INTELLECTUAL CAPITAL PERFORMANCE: EVIDENCE FROM TOURISM AND HOSPITALITY INDUSTRY
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Published:
Jun 28, 2022
Keywords:
financial performance; intellectual capital; tourism and hospitality industry
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Abstract
The purpose of this study was to determine the impact of intellectual capital on financial performance in Indonesia's hotel, restaurant, and tourism industries between 2018 and 2020. Annual reports from www.idx.co.id for the years 2018 until 2020 were used as secondary data. The sampling method was purposive sasmpling, while the measurement of human capital using VAIC. As a result, the multiple linear regression analysis finds that structural and human capital employed have an effect on financial performance while human capital does not. Based on the analysis result, we can conclude that tourism and hospitality businesses should determine the strategic role of strategic resources within the organization, particularly intellectual capital, during COVID-19. This is bolstered by the hotel, restaurant, and tourism industries, all of which rely heavily on intangible assets.
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Angkasaputra, C. O., Aditya, A. A., & Azizah, N. (2022). INTELLECTUAL CAPITAL PERFORMANCE: EVIDENCE FROM TOURISM AND HOSPITALITY INDUSTRY. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 5(1), 49-60. https://doi.org/10.29303/akurasi.v5i1.138
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References
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Borghouts–van de Pas, I., Bosmans, M., & Freese, C. (2021). Unemployment prevention: The role of Human Resource Management in job-to-job transitions in the event of redundancy. European Journal of Social Security, 23(2). https://doi.org/103-119. 10.1177/1388262721995209
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Dahash, Q. M., & Al-Dirawi, A. N. M. (2018). Investment in intellectual capital and achievement of the competitive advantage in hotel sector. Management Science Letters, 8(7), 795–804. https://doi.org/10.5267/j.msl.2018.5.007
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Khalique, M., Hina, K., Ramayah, T., & Shaari, J. A. N. bin. (2020). Intellectual capital in tourism SMEs in Azad Jammu and Kashmir, Pakistan. Journal of Intellectual Capital, 21(3), 333–355. https://doi.org/10.1108/JIC-11-2018-0206
Kim, T. (Terry), Yoo, J. J. E., & Lee, G. (2011). Measuring intellectual capital in the hotel industry. Service Industries Journal, 31(13), 2243–2272. https://doi.org/10.1080/02642069.2010.504817
Maji, S. G., & Goswami, M. (2017). Intellectual capital and firm performance in India: A comparative study between original and modified value added intellectual coefficient model. International Journal of Learning and Intellectual Capital, 14(1), 76–89. https://doi.org/10.1504/IJLIC.2017.080645
Melani, E. (2015). Reaksi Investor Atas Kinerja Intellectual Capital Pada Industri
Perbankan Indonesia. Jurnal Riset Aplikasi Akuntansi dan Manajemen, 1(1),
21. https://doi.org/10.18382/jraam.v1i1.10
Nadeem, M., Gan, C., & Cuong, N. (2017). The Importance of Intellectual Capital for Firm Performance: Evidence from Australia. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3001537
Ognjanović, J. (2017). Relations of intellectual capital components in hotel companies. Industrija, 45(2), 181-196.
Omerzel, D. G., & Jurdanab, D. S. (2016). The influence of intellectual capital on innovativeness and growth in tourism SMEs: Empirical evidence from Slovenia and Croatia. Economic Research-Ekonomska Istrazivanja, 29(1), 1075–1090. https://doi.org/10.1080/1331677X.2016.1211946
Pulic, A. (2000). Basic information on VAIC. Retrieved from www.vaic-on.net
Pulic, A. (2004). Intellectual capital – does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757
Purnomosidhi, B. (2005). Analisis Empiris Terhadap Determinan Praktik
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(Telaah Ekonomi, Manajemen, dan Akuntansi), 6(2), 87-99.
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Rabbi, C. P. A. (2021, July 26). Omzet bisnis Restoran Anjlok 90% Terdampak PPKM level 4. Retrieved from https://katadata.co.id/maesaroh/berita/60fe82a03f60c/omzet-bisnis-restoran-anjlok-90-terdampak-ppkm-level-4.
Rosidin, I. (2021, March 4). Setahun Pandemi COVID-19, Pariwisata Bali Porak-poranda, Mampukah Kembali Bangkit? Retrieved from https://regional.kompas.com/read/2021/03/05/052000478/setahun-pandemi-covid-19-pariwisata-bali-porak-poranda-mampukah-kembali?page=all.
Sardo, F., Serrasqueiro, Z., & Alves, H. (2018). On the relationship between intellectual capital and financial performance: A panel data analysis on SME hotels. International Journal of Hospitality Management, 75(January), 67–74. https://doi.org/10.1016/j.ijhm.2018.03.001
Silva, M. D. L., Costa, V., & Loureiro, P. (2021). Intellectual capital and financial performance of portuguese tourism sector. Journal of Tourism and Development, 2021(36), 81–91. https://doi.org/10.34624/rtd.v1i36.9101
Silva, M. D. L., Costa, V., & Loureiro, P. (2021). Intellectual capital and financial performance of portuguese tourism sector. Journal of Tourism and Development, 2021(36), 81–91. https://doi.org/10.34624/rtd.v1i36.9101
Simanjuntak, M., Setiawan, A., -, N., Abdillah, L. A., Mistriani, N., Simarmata, J., Tjahjana, D., Sari, O. H., Banjarnahor, A. R., Triharjono, B. A., Purba, B., & Yendrianof, D. (2021). Pemasaran Digital Pariwisata Indonesia. Medan: Yayasan Kita Menulis.
Singh, M. K., & Neog, Y. (2020). Contagion effect of COVID-19 outbreak: Another recipe for disaster on Indian economy. Journal of Public Affairs, 20(4), 1–8. https://doi.org/10.1002/pa.2171
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
Stewart, T.A. (1997). Intellectual Capital: The New Wealth of Organizations. New
York: Doubleday.
Sullivan, P. H. (1998). Profiting from intellectual capital: Extracting value from
innovation. Toronto: John Wiley & Sons Inc
Ulum, I. (2017). Intellectual Capital: Model Pengukuran, Framework
Pengungkapan dan Kinerja Organisasi. Malang: UMM Press.
Warmayana, I. G. A. K. (2018). Pemanfaatan digital marketing dalam promosi pariwisata pada era industri 4.0. Pariwisata Budaya: Jurnal Ilmiah Agama Dan Budaya, 3(2), 81-92. https://doi.org/10.25078/pba.v3i2.649
Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management
Journal, 5(2), 171–80.
Wiradinata, J., & Siregar, B. (2011). Pengaruh Modal Intelektual Terhadap Kinerja Keuangan Pada Perusahaan Sektor Keuangan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Akuntansi & Manajemen, 22(2), 107-124.
Xu, J., & Liu, F. (2020). The impact of intellectual capital on firm performance: A modified and extended vaic model. Journal of Competitiveness, 12(1), 161–176. https://doi.org/10.7441/joc.2020.01.10
Yarovaya, L., Mirza, N., Abaidi, J., & Hasnaoui, A. (2021). Human Capital efficiency and equity funds’ performance during the COVID-19 pandemic. International Review of Economics and Finance, 71, 584–591. https://doi.org/10.1016/j.iref.2020.09.017
Zhong, Y., Li, Y., Ding, J., & Liao, Y. (2021). Risk Management: Exploring Emerging Human Resource Issues during the COVID-19 Pandemic. Journal of Risk and Financial Management, 14(5), 228. https://doi.org/10.3390/jrfm14050228
Asiaei, K., & Jusoh, R. (2015). A multidimensional view of intellectual capital: the impact on organizational performance. Management Decision, 53(3), 668–697. https://doi.org/10.1108/md-05-2014-0300
Babajee, R. B., Seetanah, B., & Nunkoo, R. (2020). The determinants of hotel financial performance: an intellectual capital perspective. Journal of Hospitality Marketing and Management, 29(8), 1008–1026. https://doi.org/10.1080/19368623.2020.1703870
Bardarova, S., Jakovlev, Z., & Koteski, C. (2013). Investment of human capital in tourism and hospitality with a specific reference of R. Macedonia. Journal of Process Management. New Technologies, 1(4), 74–81. https://doi.org/10.5937/jpmnt1304074b
Bayraktaroglu, A. E., Calisir, F., & Baskak, M. (2019). Intellectual capital and firm performance: an extended VAIC model. Journal of Intellectual Capital. https://doi.org/10.1108/jic-12-2017-0184
Bontis, N., Janošević, S., & Dženopoljac, V. (2015). Intellectual capital in serbia’s hotel industry. International Journal of Contemporary Hospitality Management, 27(6), 1365–1384. https://doi.org/10.1108/IJCHM-12-2013-0541
Borghouts–van de Pas, I., Bosmans, M., & Freese, C. (2021). Unemployment prevention: The role of Human Resource Management in job-to-job transitions in the event of redundancy. European Journal of Social Security, 23(2). https://doi.org/103-119. 10.1177/1388262721995209
Brüggen, A., Vergauwen, P., & Dao, M. (2009). Determinants of intellectual capital disclosure: Evidence from Australia. Management Decision, 47(2), 233–245. https://doi.org/10.1108/00251740910938894
Costa, V., Silva, L., & Loureiro, P. (2020). Intellectual capital and its impact on business performance: An empirical study of Portuguese hospitality and tourism sectors. Intangible Capital, 16(2), 78–89. https://doi.org/10.3926/IC.1550
Dahash, Q. M., & Al-Dirawi, A. N. M. (2018). Investment in intellectual capital and achievement of the competitive advantage in hotel sector. Management Science Letters, 8(7), 795–804. https://doi.org/10.5267/j.msl.2018.5.007
Dahash, Q. M., & Al-Dirawi, A. N. M. (2018). Investment in intellectual capital and achievement of the competitive advantage in hotel sector. Management Science Letters, 8(7), 795–804. https://doi.org/10.5267/j.msl.2018.5.007
Dalwai, T., & Mohammadi, S. S. (2020). Intellectual capital and corporate governance: an evaluation of Oman’s financial sector companies. Journal of Intellectual Capital, n.a.p. https://doi.org/10.1108/jic-09-2018-0151
Davis, P. J. (2017). How HR can create competitive advantage for the firm: Applying the principles of resource-based theory. Human Resource Management International Digest, 25(2), 4–6. https://doi.org/10.1108/HRMID-09-2016-0122
Dewi, N. R., & Setyowati, A. (2015). Analisis Pengaruh Modal Intelektual Terhadap Kinerja Perusahaan. Jurnal Manajemen Dan Kewirausahaan, 13(2), 133–146.
Gozali, A., & Hatane, S. E. (2014). Pengaruh intellectual capital terhadap kinerja keuangan dan nilai perusahaan khususnya di industri keuangan dan industri pertambangan yang terdaftar di bursa efek Indonesia tahun 2008-2012. Business Accounting Review, 2(2), 204-213.
Gupta, K., & Raman, T. V. (2021). Intellectual capital: a determinant of firms’ operational efficiency. South Asian Journal of Business Studies, 10(1), 49–69. https://doi.org/10.1108/SAJBS-11-2019-0207
Kemenparekraf. 2020. Laporan Kinerja Kementerian Pariwisata dan Ekonomi Kreatif 2020. Jakarta: Kementerian Pariwisata dan Ekonomi Kreatif Republik Indonesia.
Khalique, M., Hina, K., Ramayah, T., & Shaari, J. A. N. bin. (2020). Intellectual capital in tourism SMEs in Azad Jammu and Kashmir, Pakistan. Journal of Intellectual Capital, 21(3), 333–355. https://doi.org/10.1108/JIC-11-2018-0206
Kim, T. (Terry), Yoo, J. J. E., & Lee, G. (2011). Measuring intellectual capital in the hotel industry. Service Industries Journal, 31(13), 2243–2272. https://doi.org/10.1080/02642069.2010.504817
Maji, S. G., & Goswami, M. (2017). Intellectual capital and firm performance in India: A comparative study between original and modified value added intellectual coefficient model. International Journal of Learning and Intellectual Capital, 14(1), 76–89. https://doi.org/10.1504/IJLIC.2017.080645
Melani, E. (2015). Reaksi Investor Atas Kinerja Intellectual Capital Pada Industri
Perbankan Indonesia. Jurnal Riset Aplikasi Akuntansi dan Manajemen, 1(1),
21. https://doi.org/10.18382/jraam.v1i1.10
Nadeem, M., Gan, C., & Cuong, N. (2017). The Importance of Intellectual Capital for Firm Performance: Evidence from Australia. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3001537
Ognjanović, J. (2017). Relations of intellectual capital components in hotel companies. Industrija, 45(2), 181-196.
Omerzel, D. G., & Jurdanab, D. S. (2016). The influence of intellectual capital on innovativeness and growth in tourism SMEs: Empirical evidence from Slovenia and Croatia. Economic Research-Ekonomska Istrazivanja, 29(1), 1075–1090. https://doi.org/10.1080/1331677X.2016.1211946
Pulic, A. (2000). Basic information on VAIC. Retrieved from www.vaic-on.net
Pulic, A. (2004). Intellectual capital – does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757
Purnomosidhi, B. (2005). Analisis Empiris Terhadap Determinan Praktik
Pengungkapan Modal Intelektual Pada Perusahaan Publik di BEJ. TEMA
(Telaah Ekonomi, Manajemen, dan Akuntansi), 6(2), 87-99.
Pusat Data dan Sistem Informasi Kemenparekraf, -. (2021, August 2). Tingkat Penghunian Kamar Hotel Bintang Tahun 2021. Retrieved from https://kemenparekraf.go.id/statistik-akomodasi/Tingkat-Penghunian-Kamar-Hotel-Bintang-Tahun-2021.
Rabbi, C. P. A. (2021, July 26). Omzet bisnis Restoran Anjlok 90% Terdampak PPKM level 4. Retrieved from https://katadata.co.id/maesaroh/berita/60fe82a03f60c/omzet-bisnis-restoran-anjlok-90-terdampak-ppkm-level-4.
Rosidin, I. (2021, March 4). Setahun Pandemi COVID-19, Pariwisata Bali Porak-poranda, Mampukah Kembali Bangkit? Retrieved from https://regional.kompas.com/read/2021/03/05/052000478/setahun-pandemi-covid-19-pariwisata-bali-porak-poranda-mampukah-kembali?page=all.
Sardo, F., Serrasqueiro, Z., & Alves, H. (2018). On the relationship between intellectual capital and financial performance: A panel data analysis on SME hotels. International Journal of Hospitality Management, 75(January), 67–74. https://doi.org/10.1016/j.ijhm.2018.03.001
Silva, M. D. L., Costa, V., & Loureiro, P. (2021). Intellectual capital and financial performance of portuguese tourism sector. Journal of Tourism and Development, 2021(36), 81–91. https://doi.org/10.34624/rtd.v1i36.9101
Silva, M. D. L., Costa, V., & Loureiro, P. (2021). Intellectual capital and financial performance of portuguese tourism sector. Journal of Tourism and Development, 2021(36), 81–91. https://doi.org/10.34624/rtd.v1i36.9101
Simanjuntak, M., Setiawan, A., -, N., Abdillah, L. A., Mistriani, N., Simarmata, J., Tjahjana, D., Sari, O. H., Banjarnahor, A. R., Triharjono, B. A., Purba, B., & Yendrianof, D. (2021). Pemasaran Digital Pariwisata Indonesia. Medan: Yayasan Kita Menulis.
Singh, M. K., & Neog, Y. (2020). Contagion effect of COVID-19 outbreak: Another recipe for disaster on Indian economy. Journal of Public Affairs, 20(4), 1–8. https://doi.org/10.1002/pa.2171
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
Stewart, T.A. (1997). Intellectual Capital: The New Wealth of Organizations. New
York: Doubleday.
Sullivan, P. H. (1998). Profiting from intellectual capital: Extracting value from
innovation. Toronto: John Wiley & Sons Inc
Ulum, I. (2017). Intellectual Capital: Model Pengukuran, Framework
Pengungkapan dan Kinerja Organisasi. Malang: UMM Press.
Warmayana, I. G. A. K. (2018). Pemanfaatan digital marketing dalam promosi pariwisata pada era industri 4.0. Pariwisata Budaya: Jurnal Ilmiah Agama Dan Budaya, 3(2), 81-92. https://doi.org/10.25078/pba.v3i2.649
Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management
Journal, 5(2), 171–80.
Wiradinata, J., & Siregar, B. (2011). Pengaruh Modal Intelektual Terhadap Kinerja Keuangan Pada Perusahaan Sektor Keuangan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Akuntansi & Manajemen, 22(2), 107-124.
Xu, J., & Liu, F. (2020). The impact of intellectual capital on firm performance: A modified and extended vaic model. Journal of Competitiveness, 12(1), 161–176. https://doi.org/10.7441/joc.2020.01.10
Yarovaya, L., Mirza, N., Abaidi, J., & Hasnaoui, A. (2021). Human Capital efficiency and equity funds’ performance during the COVID-19 pandemic. International Review of Economics and Finance, 71, 584–591. https://doi.org/10.1016/j.iref.2020.09.017
Zhong, Y., Li, Y., Ding, J., & Liao, Y. (2021). Risk Management: Exploring Emerging Human Resource Issues during the COVID-19 Pandemic. Journal of Risk and Financial Management, 14(5), 228. https://doi.org/10.3390/jrfm14050228