The impact of intellectual capital on business efficiency and financial success in creative SMEs
Abstract:
Purpose: This study examines the role of Intellectual Capital (IC), including Human Capital (HC), Structural Capital (SC), and Relationship Capital (RC), as moderating variables in the relationship between business efficiency and financial performance, measured by Return on Assets (ROA) and Return on Sales (ROS) in Creative Economy-based Micro, Small, and Medium Enterprises (MSMEs) in Palembang City.
Method: Using financial data from MSMEs between 2020 and 2023, this study employs a quantitative approach and a survey method. The study population consisted of 1,233 MSMEs across 15 creative economy subcategories, guided by the Department of Industry and Trade of Palembang City. A total of 400 respondents were selected using Slovin's formula and purposive sampling. Data were collected through direct interviews and questionnaires and analyzed using the Panel Least Squares Method.
Results: The findings reveal that Business efficiency significantly influences ROA but not ROS. Human capital enhances the impact of business efficiency on both ROA and ROS, whereas customer capital does not strengthen this relationship. Structural capital boosts the effect of business efficiency on ROA but not on ROS.
Limitations: This study is confined to Palembang City and the creative economy MSME sector, necessitating cautious generalization to other regions or sectors. Future research should explore additional moderating variables beyond IC.
Contribution: This study contributes to the understanding of IC's role in enhancing business efficiency and its subsequent impact on the financial performance of creative economy-based MSMEs.
Novelty: This research highlights the critical importance of managing human capital and structural capital to improve financial outcomes, providing new insights into the factors influencing the performance of creative-economy MSMEs.
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- Agus, W. (2009). Ekonometrika Pengantar dan Aplikasinya, Edisi Ketiga. Yogyakarta: Ekonesia.
- Albuquerque, F., Quirós, J. T., & Justino, R. (2017). Are the cultural accounting values a relevant issue for the SMEs' financing options? Contaduría y administración, 62(1), 279-298.
- Algifari, E. (2009). Analisis Statistik untuk Bisnis dengan Regresi, Korelasi, dan Nonparametrik (Edisi Pert). Yogyakarta: BPF (Pertama).
- Amin, S., Usman, M., Sohail, N., & Aslam, S. (2018). Relationship between intellectual capital and financial performance: The moderating role of knowledge assets. Pakistan Journal of Commerce and Social Sciences (PJCSS), 12(2), 521-547.
- Anwar, M., Khan, S. Z., & Khan, N. U. (2018). Intellectual capital, entrepreneurial strategy and new ventures performance: Mediating role of competitive advantage. Business & Economic Review, 10(01), 63-94.
- Awadari, A. C., & Kanwal, S. (2019). Employee participation in organizational change: A case of Tesco PLC. International Journal of Financial, Accounting, and Management, 1(2), 91-99.
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- Barney, J. (1991). Special theory forum the resource-based model of the firm: origins, implications, and prospects. Journal of management, 17(1), 97-98.
- Becker, B., & Gerhart, B. (1996). The impact of human resource management on organizational performance: Progress and prospects. Academy of management journal, 39(4), 779-801.
- Bekraf. (2018). Laporan Kinerja Badan Ekonomi Kreatif. .
- Bernardin, H. J., & Russell, J. E. (2013). Human Resource Management (Sixth Edition). McGrawHill.
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- Bonits, N. (1996). Managing intellectual capital strategically.
- BPS. (2015). Statistik Kunjungan Wisatawan Mancanegara 2014.
- Brealey, R. A., Myers, S. C., & Allen, F. (2011). Principles of corporate finance: McGraw-Hill Education.
- Brigham, E. F., Gapenski, L. C., & Ehrhardt, M. C. (1998). Financial Management; Theory and Practice (Book and diskette package): Harcourt College Publishers.
- Calabrese, A., Costa, R., & Menichini, T. (2013). Using Fuzzy AHP to manage Intellectual Capital assets: An application to the ICT service industry. Expert Systems with applications, 40(9), 3747-3755.
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- Cheng, C. C., & Krumwiede, D. (2017a). What makes a manufacturing firm effective for service innovation? The role of intangible capital under strategic and environmental conditions. International Journal of Production Economics, 193(C), 113-122.
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- Codjia, M. (2010). Definition of a statement of financial performance.
- Coelli, T. J., Rao, D. S. P., O'donnell, C. J., & Battese, G. E. (2005). An introduction to efficiency and productivity analysis: springer science & business media.
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- DeAngelo, H., & Masulis, R. W. (1980). Leverage and dividend irrelevancy under corporate and personal taxation. the Journal of Finance, 35(2), 453-464.
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- Ekananda, M. (2016). Analisis Ekonometrika Data Panel: Teori Lengkap Dan Pembahasan Menyeluruh Bagi Penelitian Ekonomi, Bisnis. Dan Sosial.
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- Gitman, L. J., Juchau, R., & Flanagan, J. (2015). Principles of managerial finance: Pearson Higher Education AU.
- Goddard, J., Tavakoli, M., & Wilson, J. O. (2005). Determinants of profitability in European manufacturing and services: evidence from a dynamic panel model. Applied financial economics, 15(18), 1269-1282.
- Haris, M., Yao, H., Tariq, G., Malik, A., & Javaid, H. M. (2019). Intellectual capital performance and profitability of banks: Evidence from Pakistan. Journal of Risk and Financial Management, 12(2), 56.
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- Hitt, M. A., Bierman, L., Shimizu, K., & Kochhar, R. (2001). Direct and moderating effects of human capital on strategy and performance in professional service firms: A resource-based perspective. Academy of management journal, 44(1), 13-28.
- Huselid, M. A. (1995). The impact of human resource management practices on turnover, productivity, and corporate financial performance. Academy of management journal, 38(3), 635-672.
- Jain, P., Vyas, V., & Roy, A. (2017). Exploring the mediating role of intellectual capital and competitive advantage on the relation between CSR and financial performance in SMEs. Social Responsibility Journal, 13(1), 1-23.
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- Khan, S. Z., Yang, Q., & Waheed, A. (2019). Investment in intangible resources and capabilities spurs sustainable competitive advantage and firm performance. Corporate Social Responsibility and Environmental Management, 26(2), 285-295.
- Leal-Millán, A., Roldán, J. L., Leal-Rodríguez, A. L., & Ortega-Gutiérrez, J. (2016). IT and relationship learning in networks as drivers of green innovation and customer capital: Evidence from the automobile sector. Journal of Knowledge Management, 20(3), 444-464.
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- Lu, J. W., & Beamish, P. W. (2006). SME internationalization and performance: Growth vs. profitability. Journal of international entrepreneurship, 4, 27-48.
- Madushanka, K. H., & Jathurika, M. (2018). The impact of liquidity ratios on profitability. International Research Journal of Advanced Engineering and Science, 3(4), 157-161.
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- Matias, F., & Serrasqueiro, Z. (2017). Are there reliable determinant factors of capital structure decisions? Empirical study of SMEs in different regions of Portugal. Research in International Business and Finance, 40, 19-33.
- McMahon, R. G. (2001). Business growth and performance and the financialreporting practices of australian manufacturing SMEs. Journal of small Business management, 39(2), 152-164.
- Mention, A. L., & Bontis, N. (2013). Intellectual capital and performance within the banking sector of Luxembourg and Belgium. Journal of intellectual capital, 14(2), 286-309.
- Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297.
- Myers. (1984). Capital structure puzzle, national bureau of economic research. NBER Working Paper, Paper(1393).
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- Oppong, G. K., & Pattanayak, J. (2019). Does investing in intellectual capital improve productivity? Panel evidence from commercial banks in India. Borsa Istanbul Review, 19(3), 219-227.
- Özer, H. S. (2012). The role of family control on financial performance of family business in Gebze. International Review of Management and Marketing, 2(2), 75-82.
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- Ployhart, R. E., & Moliterno, T. P. (2011). Emergence of the human capital resource: A multilevel model. Academy of management review, 36(1), 127-150.
- Porcelli, F. (2009). Measurement of Technical Efficiency. A brief survey on parametric and non-parametric techniques. University of Warwick, 11(527), 1-27.
- Proença, P., Laureano, R. M., & Laureano, L. M. (2014). Determinants of capital structure and the 2008 financial crisis: evidence from Portuguese SMEs. Procedia-Social and Behavioral Sciences, 150, 182-191.
- Pulic, A. (2004). Intellectual capital–does it create or destroy value? Measuring business excellence, 8(1), 62-68.
- Ross, S. A., Westerfield, R., & Jordan, B. D. (2014). Fundamentals of corporate finance: Irwin New York, NY, USA.
- Salman, A. K., & Yazdanfar, D. (2012). Profitability in Swedish Micro-Firms: a quantile regression approach. International business research, 5(8).
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