Growth, Intellectual Capital, Financial Performance And Firm Value : Evidence From Indonesia Automotive Firms

  • Indah Ayu Johanda Putri Doctor of Management Science STIESIA of Surabaya, Indonesia
  • Budiyanto Budiyanto Doctor of Management Science STIESIA of Surabaya, Indonesia
  • Triyonowati Triyonowati Doctor of Management Science STIESIA of Surabaya, Indonesia
  • Ilham Ilham UIN Sunan Ampel of Surabaya, Indonesia
Keywords: Growth, Intellectual Capital, Financial Performance, and Firm Value.


This study analyzes and explains empirical evidence of the effect of growth and Intellectual Capital respectively on financial performance and firm value, as well as the role of Financial Performance in mediating the influence of company growth and Intellectual Capital respectively on firm value. The benefits of this research are expected to be a reference that enriches the literature of Management Science, especially related to signaling theory and Resource Based Theory. In addition, this research is expected to provide benefits for automotive company managers in developing strategies that can improve financial performance and firm value, investors in automotive companies in making the right decisions in investing in automotive companies and the government in formulating policies related to automotive companies so that more investors invest in automotive companies. To test the hypothesis used Partial Least Square (PLS) analysis. The results of the hypothesis test show that: (1) the company's growth has a positive and insignificant effect on financial performance, (2) Intellectual Capital has a positive and significant effect on financial performance, (3) company growth has a positive and insignificant effect on firm value, (4) Intellectual Capital has a positive and insignificant effect on firm value, (5) financial performance has a positive and significant effect on firm value, (6) financial performance does not mediate the company's growth to the company's value and (7) financial performance mediates Intellectual Capital to the value of the company


Download data is not yet available.


Al-Musali, MA and KN I Ismail. 2016. Cross-Country Comparison Of Intellectual Capital Performance And Its

Impact On Financial Performance Of Commercial Banks In GCC Countries. International Journal of Islamic

and Middle Eastern Finance and Management 9 (4) : 512-531.

Andreeva, T. and Garanina. 2017. Intellectual Capital and Its Impact On The Financial Performance of Russian

Manufacturing Companies. Foresight And Sti Governance 11(1) : 31-40.

Anifowose, M., HMA Rashid, HA Annuar and Ibrahim. 2018. Intellectual Capital Efficiency And Corporate

Book Value: Evidence From Nigerian Economy. Journal of Intellectual Capital 19 (3): 644-668.

Batchimeg, Bayaraa . 2017. Financial Performance Determinants of Organizations: The Case of Mongolian

Companies . Journal of Competitiveness : 22-33.

Brigham, F.E and MC Ehrhardt. 201 9 . Financial Management Theory and Practice . 14th Edition. Cengag e

Chabachib, M., H. Hersugondo, E. Ardiana and ID Pamungkas. 2020. Analysis of Company Characteristics of s:

Profitability as Intervening Variables. International Journal of Financial Research 11 (1) :60-70

Chen, MC, SJ Cheng and Y. Wang. 2005. An Empirical Investigation of The Relationship Between Intellectual

Capital And Firms Market Value And Financial Performance. Journal of Intellectual Capital 6(2) : 159-176.

Chu, TTT, TH Nguyen and TQ Ngo. 2015. Analyzing Factors Influencing Financial Performance: The Case

Study Of Non Financial Listed Firms On Ho Chi Minh Stock Exchange. Journal of Economic Development

(1): 59-66

Clarke, M., D. Seng and RH Whiting. 2011. Intellectual Capital and Firm Performance in Australia. Journal of

Intellectual Capital 12(4) : 505-530.

Dang NH, PD Cuong and VTB Ha. 2019. Study the Impact of Growth, Firm Size, Capital Structure, and

Profitability on Enterprise Value: Evidence of Enterprises in Vietnam. The Journal Of Corporate Accounting

and Finance 30(1): 144-160.

Egbunike, CF and CU Okerekeoti. 2018. Macroeconomic Factors , Firm Characteristics And

Financial Performance . A Study Of Selected Quoted Manufacturing Firms In Nigeria. Asian Journal of

Accounting Research 3(2): 142- 168.

Fahimi, SM and H. Fakhari. 2017. The Mediating Effect Of Financial Performance On The Relationship

Between Intellectual Capital & Market Share: Evidence From the Tehran Stock Exchange. Risk Governance and

Control: Financial Markets And Institutions 7(4) : 153-162.

Ghozali, I and. H., Latin. 2014. Partial Least Squares: Concepts, Techniques and Applications Using the

SmartPLS3.0 Program . Second Edition. Diponegoro University. Semarang.

International Journal of Science, Technology & Management ISSN: 2722 - 4015

Hoang, TVH, NH Dang, MD Tran, TTV Vu and Quang. 2019. Determinants Influencing Financial Performance

Of Listed Firms: Quantile Regression Approach. Asian Economic and Financial Review 9(1): 78-90

Khusnah, H and M. Anuggraini. 2021. Mediation Effect of Financial Performance on The Influence of

Intellectual Capital on . Scientific Journal of Accounting and Finance 10(2) : 106-114.

M. Hedija, and V.R. fiala . 2016. Firm Size as a Determinant of Firm Performance: The Case of Swine Raising.

AGRIS On-line Papers in Economics and Informatics Prague 8(3): 77-89.

Lasisi, IO, CA Dikki, and J. Okpanachi. 2017. Empirical Determinant Of Firm 's Profitability: Evidence From

Listed Agricultural Companies In Nigeria. Journal of Management Sciences 15(8): 66-88.

Nimtrakoon, S. 2015. The Relationship Between Intellectual Capital , Firms' Market Value And Financial

Performance Empirical evidence from the ASEAN. Journal of Intellectual Capital 16 (3): 587-618.

Ongere, VO, and GB Kusa. 2013. Determinants of Financial Performance of Commercial Banks in Kenya.

International Journal Of Economics And Financial 3(1):237-252.

Pulic, A. 1998. Measuring Of Performance Of Intellectual Potential In Knowledge Economy. 2nd McMaster Word

Congress On Measuring And Managing Intellectual Capital, The Austrian Team For Intellectual Potential.

Rashid, M. Khalid , Niazi, AA Khan , Noreen, and Misbah . 2018. Impact of Intellectual Capital on Firms'

Market Value and Financial Performance: Empirical Evidence from Pakistan. NUML International Journal of

Business and Management Islamabad 13(1) :22-34.

Sardo, F., and Z. Serrasqueiro, Z. 2017. A European Empirical Study Of The Relationship Between Firms'

Intellectual Capital , Financial Performance And Market Value. Journal of Intellectual Capital 18(4) : 771–

Shah , Faiza Maqbool and MA Khalidi. Determinant of In Shariah Compliant Companies. Market Forces

Research Journal 15(1): 86-100

Singh, Kuldeep , Misra, Madhvendra , Kumar, Mohit , Tiwari and Vineet . 2019. A Study On The Determinants

Of Financial Performance Of US Agricultural Cooperatives. Journal of Business Economics and Management

Vilnius 20(4) : 633 - 647

Siti, B., R. Kusumawati and IN Khusniyah. 2020. The Financial Performance: Mediator Of Intellectual Capital

And The . Eurasia: Economics & Business 4(34) : 39-48

Subaida, I., Nurkholis and E. Mardiati, E. 2018. Effect Of Intellectual Capital And Intellectual Capital

Disclosure On. Journal of Applied Management 161 : 125-135.

Sucuachi, W., and JM Cambarihan. 2016. Influence Of Profitability to The of Diversified Companies in

Philippines. Accounting And Finance Research 5(2) : 149-153.

Sugosha, MJ and LGS Artini. 2020. The Role of Profitability in Mediating Company Ownership Structure and

Size of in the Pharmaceutical Industry on the Indonesia Stock Exchange. International Research Journal of

Management, IT And Social Sciences 7 (1) : 104-115.

Vu, TH, VDNguyen, MTHo, and QH Vuong. 2019. Determinants of Vietnamese Listed Firm Performance:

Competition, Wage, CEO, Firm Size, Age, and International Trade. Journal of Risk and Financial

Management , 12(2) : 62 -74 .

Winarto, Jacinta . 2015. The Determinants of Manufacturer in Indonesia Stock Exchange. Journal of

Information, Business and Management Chung Li 7(4) : 323-349.

How to Cite
Johanda Putri, I. A., Budiyanto, B., Triyonowati, T., & Ilham, I. (2023). Growth, Intellectual Capital, Financial Performance And Firm Value : Evidence From Indonesia Automotive Firms. International Journal of Science, Technology & Management, 4(1), 139-146.