SIMPLISTIC SPECIFICATION Badingatus Solikhah, S.E. 1 Universitas Negeri Semarang Dr. H. Abdul Rohman, M.Si, Akt 2 Wahyu Meiranto, M.Si., Akt 3 Universitas Diponegoro ABSTRACT Intellectual Capital has been examined in several countries, but in Indonesia Intellectual Capital study which related to market value is limited. The results in previous research also show to different findings. The purpose of this study is to investigate the influence of Intellectual Capital of firm toward their financial performance, growth and market value. Furthermore, the purpose of this study is to investigate differensiation of Intellectual Capital Performance in each industry. The Value Added Intellectual Coefficient (VAIC TM ) methode is used to measure of Intellectual Capital. This study uses data from 116 publicly listed companies in Indonesian Stock Exchange between the years 2006 to 2008. It is an empirical study using Partial Least Square (PLS) and one-way ANOVA for the data analysis. The results show that: Intellectual Capital influences positively to financial performance and growth; Intellectual Capital doesn’t influence firm’s market value. The Performance of Intellectual Capital is differs by industry. But this differenciation is low because the samples in this study are only in manufacturing sectors which have same characters. Key words: Intellectual Capital, financial performance, growth, firm’s market value, Partial Least Square (PLS). 1. PENDAHULUAN Perkembangan dalam bidang ekonomi membawa dampak perubahan yang cukup signifikan terhadap pengelolaan suatu bisnis dan penentuan strategi bersaing. Para pelaku bisnis mulai menyadari bahwa kemampuan bersaing tidak hanya terletak pada kepemilikan aktiva berwujud, tetapi lebih pada inovasi, sistem informasi, pengelolaan organisasi dan sumber daya manusia yang dimilikinya. Oleh karena itu, organisasi bisnis semakin menitik 1 Staff pengajar Jurusan Akuntansi FE Unnes 2 Staff pengajar Jurusan Akuntansi FE Undip 3 Staff pengajar Jurusan Akuntansi FE Undip