Intellectual Capital, Corporate Governance, and Financial Performance: The Role of Company Life Cycle
Downloads
This research aims to investigate the impact of intellectual capital, board of directors, independent commissioners, and audit committee meetings on financial performance, with the company life cycle as a moderator. The company life cycle comprises the birth, growth, mature, shake-out, and decline stages. This research uses data from non-cyclical consumer companies listed on the Indonesia Stock Exchange (IDX) for the period from 2019 to 2022. In total, there are 300 observations. The data were then analyzed utilizing SPSS 23. The results of this research indicate that the board of directors and independent commissioners positively affect financial performance. Intellectual capital and audit committee meetings have no effect on financial performance. The company life cycle can moderate the influence of the board of directors and independent commissioners on financial performance. Meanwhile, the company life cycle cannot moderate the influence of the intellectual capital and audit committee meetings on financial performance.
Downloads
Al Farooque, O., Buachoom, W., & Sun, L. (2020). Board, audit committee, ownership and financial performance – emerging trends from Thailand. Pacific Accounting Review, 32(1), 54–81. https://doi.org/10.1108/PAR-10-2018-0079
Ashari, S., & Krismiaji, K. (2020). Audit committee characteristics and financial performance: Indonesian evidence. Equity, 22(2), 139–152. https://doi.org/10.34209/equ.v22i2.1326
Azis, S. N., & Habbe, A. H. (2019). Pengungkapan modal intelektual dan keuangan dalam kapitalisasi pasar dengan siklus hidup industri sebagai pemoderasi. Jurnal Akuntansi Dan Keuangan Indonesia, 16(1), 61–82. https://doi.org/10.21002/jaki.2019.04
Darwanto, & Chariri, A. (2019). Corporate governance and financial performance in Islamic banks: The role of the sharia supervisory board in multiple-layer management. Banks and Bank Systems, 14(4), 183–191. https://doi.org/10.21511/bbs.14(4).2019.17
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. Accounting Review, 86(6), 1969–1994. https://doi.org/10.2308/accr-10130
Esqueda, O. A., & O’Connor, T. (2020). Corporate governance and life cycles in emerging markets. Research in International Business and Finance, 51, 101077. https://doi.org/10.1016/j.ribaf.2019.101077
Hariadi, S., Putri, D. R., & Sugiono, D. (2022). Pengaruh good corporate governance & corporate social responsibility terhadap kinerja keuangan (The influence of GCG and CSR on financial performance). Akutansi Bisnis & Manajemen (ABM), 29(1), 29. https://doi.org/10.35606/jabm.v29i1.1022
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Nadila, D. L., & Annisa, A. A. (2021). Pengaruh GCG, intellectual capital, dan CAR terhadap kinerja keuangan dengan islamic social reporting sebagai variabel intervening. Al-Intaj : Jurnal Ekonomi Dan Perbankan Syariah, 7(2), 215. https://doi.org/10.29300/aij.v7i2.4634
Napitupulu, I. H., Situngkir, A., Basuki, F. H., & Nugroho, W. (2020). Optimizing good corporate governance mechanism to improve performance: Case in Indonesia’s manufacturing companies. Global Business Review, 46. https://doi.org/10.1177/0972150920919875
Nazari, J. A., & Herremans, I. M. (2007). Extended VAIC model: Measuring intellectual capital components. Journal of Intellectual Capital, 8(4), 595–609.
Olarewaju, O. M., & Msomi, T. S. (2021). Intellectual capital and financial performance of South African development community’s general insurance companies. Heliyon, 7(4), 1–10. https://doi.org/10.1016/j.heliyon.2021.e06712
Otoritas Jasa Keuangan. (2015). Peraturan OJK No.55/POJK.04/2015 Tentang Pembentukan dan Pedoman Pelaksanaan Kerja Komite Audit. In OJK. http://www.ojk.go.id/id/kanal/iknb/regulasi/lembaga-keuangan-mikro/peraturan-ojk/Documents/SAL-POJK PERIZINAN FINAL F.pdf
Parianti, P., Sahrir, S., & Syamsuddin, S. (2023). Pengaruh penerapan prinsip good corporate governance dalam meningkatkan kinerja karyawan. Owner, 7(3), 2225–2233. https://doi.org/10.33395/owner.v7i3.1425
PeiZhi, W., & Ramzan, M. (2020). Do corporate governance structure and capital structure matter for the performance of the firms? An empirical testing with the contemplation of outliers. PLoS ONE, 15(2), 1–25. https://doi.org/10.1371/journal.pone.0229157
Pramudityo, W. A., & Sofie. (2023). Pengaruh komite audit, dewan komisaris independen, dewan direksi dan kepemilikan institusional terhadap kinerja keuangan perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3873–3880. https://doi.org/10.25105/jet.v3i2.18026
Rahayu, D. Y., Kurniati, T., & Wahyuni, S. (2020). Analisa pengaruh intellectual capital, islamicity performance index dan corporate social responsibility terhadap profitabilitas bank umum syariah 2014-2018. Kompartemen: Jurnal Ilmiah Akuntansi, 18(2), 85–98. https://doi.org/10.30595/kompartemen.v18i2.7688
Rosada, A. (2021). The effect of good corporate governance implementation on Islamic Bank financial performance. Management Analysis Journal, 10(1), 55–61. https://doi.org/10.15294/maj.v10i1.44339
Saifi, M. (2019). Pengaruh corporate governance dan struktur kepemilikan terhadap kinerja keuangan perusahaan. Profit, 13(02), 1–11. https://doi.org/10.21776/ub.profit.2019.013.02.1
Soewarno, N., & Tjahjadi, B. (2020). Measures that matter: An empirical investigation of intellectual capital and financial performance of banking firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085–1106. https://doi.org/10.1108/JIC-09-2019-0225
Sofia, N. L., & Januarti, I. (2022). Influence of corporate governance on financial performance of companies. Jurnal Akuntansi, 26(3), 374–389. https://doi.org/10.24912/ja.v26i3.973
Ting, I. W. K., Ren, C., Chen, F. C., & Kweh, Q. L. (2020). Interpreting the dynamic performance effect of intellectual capital through a value-added-based perspective. Journal of Intellectual Capital, 21(3), 381–401. https://doi.org/10.1108/JIC-05-2019-0098
Ulum, I. (2015). Intellectual capital disclosure: Suatu analisis dengan four way numerical coding system. Jurnal Akuntansi & Auditing Indonesia, 19(1), 39–50. https://doi.org/10.20885/jaai.vol19.iss1.art4
Xu, J., Haris, M., & Liu, F. (2023). Intellectual capital efficiency and firms’ financial performance based on business life cycle. Journal of Intellectual Capital, 24(3), 653–682. https://doi.org/10.1108/JIC-12-2020-0383
Xu, J., & Li, J. (2019). The impact of intellectual capital on SMEs’ performance in China: Empirical evidence from non-high-tech vs. high-tech SMEs. Journal of Intellectual Capital, 20(4), 488–509. https://doi.org/10.1108/JIC-04-2018-0074
Copyright (c) 2026 Jurnal Economia
This work is licensed under a Creative Commons Attribution 4.0 International License.
