Analysis of the Effect of Intellectual Capital on Financial Performance, Revenue Growth, and Value of Manufacturing Companies on the Indonesia Stock Exchange 2016-2019

The concept of intellectual capital has a goal that leads to the control and management of the company (Mouritsen et al., 2001) with the perspective of improving organizational performance, creating a competitive advantage of the company (Khalique et al., 2011) which can differentiate itself from competitors in today's modern economic era (Bhasin, 2008) which also leads to long-term profits (Jordão & de Almeida, 2017). The measurement of the impact of intellectual capital management that is most widely used is developed by (Pulic, 1998), VAICTM (Value Added Intellectual Coefficient) to measure the extent to which the company generates an added value based on the efficiency of intellectual capital that is supported and influenced by the relationship between value-added to physical capital, human capital and structural capital. This research is causal research that aims to analyze the causal relationship between the independent variable and the dependent variable. The independent variable in this study is intellectual capital as measured by the Value-Added Intellectual Coefficient (VAICTM) which is the sum of three influential resources, namely Value-Added Human Capital (VAHU), Value Added Capital Employee (VACA), and Structural Capital Value Added (STVA). The dependent variable in this study is the company's performance as measured by Return on Assets (ROA), company growth is measured by Growth Revenue, and company value is measured by Tobin's Q. Based on the results of the study, it can be concluded that intellectual capital has no significant positive effect on the company's financial performance. manufacturing on the Indonesia Stock Exchange in 2016-2019, because the manufacturing industry is included in the category of low-IC intensive industries (not dense intellectual capital) where operational activities are still dominated by the use of many fixed assets compared to intellectual capital and initial management of intellectual capital which is still considered as costs and have not shown results that affect the company's financial performance.


A B S T R A C T
The concept of intellectual capital has a goal that leads to the control and management of the company (Mouritsen et al., 2001) with the perspective of improving organizational performance, creating a competitive advantage of the company (Khalique et al., 2011) which can differentiate itself from competitors in today's modern economic era (Bhasin, 2008) which also leads to long-term profits (Jordão & de Almeida, 2017). The measurement of the impact of intellectual capital management that is most widely used is developed by (Pulic, 1998), VAIC TM (Value Added Intellectual Coefficient) to measure the extent to which the company generates an added value based on the efficiency of intellectual capital that is supported and influenced by the relationship between value-added to physical capital, human capital and structural capital. This research is causal research that aims to analyze the causal relationship between the independent variable and the dependent variable. The independent variable in this study is intellectual capital as measured by the Value-Added Intellectual Coefficient (VAIC TM ) which is the sum of three influential resources, namely Value-Added Human Capital (VAHU), Value Added Capital Employee (VACA), and Structural Capital Value Added (STVA). The dependent variable in this study is the company's performance as measured by Return on Assets (ROA), company growth is measured by Growth Revenue, and company value is measured by Tobin's Q. Based on the results of the study, it can be concluded that intellectual capital has no significant positive effect on the company's financial performance. manufacturing on the Indonesia Stock Exchange in 2016-2019, because the manufacturing industry is included in the category of low-IC intensive industries (not dense intellectual capital) where operational activities are still dominated by the use of many fixed assets compared to intellectual capital and initial management of intellectual capital which is still considered as costs and have not shown results that affect the company's financial performance.

Introduction
Manufacturing is one of the industries that experienced an increase in revenue for five years from 2016-to 2018 with a percentage increase of 23.89%, 31.06%, and 34.30% (in companies with an output value of 50 billion) with efficient use of sources in 2018 increased by 0.54% from the previous 0.51% (BPS, 2020). In addition, data from (Ministry of Industry, 2019) shows that in this industry, the realization of investment in this sector increased during the 2015-first semester of 2019 and recorded a cumulative total investment of Rp. 1,173.5 Trillion which indicates that the value of this manufacturing industry company is attractive. investors' interest in investing. These data indicate that in the manufacturing industry there is an increase in income growth, efficiency in managing resources so

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that it has a company value that attracts investors to invest in the industry. One of the factors that can affect these three things is value-added, where valueadded aims to improve performance so that it affects productivity which can increase company income (Ekwe, 2013). In addition, value-added can also increase the value of the company (Setiawan & Prawira, 2018) so that it attracts investors to invest (Sayyidah & Saifi, 2017). This is also supported by data from (BPS, 2020) which shows that the manufacturing industry also has an increase in 2020) and can also be the best information to assess the company (Risnaningsih et al., 2020).

Methods
This research is causal research that aims to analyze the causal relationship between the independent variable and the dependent variable.

Discussion
The results of the study show that intellectual capital has no significant positive effect on financial performance. This supports research from (Maditinos et al., 2011) and (Khanqah et al., 2012). It will be effective if it is supported by technology (modern machines) it will affect the increase in productivity which can have an impact on increasing income. In addition, proper management of human resources can support the increase in income. So when all three are managed effectively, it will have an impact on revenue growth. (Tarigan et al., 2019).
The results of the study show that intellectual capital has no significant positive effect on company value. This is supported by the results of research from (Subaida et al., 2018) and (Simorangkir, 2021) because information related to intellectual capital is still not a priority for investors. Investors are still concerned with information related to company profits. This is because intellectual capital is an internal factor of the company which has a limited influence on the stock. In Indonesia, the behavior of investors in Indonesia generally prefers short-term profits over potential long-term profits (Djamil et al., 2013). Thus, the market is more sentimental towards stock prices than overall fundamental analysis, for example, only seeing the company's financial performance declining, investors may not be too happy and market value will decrease (Tarigan et al., 2019).
The limitation of this research is that the research period is short, while intellectual capital is a longterm strategy, so research on the positive influence or impact of intellectual capital on financial performance, revenue growth, and company value has yet to be proven.

Conclusion
Intellectual