Artikel Ilmiah : C1C019053 a.n. IZZA MUSTHOLIH AL AMIN
| NIM | C1C019053 |
|---|---|
| Namamhs | IZZA MUSTHOLIH AL AMIN |
| Judul Artikel | Peranan Modal Intelektual, Kemampuan Membayar Jangka Pendek, dan Keberadaan Komite Audit terhadap Kinerja Keuangan Perusahaan |
| Abstrak (Bhs. Indonesia) | Penelitian ini bertujuan untuk menganalisis dan membuktikan secara empiris peranan Modal Intelektual (Value Added Intellectual Coefficient / VAIC™), Likuiditas multidimensi, dan Komite Audit terhadap Kinerja Keuangan yang diproksikan melalui Return on Assets (ROA), dengan mengintegrasikan Ukuran Perusahaan (Firm Size) sebagai variabel kontrol pada perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode pengamatan pasca-pandemi tahun 2022 sampai dengan 2024. Urgensi penelitian ini dilandasi oleh dinamika pergeseran paradigma akuntansi dari berbasis tradisional (physical/labor-based) menuju pengelolaan berbasis pengetahuan (knowledge-based economy), serta kebutuhan restrukturisasi modal kerja operasional pasca-pandemi akibat volatilitas rantai pasok global dan inflasi logistik. Kebaharuan (novelty) penelitian ini terletak pada integrasi multiteori komprehensif yaitu Resource-Based View (RBV), perluasan Liquidity Trade-off Theory dalam menjelaskan transformasi peran aset likuid pada era pemulihan ekonomi, dan Agency Theory. Populasi penelitian ini mencakup 228 perusahaan manufaktur yang terdaftar di BEI. Melalui teknik purposive sampling berdasarkan kriteria penyaringan laporan keuangan auditan berdenominasi Rupiah dan non-delisting secara konsisten, diperoleh sampel sebanyak 125 perusahaan dengan total 375 unit pengamatan (125 perusahaan × 3 tahun). Guna mengantisipasi keberadaan data ekstrem tanpa mengorbankan jumlah observasi (N = 375), penelitian ini mengimplementasikan teknik penanganan outlier berupa Winsorizing (persentase penyesuaian 0,00% hingga 2,67%). Variabel Modal Intelektual diproksikan melalui model VAIC™ yang terdiri atas VACA, VAHU, dan STVA. Variabel Likuiditas diukur secara multidimensi meliputi Current Ratio, Cash Ratio, dan Days Sales of Inventory (DSI). Variabel Komite Audit diakomodasi melalui sistem scoring indeks efektivitas tata kelola (skala 0–4) berbasis Peraturan OJK No. 55/POJK.04/2015. Pengujian hipotesis dan pemodelan struktural dilakukan dengan pendekatan Partial Least Squares - Structural Equation Modeling (PLS-SEM) menggunakan perangkat lunak SmartPLS 4 melalui prosedur resampling bootstrapping 5.000 sub-sampel pada tingkat signifikansi alpha = 5% (one-tailed). Hasil evaluasi model pengukuran (outer model) menunjukkan seluruh indikator valid dan bebas dari masalah multikolinearitas (Outer VIF < 5,0). Pada evaluasi model struktural (inner model), diperoleh nilai Koefisien Determinasi (R²) sebesar 0,395 (R² Adjusted = 0,388), yang mengindikasikan bahwa sebesar 39,5% variansi Kinerja Keuangan (ROA) perusahaan manufaktur dapat dijelaskan oleh kombinasi Modal Intelektual, Likuiditas, Komite Audit, dan Ukuran Perusahaan, sedangkan sisanya 60,5% dipengaruhi oleh faktor lain di luar model. Nilai Q² Predict sebesar 0,399 (Q² > 0) membuktikan bahwa model memiliki kapasitas prediktif yang sangat kuat. Berdasarkan pengujian hipotesis, diperoleh hasil sebagai berikut: (1) Modal Intelektual (VAIC™) terbukti berpengaruh positif dan signifikan terhadap Kinerja Keuangan / ROA (β = 0,513; T-statistic = 8,734; p-value = 0,000) serta memberikan dampak kontribusi praktis berskala besar (f² = 0,355). Temuan ini mengonfirmasi preseden Resource-Based View (RBV), di mana pilar efisiensi modal manusia (VAHU dengan outer loading 0,913) menjadi kontributor paling dominan dalam memicu inovasi operasional, menekan pemborosan, dan mendongkrak profitabilitas total aset. (2) Likuiditas terbukti berpengaruh positif dan signifikan terhadap Kinerja Keuangan / ROA (β = 0,229; T-statistic = 5,606; p-value = 0,000) dengan dampak efek sedang (f² = 0,085). Meskipun meruntuhkan dugaan awal pada Hipotesis Kedua (H2) yang memprediksikan arah hubungan negatif, temuan ini secara kuat melahirkan sintesis kebaharuan (novelty) terkait perluasan Liquidity Trade-off Theory pada periode pemulihan pasca-pandemi (2022–2024). Penahanan aset likuid (didorong oleh Cash Ratio dengan outer loading 0,793 dan DSI dengan outer loading 0,634) bertransformasi dari sekadar aset pasif yang memikul biaya kesempatan (cost of carry) menjadi operational safety buffer (penyangga keselamatan operasional) yang strategis untuk meredam dampak disrupsi rantai pasok dan mengamankan potongan harga tunai pemasok. (3) Komite Audit terbukti tidak berpengaruh terhadap Kinerja Keuangan / ROA (β = -0,011; T-statistic = 0,298; p-value = 0,383) dan tidak memiliki dampak fungsional langsung (f² = 0,000), sehingga Hipotesis Ketiga (H3) ditolak. Dalam perspektif Agency Theory, hasil ini mengisyaratkan bahwa implementasi tata kelola komite audit pada emiten manufaktur di Indonesia masih cenderung bersifat pemenuhan kewajiban regulasi formal belaka (formalistic compliance) yang berfokus pada pengawasan administratif laporan keuangan, namun tidak berintervensi langsung dalam keputusan strategis operasional pemicu pendapatan. (4) Ukuran Perusahaan (Firm Size) sebagai variabel kontrol terbukti berpengaruh positif dan signifikan terhadap ROA (β = 0,084; T-statistic = 1,855; p-value = 0,032), yang secara efektif menetralisir bias heterogenitas skala modal antar sampel. Implikasi teoritis dari penelitian ini memperkokoh preseden RBV serta memperluas jangkauan Liquidity Trade-off Theory, di mana pada kondisi ekonomi bergejolak, manfaat marjinal pemeliharaan likuiditas sebagai penyangga operasional terbukti jauh melampaui biaya marjinalnya. Implikasi praktis bagi manajemen perusahaan manufaktur adalah perlunya mentransformasi orientasi bisnis menuju pengelolaan berbasis pengetahuan (knowledge-based) dengan memprioritaskan investasi modal manusia (VAHU) serta menerapkan kebijakan modal kerja yang fleksibel dengan mempertahankan tingkat likuiditas optimal. Bagi investor, disarankan untuk mengevaluasi efisiensi aset tak berwujud melalui indikator VAIC™ dan menilai ketersediaan kas sebagai indikator ketahanan entitas. Bagi regulator (OJK dan BEI), dianjurkan untuk mengevaluasi efektivitas regulasi POJK No. 55/POJK.04/2015 agar penataan komite audit tidak sekadar berfokus pada pemenuhan syarat administratif kuantitatif, melainkan mendorong peran pengawasan yang lebih substantif pada mitigasi risiko operasional. |
| Abtrak (Bhs. Inggris) | This study is titled "The Role of Intellectual Capital, Ability to Pay Short-Term Obligations, and Existence of Audit Committee on Corporate Financial Performance". The main problem underlying this research is the paradigm shift in business accounting from traditional labor-intensive approaches to a knowledge-based economy, along with the post-pandemic business environment uncertainties during the 2022 to 2024 period. The manufacturing sector faced global supply chain disruptions, raw material price volatility, and logistics inflation, which required efficient operational working capital management and substantive corporate governance alignment. Furthermore, inconsistent empirical findings regarding the effectiveness of intellectual capital, liquidity policies, and audit committee roles created a research gap that urgently needed re-examination. Based on these problems, the objective of this study is to analyze and empirically prove the influence of Intellectual Capital, Liquidity, and Audit Committee on the Financial Performance of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period, integrating Firm Size as a control variable. The research methodology employs a quantitative approach with a causal associative design. The study population consists of all 228 manufacturing companies listed on the IDX during 2022–2024. The sampling technique utilized purposive sampling with criteria including companies consistently publishing IDR-denominated audited financial statements and avoiding delisting, resulting in a sample of 125 companies with a total of 375 observation units over the 3-year observation period. To resolve extreme data outliers without reducing observation count, a Winsorizing procedure was implemented (0.00% to 2.67% adjustment). Financial Performance as the dependent variable was proxied by Return on Assets (ROA). Intellectual Capital as an independent variable was proxied through the Value Added Intellectual Coefficient (VAIC^TM), comprising human capital efficiency, structural capital efficiency, and capital employed efficiency. Liquidity was measured multidimensionally using Current Ratio, Cash Ratio, and Days Sales of Inventory (DSI). The Audit Committee variable was measured using a governance effectiveness scoring index (0–4 scale) based on size, independence, financial expertise, and meeting frequency criteria. The control variable, Firm Size, was measured via the natural logarithm of total assets. Data analysis was conducted using Partial Least Squares - Structural Equation Modeling (PLS-SEM) via SmartPLS 4 software with a 5,000-subsample bootstrapping resampling procedure at a 5% significance level (one-tailed). Outer model evaluation results confirmed that all research indicators were valid and free from multicollinearity (Outer VIF less than 5.0). In the inner model evaluation, a coefficient of determination (R^2) of 0.395 indicated that 39.5% of the variance in Financial Performance (ROA) could be explained by Intellectual Capital, Liquidity, Audit Committee, and Firm Size, while the remaining 60.5% was explained by factors outside the model. A Q^2 " Predict" value of 0.399 proved that the research model possessed strong predictive capacity. Specific hypothesis testing results showed that: (1) Intellectual Capital had a positive and significant effect on Financial Performance (path coefficient = 0.513; T-statistic = 8.734; P-value = 0.000) with a large practical effect size (f^2=0.355), where human capital efficiency served as the most dominant contributor in driving asset profitability. (2) Liquidity had a positive and significant effect on Financial Performance (path coefficient = 0.229; T-statistic = 5.606; P-value = 0.000) with a moderate effect size (f^2=0.085). This finding rejected the initial assumption of a negative relationship and generated a novelty that holding liquid assets post-pandemic transformed from passive assets bearing opportunity costs into a strategic operational safety buffer mitigating supply chain disruptions. (3) Audit Committee had no effect on Financial Performance (path coefficient = -0.011; T-statistic = 0.298; P-value = 0.383) and had no direct functional impact (f^2=0.000), indicating that the audit committee monitoring function in manufacturing issuers was still largely driven by mere formal administrative compliance with governance regulations. (4) Firm Size as a control variable had a positive and significant effect on ROA (path coefficient = 0.084; T-statistic = 1.855; P-value = 0.032), effectively neutralizing potential biases caused by asset scale heterogeneity across entities. The implications of these findings are divided into theoretical and practical implications. Theoretically, this study reinforces the Resource-Based View regarding the importance of intangible assets in creating competitive advantage, and extends the Liquidity Trade-off Theory by proving that under high environmental uncertainty, the marginal benefit of holding liquidity as an operational safety buffer far outweighs its marginal cost. Additionally, it offers a critical evaluation of Agency Theory regarding governance formalisms. Practically, corporate management in manufacturing is advised to transform business strategies toward knowledge-based management by prioritizing human capital development budgets and adopting flexible working capital policies that maintain optimal liquidity levels to ensure manufacturing continuity. For investors and market analysts, it is recommended to shift evaluation focus from tangible assets alone toward evaluating intellectual capital efficiency and cash adequacy before making investment decisions. For regulators, the study provides insights to evaluate audit committee regulations so that corporate governance oversight moves beyond quantitative administrative criteria toward substantive operational risk management. |
| Kata kunci | Kinerja Keuangan, Return on Assets, Modal Intelektual, Likuiditas, Komite Audit, Operational Safety Buffer, Ukuran Perusahaan. |
| Pembimbing 1 | Dr. Hijroh Rokhayati, S.E, M.Si., Ak. |
| Pembimbing 2 | |
| Pembimbing 3 | |
| Tahun | 2026 |
| Jumlah Halaman | 147 |
| Tgl. Entri | 2026-08-05 15:55:02.385627 |