The Effect Of Intangible Asset, Financial Performance And Financial Policies On The Firm Value
Rindu Rika Gamayuni
Keywords: Intangible assets, Intellectual capital, Financial Policies, Financial Performance, Firm value
Abstract: The purpose of this study is to test empirically the relationship between intangible assets, financial policies, and financial performance to the firm value at going-public company in Indonesia. Path analysis was used to ascertain the relationship between intangible assets, financial policies, financial performance, and firm value at going-public company in Indonesia in the year 2007 to 2009. This study also provides empirical evidence that Intangible assets, financial policies, financial performance have significant influence to the firm value simultaneously. Intangible assets has no significant influence to financial policies, but has positive and significant influenced to financial performance (ROA) and firm value. Debt policies and financial performance (ROA) influenced firm value positive and significant. Financial statements limitation in measuring and disclosing intangible assets is the cause of significant difference between book value equity and market value equity. Measurement and disclosure of intangible assets (intellectual capital) precisely and aqurately is very important, because intangible assets have a positive and significant effect to the firm value. Accounting standards should be concerned about this.
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