PENGARUH INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN (STUDI PADA SUB SEKTOR FOOD AND BEVERAGE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2010 – 2015)

DAFTAR ISI

HALAMAN PENGESAHAN .................................................................................................. i
HALAMAN PERNYATAAN................................................................................................... ii
ABSTRAK ................................................................................................................................. iii
ABSTRAK................................................................................................................................... iv
KATA PENGANTAR............................................................................................................... v
DAFTAR ISI.............................................................................................................................. x
DAFTAR TABEL ..................................................................................................................... xiv
DAFTAR GAMBAR................................................................................................................. xvi
DAFTAR GRAFIK ................................................................................................................... xvii
DAFTAR LAMPIRAN ............................................................................................................xviii
BAB I PENDAHULUAN
1.1. Latar Belakang................................................................................................................ 1
1.2. Identifikasi Masalah ....................................................................................................... 17
1.3. Tujuan Penelitian............................................................................................................ 17
1.4. Manfaat Penelitian.......................................................................................................... 18
1.5. Sistematika Skripsi ......................................................................................................... 19

BAB II TINJAUAN PUSTAKA
2.1. Landasan Teori............................................................................................................... 20

2.1.1. Stakeholder Theory .............................................................................................. 20
2.1.2. Legitimacy Theory................................................................................................ 22
2.1.3. The Resorce-Based TheoryI (RBT)...................................................................... 23
2.1.4. Knowledge-Based Theory (KBT)......................................................................... 26
2.1.5. Intellectual Capital .............................................................................................. 27
2.1.6. Komponen Intellectual Capital............................................................................ 30
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2.1.7. Value Added Intellectual Capital ......................................................................... 33
2.1.8. Nilai Perusahaan................................................................................................... 37
2.2. Kajian Penelitian Sebelumnya ...................................................................................... 40
2.3. Kerangka Pemikiran...................................................................................................... 44
2.3.1. Pengaruh Value Added Capital Employed (VACA) Terhadap Nilai
Perusahaan.......................................................................................................................
2.3.2. Pengaruh Value Added Human Capital (VAHU) Terhadap Nilai
Perusahaan.......................................................................................................................
2.3.3. Pengaruh Structural Capital Value Added (STVA) Terhadap Nilai
Perusahaan.......................................................................................................................
2.3.4. Pengaruh Intellectual Capital Terhadap Nilai Perusahaan .................................. 47
2.4. Hipotesis Penelitian....................................................................................................... 50

BAB III OBJEK DAN METODE PENELITIAN
3.1. Objek Penelitian ............................................................................................................ 52
3.2. Unit Analisis ................................................................................................................. 52
3.3. Populasi dan Sampel ..................................................................................................... 53
3.3.1. Populasi ................................................................................................................ 53
3.3.2. Sampel.................................................................................................................. 54
3.4. Jenis dan Sumber Data .................................................................................................. 56
3.5. Teknik Pengumpulan Data............................................................................................ 56
3.6. Operasionalisasi Data.................................................................................................... 57
3.6.1. Variabel Independen ............................................................................................ 57
3.6.2. Variabel Dependen............................................................................................... 60
3.7. Metode Analisis ............................................................................................................ 62
3.7.1. Metode Penelitian yang Digunakan ..................................................................... 62
3.7.2. Analisis Data Statistika ........................................................................................ 63
3.7.2.1. Statistika Deskriptif.................................................................................. 63
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3.7.3. Pengujian Asumsi Klasik ..................................................................................... 63
3.7.3.1. Uji Normalitas.......................................................................................... 64

3.7.3.2. Uji Autokorelasi ....................................................................................... 64
3.7.3.3. Uji Heterokedastisitas .............................................................................. 65
3.7.3.4. Uji Multikolonieritas................................................................................ 66
3.7.4 Analisis Korelasi dan Koefisien Determinasi (R2) ................................................ 66
3.7.5. . Metode Analisis Regresi Berganda.................................................................... 68
3.7.5.1. Pengujian Hipotesis.................................................................................. 71

BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1. Deskriptif Variabel Penelitian....................................................................................... 74
4.2. Analisis Data ................................................................................................................. 75
4.2.1. Analisis Statistika Deskriptif ............................................................................... 75
4.2.2. Pengujian Asumsi Klasik ..................................................................................... 76
4.2.2.1. Uji Normalitas ........................................................................................ 76
4.2.2.2. Uji Autokorelasi ..................................................................................... 78
4.2.2.3. Uji Heteroskedastisitas ........................................................................... 80
4.2.2.4. Uji Multikolonieritas .............................................................................. 82
4.3. Analisis Korelasi Berganda ......................................................................................... 83
4.3.1. Koefisien Determinasi.......................................................................................... 84
4.3.2. Uji Regresi Berganda ........................................................................................... 85
4.4.3. Uji t ...................................................................................................................... 88

4.4.3.1. Pembahasan........................................................................................... 90
4.4.3.1.1.

Pengaruh Value Added Capital Employed
(VACA) Terhadap Nilai Perusahaan ...................................... 90

4.4.3.1.2. Pengaruh Value Added Human Capital (VAHU)
Terhadap Nilai Perusahaan..................................................... 91

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4.4.3.1.3.

Pengaruh Structural Capital Value Added
(STVA) Terhadap Nilai Perusahaan....................................... 93

4.4.3.1.4.

Pengaruh Intellectual Capital Terhadap Nilai
Perusahaan .............................................................................. 94

BAB V KESIMPULAN DAN SARAN
5.1. Kesimpulan ................................................................................................................ 96
5.2. Saran............................................................................................................................ 97

DAFTAR PUSTAKA ............................................................................................................... 99
LAMPIRAN .............................................................................................................................. 105

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DAFTAR TABEL

Tabel 1.1

Rata-rata Pertumbuhan Industri Manufaktur Tahun 2010 – 2014 ........................ 10

Tabel 1.2

Perkembangan Nilai Perusahaan (PBV) Pada Perusahaan Sub Sektor
Food and Beverage di BEI Tahun 2010 – 2015................................................... 13

Tabel 1.3

Value Added Capital Employed (VACA), Value Added Human
Capital (VAHU), Structural Value Added Capital (STVA), dan
Nilai Perusahaan Pada Perusahaan Sub Sektor Food and Beverage
di BEI Tahun 2010 – 2015 ................................................................................... 14

Tabel 2.1

Perbandingan Konsep IC Menurut Beberapa Peneliti .......................................... 28

Tabel 2.2

Klasifikasi Intellectual Capital ............................................................................. 31

Tabel 2.3

Penelitian Terdahulu Tentang Intellectual Capital............................................... 41

Tabel 3.1

Daftar Perusahaan Sektor Industri Food and Beverage Yang
Terdaftar di Bursa Efek Indonesia (BEI) ........................................................... 53
Operasionalisasi Variabel .................................................................................... 61
Pengambilan Keputusan Ada Tidaknya Autokorelasi .......................................... 65
Interpretasi Kofisien Korelasi Nilai r.................................................................... 67
Hasil Analisis Statistika Deskriptif Data Penelitian ............................................. 75
Hasil Uji Normalitas/ One-Sample Kolmogorov-Smirnov Test Data
Variabel VACA, VAHU, STVA, VAIC dan Nilai Perusahaan pada
Perusahaan Food And Beverage Periode 2010-2015 ........................................... 77
Hasil Uji Normalitas/ One-Sample Kolmogorov-Smirnov Test Data
Variabel VACA, VAHU, STVA, VAIC dan Nilai Perusahaan pada
Perusahaan Food And Beverage Periode 2010-2015 Setelah di
Transformasikan Ln.............................................................................................. 78
Hasil Uji Autokorelasi/Model Summary Data Variabel VACA,
VAHU, STVA, VAIC dan Nilai Perusahaan pada Perusahaan Food
And Beverage Periode 2010-2015 ........................................................................ 79
Hasil Heterokedatisitas/Coefficients Data Variabel VACA, VAHU,
STVA, VAIC dan Nilai Perusahaan pada Perusahaa F&B Periode

2010-2015............................................................................................................. 81
Uji Multikorelasi/Coefficients Data Variabel VACA, VAHU,
STVA, VAIC dan Nilai Perusahaan pada Perusahaan Food And
Beverage Periode 2010-2015................................................................................ 82

Tabel 3.2
Tabel 3.3
Tabel 3.4
Tabel 4.1
Tabel 4.2

Tabel 4.3

Tabel 4.4

Tabel 4.5

Tabel 4.6

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Tabel 4.7

Tabel 4.8

Tabel 4.9

Tabel 4.10

Hasil Uji Analisis Korelasi Berganda Hubungan Variabel VACA,
VAHU, STVA, VAIC dan Nilai Perusahaan pada Perusahaan Food
And Beverage Periode 2010-2015 ........................................................................ 83
Hasil Uji Regresi Berganda/Coefficients Data Variabel VACA,
VAHU, STVA, VAIC dan Nilai Perusahaan pada Perusahaan Food
And Beverage Periode 2010-2015 ........................................................................ 85
Hasil Analisis Uji F Data Variabel VACA, VAHU, STVA, VAIC
dan Nilai Perusahaan pada Perusahaan Food And Beverage Periode
2010-2015............................................................................................................. 86
Hasil Analisis Uji t................................................................................................ 89

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DAFTAR GAMBAR

Gambar 1.1

Value Added Capital Employed (VACA), Value Added Human
Capital (VAHU), Structural Value Added (STVA), dan Nilai
Perusahaan Pada Perusahaan Sub Sektor Food and Beverage di
BEI Tahun 2010 – 2015 ...................................................................................... 15

Gambar 2.1

Kerangka Pemikiran............................................................................................ 49

Gambar 2.2

Model Penelitian ................................................................................................. 50

Gambar 3.1

Daerah Penerimaan dan Penolakan Uji F............................................................ 71

Gambar 3.2

Daerah Penerimaan dan Penolakan Uji t............................................................. 73

Gambar 4.1

Uji Heteroskedastisitas........................................................................................ 81

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DAFTAR GRAFIK

Grafik 1.1

Grafik Perkembangan Nilai Perusahaan (PBV) Pada Perusahaan
Sub Sektor Food and Beverage di BEI Tahun 2010 – 2015 ................................ 13

Grafik 1.2

Gambaran Value Added Capital Employed (VACA), Value Added
Human Capital (VAHU), Structural Value Added Capital (STVA),
dan Nilai Perusahaan Pada Perusahaan Sub Sektor Food and
Beverage di BEI Tahun 2010 – 2015 ................................................................... 15

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DAFTAR LAMPIRAN

Lampiran 1

: Sampel Perusahaan

Lampiran 2

: Tabulasi Data Penelitian

Lampiran 3

: Hasil Output SPSS

Lampiran 4

: Tabel Statistika

Lampiran 5

: Kartu Bimbingan

Lampiran 6

: Riwayat Hidup

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