Intellectual Capital dan Investment Decisions: Peran Mediasi Annual Report Readability pada Badan Usaha Milik Negara di Indonesia

Julita; Desmiyawati; Deby Kurnia; Rio J.M Marpaung; Muhammad Luthfi iznillah; Sandi Pratama; Pramesti Wisa Zerfi

doi:10.37859/jae.v15i2.10111

Authors

Julita Universitas Riau
Desmiyawati Universitas Riau
Deby Kurnia Universitas Riau
Rio J.M Marpaung Universitas Riau
Muhammad Luthfi iznillah Politeknik Negeri Bengkalis
Sandi Pratama Universitas Riau
Pramesti Wisa Zerfi Universitas Riau

DOI:

https://doi.org/10.37859/jae.v15i2.10111

Keywords: intellectual capital, annual report readability, investment decisions

Abstract

This study aims to analyze the effect of Intellectual Capital (IC) on investment decisions with Annual Report Readability (AnRR) as a mediating variable. The study employs a quantitative approach with a research sample consisting of 20 non-financial state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange during the 2018–2023 period. A census sampling technique was applied, and secondary data were obtained from annual reports available through the IDX and the companies’ official websites. Data analysis was carried out using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The findings reveal that IC has a significant effect on investment decisions, highlighting the importance of intellectual asset management in attracting investors. Conversely, AnRR does not have a significant effect on investment decisions, either directly or indirectly, in mediating the relationship between IC and investment decisions. Similarly, ROA and leverage were found to have no significant influence.

Downloads

Download data is not yet available.

References

Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.

bumn.go.id. (n.d.). Kontribusi Bisnis BUMN. Https://Bumn.Go.Id/Prioritas/Prioritas/Kontribusi%20Bisnis%20BUMN.

cnbcindonesia.com. (2023, September 19). Kronologi Lengkap Kasus Korupsi Karen Agustiawan Versi KPK. Https://Www.Cnbcindonesia.Com/News/20230919200602-4-473861/Kronologi-Lengkap-Kasus-Korupsi-Karen-Agustiawan-Versi-Kpk.

CNN Indonesia. (2019, June 28). Kemenkeu Beberkan Tiga Kelalaian Auditor Garuda Indonesia Baca artikel CNN Indonesia “Kemenkeu Beberkan Tiga Kelalaian Auditor Garuda Indonesia” . Https://Www.Cnnindonesia.Com. https://www.cnnindonesia.com/ekonomi/20190628124946-92-407304/kemenkeu-beberkan-tiga-kelalaian-auditor-garuda-indonesia

Courtis, J. K. (1995). Readability of annual reports: Western versus Asian evidence. Accounting, Auditing & Accountability Journal, 8(2), 4–17.

Dalwai, T., Chinnasamy, G., & Mohammadi, S. S. (2021). Annual report readability, agency costs, firm performance: an investigation of Oman’s financial sector. Journal of Accounting in Emerging Economies, 11(2), 247–277.

DuBay, W. H. (2004). The principles of readability. Online Submission.

Fahmi, i. (2011). Analisis Kinerja Keuangan . alfabeta.

Farooq, U., Tabash, M. I., Anagreh, S., & Khudoykulov, K. (2022). How do market capitalization and intellectual capital determine industrial investment? Borsa Istanbul Review, 22(4), 828–837. https://doi.org/https://doi.org/10.1016/j.bir.2022.05.002

Friedman, A. L., & Miles, S. (2006). Stakeholders: Theory and practice. OUP oxford.

Ghozali, I. (2008). Structural equation modeling: Metode alternatif dengan partial least square (pls). Badan Penerbit Universitas Diponegoro.

Gunning, R. (1952). The technique of clear writing. (No Title).

Hair Jr, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial least squares structural equation modeling (PLS-SEM) using R: A workbook. Springer Nature.

Hesarzadeh, R., & Rajabalizadeh, J. (2019). The impact of corporate reporting readability on informational efficiency. Asian Review of Accounting, 27(4), 489–507.

Hörisch, J., Schaltegger, S., & Freeman, R. E. (2020). Integrating stakeholder theory and sustainability accounting: A conceptual synthesis. Journal of Cleaner Production, 275, 124097. https://doi.org/10.1016/j.jclepro.2020.124097

Huong Dau, N., Duy, V. N., & and Thi Thanh Diem, H. (2024). Annual report readability and firms’ investment decisions. Cogent Economics & Finance, 12(1), 2296230. https://doi.org/10.1080/23322039.2023.2296230

Husna, A., Zulyana, M., Aryani, D. S., & Andriyani, I. (2024). The Influence Of Intellectual Capital And Leverage On Financial Performance In Banking Companies Listed On The Indonesian Stock Exchange. International Journal of Management and Business Economics, 3(1), 35–42.

ICW. (2022). Tren Penindakan Kasus Korupsi Badan Usaha Milik Negara Tahun 2016 - 2021.

Iqbal, J., & Zaib, J. (2017). Corporate governance, intellectual capital and financial performance of banks listed in Pakistan stock exchange. Pakistan Administrative Review, 1(3), 175–196.

Irwana, I., & Sutrisno. (2023). The Effect of Intellectual Capital, Tax Avoidance and Leverage on Firm Value and Profitability. International Journal of Economics, Business and Management Research. https://doi.org/10.51505/ijebmr.2023.7301

itrade.cgsi.co.id. (2022, August 8). ERICK THOHIR : BUMN PUNYA PERAN PENTING DALAM PEREKONOMIAN INDONESIA. Https://Itrade.Cgsi.Co.Id/Erick-Thohir-Bumn-Punya-Peran-Penting-Dalam-Perekonomian-Indonesia.

Iznillah, M. L., Saidi, J., & Rasuli, M. (2024). Reaksi Investor terhadap Corporate Sustainability Performance: A Review Of Literature Using Stakeholder Theory. Jurnal Akuntansi, Manajemen, Bisnis Dan Teknologi, 4(2), 300–311.

Jayasree, M., & Shette, R. (2021). Readability of annual reports and operating performance of Indian banking companies. IIM Kozhikode Society & Management Review, 10(1), 20–30.

Julita. (2020). Intellectual Capital dan Kinerja Keuangan. Fakultas Ekonomi dan Bisnis Universitas Riau.

Kementerian BUMN. (2023). Laporan Tahunan Tahun 2022.

Lee, S. (2017). Annual Report Readability, Firm Performance, and Earnings Management. 국제회계연구, 76, 127–150.

Li, F. (2008). Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics, 45(2–3), 221–247.

Lo, K., Ramos, F., & Rogo, R. (2017). Earnings management and annual report readability. Journal of Accounting and Economics, 63(1), 1–25.

Loughran, T., & McDonald, B. (2014). Measuring readability in financial disclosures. The Journal of Finance, 69(4), 1643–1671.

Luo, J., Li, X., & Chen, H. (2018). Annual report readability and corporate agency costs. China Journal of Accounting Research, 11(3), 187–212. https://doi.org/10.1016/j.cjar.2018.04.001

Muharam, D. R. (2017). Penerapan konsep resources-based view (RBV) dalam upaya mempertahankan keunggulan bersaing perusahaan. Jurnal Ilmu Administrasi: Media Pengembangan Ilmu Dan Praktek Administrasi, 14(1), 82–95.

Morris, R. D. (1987). Signalling, agency theory and accounting policy choice. Accounting and business Research, 18(69), 47-56.

nasional.tempo.co. (2022). Daftar BUMN Terseret Kasus Korupsi di 2022, Kena Blacklist? Nasional.Tempo.Co. https://nasional.tempo.co/Read/1672288/Daftar-Bumn-Terseret-Kasus-Korupsi-Di-2022-Kena-Blacklist.

Pulic, A. (1999). Basic information on VAICTM. Available Online at: Www. Vaic-on. Net.

Purwanti, M., & Lestari, Y. D. (2021). Praktik Pengungkapan Sustainability Report dan Environmental Incidents: Studi pada Sustainability Report Perusahaan BUMN PT. Pertamina (Persero) Tahun 2017-2018. Portofolio: Jurnal Ekonomi, Bisnis, Manajemen, Dan Akuntansi, 18(1), 84–100.

Rachmawati, R., Deliana, D., & Lestari, R. (2022). Intellectual Capital Performance Of State-Owned Enterprises In Indonesia. Kajian Akuntansi, 23(1), 14–25.

Rajabalizadeh, J., & Schadewitz, H. (2025). Audit report readability and information efficiency: evidence from the Tehran Stock Exchange. Journal of Accounting in Emerging Economies. https://doi.org/10.1108/JAEE-08-2024-0344

Saeedi, F., Salehi, M., & Yaghoubi, N. M. (2023). The relationship between intellectual capital and audit report readability and audit report tone. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/JEAS-05-2023-0136

Saidi, J., Iznillah, M., & Andreas, A. (2025). Balancing Sustainability And Profitability: Optimizing Intellectual Capital And Its Challenges In Indonesian Manufacturing Companies. JRAK, 17(2), 33–47.

Siti Nur Farihah. (2023). Pengaruh Stuktur Modal, Rasio Aktivitas, Dan Corporate Social Responsibility (Csr) Terhadap Profitabilitas Pada Perusahaan Bumn Di Indonesia Periode 2017-2021. UIN Syarif Hidayatullah.

Spence, M. (1973). l the MIT press. The Quarterly Journal of Economics, 87(3), 355-374.

Thi Nhat Minh, T., & Dinh Nguyen, P. (2024). The impact of intellectual capital and market capitalization on corporate investment decisions: exploring the mediating and moderating effect of knowledge sharing and the COVID-19 pandemic. Journal of Intellectual Capital, 25(5/6), 1237–1258.