智力资本与企业财务绩效外文翻译文献

文献信息：文献标题：AnEmpiricalResearchontheRelationshipbetweenIntellectualCapitalandCorporateFinancialPerformanceonIndonesianListedCompanies（印尼上市公司智力资本与企业财务绩效之间的关系的实证研究）国外作者：DominiqueRazafindrambinina，TalitaAnggreni文献出处：《InternationalConferenceonaccountingandbusiness》,2008,1263(32):590-594字数统计：英文2555单词，14475字符；中文4389汉字外文文献：AnEmpiricalResearchontheRelationshipbetweenIntellectualCapitalandCorporateFinancialPerformanceonIndonesianListedCompaniesAbstractThemainfocusoftheresearchistoinvestigatetherelationshipbetweenIntellectualCapitalandCorporateFinancialPerformanceofIndonesianlistedcompanies.IntellectualCapital(IC)hasgainedinimportanceandhasbeenincreasinglyviewedasasignificantcontributortotheprocessofvalue-creationincorporations(Sullivan,2000).Unlikefinancialandphysicalassets,intangibleassetsaredifficulttoemulate,whichmakesthemapowerfulsourceofcompetitiveadvantage.ThestudyusesdatafromconsumergoodsfirmslistedontheJakartaStockExchange.Pulic’sValueAddedIntellectualCoefficient(VAIC)modelisutilizedastheefficiencymeasureofcapitalemployed,humancapitalandstructuralcapital.Theregressionmodelsexploretherelationshipbetweenintellectualcapitalanditscontributiontothefinancialperformanceoffirmsinbothcurrentandfutureyears.TheresearchrevealsthatIntellectualCapitaldoescontributetothefinancialperformance,withtheexceptionofrevenuegrowth,ofconsumergoodsfirmsinIndonesia.Furthermore,findingssuggestthatfutureperformanceisalsoaffectedbythelevelofintellectualcapital.Finally,evidenceispresentedthatphysical/financialcapitalandstructuralcapitalarethemostsignificantunderlyingdriversofcorporateperformance.Althoughinsignificant,humancapitalhasapositiveandconsistentroleinrevenuegrowth.Increatingcorporatevalue,Indonesianinvestorsputlessweightonintellectualcapitalpotential.Improvementinunderstandingtheimportanceofintellectualcapitalintheregion,especiallyinIndonesia,couldbringinmoreadvantagesforitseconomyandreinforcethecompetitivenessoftheregionasawholeintermsofattractingmoreinvestments.Keywords：IntellectualCapital,FinancialPerformance,ConsumerGoods,JakartaStockExchange,IndonesiaIntroductionOverthelastdecade,IntellectualCapital(IC)hasgainedinimportance.IChasbeenincreasinglyviewedasasignificantcontributortotheprocessofvalue-creationincorporations(Sullivan,2000),andalsototheirperformance.Inthenew“knowledge-based”economythatstartedtodevelopinthe1990s(Williams,2000),intellectualcapital,ratherthanphysicalcapital,hasbecomethekeyfactorofafirm’spotentialfutureperformanceandsuccess.Unlikefinancialandphysicalassets,intangibleassetsarehardtoemulatebycompetitors,whichmakesthemapowerfulsourceofcompetitiveadvantage.Intellectualcapitalisgenerallyconsideredtobeavitalstrategicasset(Mouritsen,1988).Thisqualificationofintellectualcapitalasastrategicassetrestsonapotentiallinkbetweenintellectualcapitalandfirmperformance.Empiricalresearchfindingsvaryamongcountriesduetodifferencesineconomic,political,legal,social,andculturalfactors.(FirerandWilliams2003),(Belkaoui,2003),(Chenetal.2005;Shiu,2006),(Zhangetal.2006),(Tanetal.2007).ResearchonintellectualcapitalandhowitaffectstheprofitabilityofIndonesiancompaniesissignificantbecausenotonlydothesecompaniescompeteamongstthemselves,butwithforeigncompaniesaswell.Clearly,Indonesianorganizationsmusthaveastrategytocompeteandsurviveinsuchadynamicinternationalenvironment.OnewayfortheseIndonesianorganizationstogaincompetitiveadvantageistomanagetheirintellectualcapital.ThispaperaimstostudywhethertheintellectualcapitalofIndonesiancorporationsrelatestotheirfinancialperformance.Thesampleusedcomprises36consumergoodscompanieslistedontheJakartaStockExchangebetween2003and2006.TheValueAddedIntellectualCoefficient(VAIC™)developedbyPulic(1998)isemployedasanextentmeasureofintellectualcapital.Thecorporateperformanceofthecompanieswillbemeasuredbyfourratios:ReturnonAssets(ROA),AssetTurnover(ATO),RevenueGrowth(RG),andOperatingCashFlowratio(OCF).Thecontributionofthisresearchrelatestonumerousgroups.ThestudycontributestothedevelopmentofliteratureandstudiesonintellectualcapitalbyfocusinginIndonesia,adevelopingcountry.Previousstudiesonintellectualcapitalhavemostlyfocusedonbusinessesindevelopedcountries.Fortheorganizations,theresultsmayincreasetheirawarenessoftheimportanceandadvantagesofeffectiveintellectualcapitalmanagementwithinanorganization.Also,accountingregulatorsoftheIndonesianbusinessenvironmentcanmakeuseoffindingstodeterminepossiblenecessarychangestopresentpoliciesthatwillsupportdevelopingthegroundworkofthenation’sintellectualcapital.FindingscanhelpinvestorstogainabetterunderstandingofthechangestakingplaceinIndonesianbusinessesandtoknowwhattolookforinacompany.Academically,thisstudyprovidesabasisforfurtherresearchregardingintellectualcapitalbylocalaswellasinternationalacademics.Therefore,moreknowledgeonintellectualcapitalmaybeobtainedanddistributedwithintheacademiccommunity.Theremainderofthispaperisorganizedasfollows.Sectiontwointroducestheliteraturereviewofthetheoreticalfoundationsonintellectualcapital.TheresearchmethodusedinthestudyisoutlinedinSectionthre