The Influence of Intellectual Capital Component on the Company’s Finance Performance: Case on Banking Sector Listed in Indonesia Stock Exchange

Intellectual capital is a unique resource, categorized in intangible assets, so that not all companies can replicate it. Then the intellectual capital is a key resource for the company to create value added which will further creating a competitive advantage. Intellectual capital can be used as an indicator of the success of the company's financial performance. The company is able to manage and utilize the available resources, to create added value for the company so that the company's financial performance will increase. The purpose of this study was to determine the influence of intellectual capital consists of Human Capital, Structural Capital and Customer Capital on the company's financial performance is measured by using the approach of return on assets (ROA). Sample is the banking industry, which is listed on the Indonesian Stock Exchange (IDX) period 2008 2012 there were 22 companies. Data is the banking industry's financial statements in the period 2008-20012 are listed in Indonesia Stock Exchange (IDX). Using multiple regression analysis, intellectual Capital measurement model is using a model Pulic (1998) i.e. Value Added Intellectual Co-efficiency (VAIC) as well as elements of Human Capital Value Added (VAHU), Customer Value added Capital (VACA), and Structural Capital Value Added (STVA). The results showed, partially (1) Human Capital (HC) effect on the financial performance of +2.085 regression coefficient, that means the higher Human Capital (HC), the better the financial performance. (2) Customer Capital (CC) effect on financial performance of + 3.568 regression coefficient. It means the higher Customer Capital, the better financial performance. (3) Structure Capital (SC) effect on the financial performance of positive regression coefficient 2.064. This means that the higher the Capital Structure, the higher the company's financial performance. Simultaneously measured by the Intellectual Capital Value added efficiency (VAIC) consists of Human Capital (HC), Customer Capital (CC) and Structure Capital (SC) significant effect on financial performance as measured by return on assets (ROA) of: ROA = 0.089 + 0.112 (HC) + 1.501 (CC) + 0.708 (SC). The Intellectual Capital component Human Capital, Customer Capital and Structural Capital affect the company’s financial performance 72.20 %, while the rest is influenced by other factors.


Background
The financial industry is a group of companies being active in the capital markets to support the real sector of the economy. The financial sector in Indonesia Stock Exchange is divided into five sub sectors are: (1) Banking, (2) Financing, (3) Securities Company, (4) Insurance Company, and (5) Trade Investment Services. In this study only the banking sub-sector are discussed as much in demand by investors with a yield or return above average.
Based on the Law of the Republic of Indonesia, number 10, year 1998, "Bank is a business entity which collects funds from the public in the form of savings and channels them to the society in the form of credit and or other forms in order to improve the standard of living the people". This means that banking activities are always related to finance.
While under PSAK No. 31 in the Financial Accounting Standard (1999:31.1), bank is an institution which acts as a financial intermediary between the parties that have excess funds with interested parties that need funds.
In general, bank serves two functions. (1) Banks serve as the tool to provide efficient payment mechanism for customers. Bank provides cash, savings, and credit cards as to provide efficiency in payment system to publics. (2) Banks increase flow of funds for investments by accepting deposit from customers and lend it to those who need funds. Performance: Case on Banking Sector Listed in Indonesia Stock Exchange The main purpose of Indonesian banks is collector and distributor of public funds aims to support national development in order to improve the economic growth, national stability, and as a result, improving the living standard of people. (Bank Indonesia, 2008) Researchers chose the bank because (1) the data available in the published financial statements, (2) the banking sector is "intellectually" intensive "or the most intensive industry in the management of intellectual capital (Firer and Williams, 2003) and (3) employees on the basis of intellectual the banking sector is more homogeneous compared with other economic sectors (Kubo and Saka, 2002). Banking listed in Indonesia Stock Exchange amounted to 26 companies.

Background Research
When this knowledge and information is a major commodity in the knowledge -based economy (knowledgeeconomy), Companies are increasingly interested in running a business based on knowledge and technology it appears the " new economy" in principle driven by developments in information technology and science, also trigger the growth of interest in intellectual capital (Petty and Guthrie , 2000). Since the early 1990s the attention of the management of intangible assets has increased dramatically ( Harrison and Sullivan , 2000), the approach used in the assessment and measurement of intangible assets is Intellectual Capital (IC) that has been the focus of attention in many fields, whether management, technology information, sociology and accounting ( Petty and Guthrie, 2000;Sullivan and Sullivan , 2000).
One area of interest to both academic and practitioner is known as Intellectual Capital usefulness as an instrument for determining the value of the company (Edvinsson and Malone, 1997;Malone, Sveiby, 2001). It becomes an ongoing issue , some authors state that the management and reporting system that has existed sustainably loses its relevance because it is able to present information that is essential for executives to manage processes based on knowledge ( knowledge-based processes) and Intangible resources (Bornemann and Leitner , 2002). Some definitions of Intellectual Capital according to experts (1) Stewart (1997) defines Intellectual Capital is: "The sum of everything, everybody in your company gives you a competitive edge in the market palace. It is intellectual material -knowledge, information, intellectual property, experience -that can be put to use to create wealth" (2) Brooking (1996) Intellectual capital is the term given to the combined intangible assets of markets, intellectual property, human -centered infrastructure -which enable the company to function" (3) OECD (1999) describes the Intellectual Capital as the economic value of two categories of intangible assets (a) Organizational (structural) Capital and (b) Human Capital. More precisely organizational (structural) capital refers to the system software, network distribution, and supply chain. Human capital includes human resources and external resources of consumers and suppliers.
Some The three components of the Intellectual Capital of the above will affect the company's financial performance because the company's financial performance is a measure of the ability of the company to create value for the future survival of the company which is a display state of the company for a certain period. To measure financial performance in this study using the Return on Assets ( ROA), ROA reflects the company's business benefits and efficiency in the utilization of total assets (Mahsun 2006:145). This ratio represents the ratio of profitability that measures the company's ability to generate profits by using total assets owned company.
Formulation of the problem based on a general overview and background of the research, the formulation of the problem is: (1) How Intellectual Capital components which include Human Capital (HC), Structural Capital (SC) and Customer Capital (CC) partially affect the financial performance of the banking industry are listed in Indonesia Stock Exchange (IDX).
(2) How Components of Intellectual Capital (IC) include the Human Capital (HC), Structural Capital (SC) and Customer Capital (CC) simultaneously affect the Banking Industry Financial Performance listed in Indonesia Stock Exchange. monetary measurement and non -monetary measurement. The method uses size to try to estimate the monetary value of the currency of Intellectual Capital also measure the derivative of the value of money by using financial ratios (Tan et al. 2007 Bornemann, 1999, 2000) is designed to provide information about Value Creation Efficiency of tangible assets and intangible assets owned by the company. Excess Pulic method has base size standards and consistent, which is available in the company's financial statements audited. VAIC TM models begin with the company's ability to create value added. Value added is the most objective indicator to assess the success of the business and demonstrate the ability of the company to the creation of value (value creation).
Value added is calculated from the difference between output and input. Output presented the revenue and covers all products and services sold in the market. Inputs include the entire load used in obtaining revenue. Shows the contribution made by each unit of capital to value added organization (Ulum, 2009) is a company's ability to manage resources in the form of capital assets which, if managed properly will improve the company's financial performance. Capital assets are funds available from equities.

Structural Capital Value Added (STVA)
Capital Structure Shows the amount needed to produce a dollar of value added and an indication of how the Structural Capital of success in creating value (Ulum, 2009). Structural Capital is an organization's ability to meet the company's routine processes and structures that support employee efforts to produce optimal intellectual performance and overall business performance. Capital structure includes non -human Storehouses of knowledge within the organization. Included in this is a database, organizational charts, process manuals, strategies, routines (Ulum, 2009). Structural Capital of the company consists of four elements: 1. System is the way in which organization processes and outputs (product, service and capital proceeds) is executed. 2. Structure, preparation is the responsibility of defining and calculating the position and the relationship between members of the organization. 3. Strategy is an organization's goals and how to achieve it.

Financial Performance
The financial performance of the company is the determination of a certain size that can measure the success of a company in generating profits. Achievement demonstrated by the company's published financial statements. According to the Pranata (2007) in Wahdikorin (2010) stated financial performance is one factor that shows the effectiveness and efficiency of an organization in order to goal achievement. The company's goal will be difficult to achieve if the company does not work efficiently, so that the company can not afford either directly or indirectly compete with similar companies. (Endut Wiyoto in Elanvita, 2008) in Wahdikorin (2010).

Operationalization of variables
The research method is descriptive verification study is to give the researcher a history or to describe aspects that are relevant to the phenomenon of concern from the perspective of a person, organization, or other industrial orientation (Sekaran 2011 The samples used in this study amounted to 22 units Banking Industry with the following details: Hypothesis testing is done by using the Moderated Regression Analysis (MRA) or testing the interaction of multiple regressions is a special application that contains the elements of the regression equation or multiplicative interaction between two or more independent variables. Regression equation for this study is:

Results
Statistical description is a tool used to illustrate and describe the maximum, minimum, average and standard deviation in this study is the Intellectual Capital, Human Capital, Structural Capital, Customer Capital and Return on Assets.

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The Influence of Intellectual Capital Component on the Company's Finance Performance: Case on Banking Sector Listed in Indonesia Stock Exchange Based on Table 3    Based on information obtained Table 5   Based on Table 6   Based on Table 7

The influence of Structural Capital on Financial Performance
Based on table 8 that the components of Intellectual Capital Structural Capital which has significant influence on financial performance with a significant level of 0.057 > 0:05 regression coefficients was positive structural Capital 2.064 Structural Capital means the higher financial performance of the company. The better analysis hypothesis is accepted.  Based on Table 10 ANOVA or F test obtained results calculated F value of 12 954 with a probability of 0.000 because the probability or significance level of less than 0.05 then the human capital , customer capital and structural capital simultaneously affect the company's financial performance .
Test coefficient of determination (R2)  Table 11 shows the value of R square of 0.722. This means that human capital, customer capital and structural capital affect the company's financial performance 72.20 %, while the rest is influenced by other factors.

Conclusions
Based on the analysis obtained by: 1. In partial Intellectual Capital components are (1) Human Capital does not have a significant impact on the financial performance of the company due to the investments made to human capital development through quality personnel expenses for employees not yet fully support the increase in value added enterprise (2) Customer Capital has influence significant impact on financial performance, because the total equity of the company has been affecting the company in managing the total assets held to generate profits become more effective and efficient.
(3) Structural Capital does not have a significant influence on the financial performance of the company due to structural capital required amount company has not been able to meet the company's routine process to produce optimal performance . 2. Intellectual Capital components simultaneously have a significant effect on firm performance (ROA) in the Banking Industry groups are listed on stock exchanges in Indonesia.

Suggestion
The banking industry should pay more attention to Intellectual Capital with increasing employee competency programs: further education or training for employees in addition to the increase in the capacity of the network to maintain service quality and customer loyalty is assured.
Investors, by looking at the progress and prospects of investing in the banking industry is increasingly clear , then it is better to consider to choose the banking industry who have Intellectual capital is high because it increases the value of Integration .
Researchers can add another independent variable that can refine the analysis, for example to Current Assets Ratio (CAR) or the Non-Performing Loan (NPL).