Peranan Diversifikasi terhadap Hubungan Pendedahan Modal Intelek dengan Nilai Firma (The Role of Diversification on the Relationship between Intelectual Capital Disclosure and Firm Value)

Fathyah Hashim, Romlah Jaafar, Mohamad Sabri Hassan, Zaleha Abdul Shukor

Abstract


Kajian ini menguji pengaruh diversifikasi terhadap hubungan pendedahan modal intelek (modal intelek keseluruhan, modal dalaman, modal luaran dan modal insan) dengan nilai firma ke atas 233 buah firma yang tersenarai di Papan Utama Bursa Malaysia pada 31 Disember 2007. Kajian lepas membuktikan terdapat hubungan positif antara pendedahan modal intelek dengan nilai firma. Kajian lepas juga mendapati firma berdiversifikasi yang dilihat lebih mampu membangun dan melabur dalam modal intelek lebih cenderung membuat pendedahan sukarela. Namun, teori dan bukti empirikal mengenai kesan diversifikasi ke atas nilai firma adalah tidak konsisten. Hasil ujian regresi berganda menunjukkan terdapat hubungan positif yang signifikan antara pendedahan modal intelek dengan nilai firma. Hasil kajian ini juga menunjukkan diversifikasi mempunyai pengaruh yang signifikan ke atas hubungan antara pendedahan modal intelek dengan nilai firma. Hubungan tersebut didapati semakin kukuh bagi firma yang tinggi tahap diversifikasinya. Keputusan ini mencadangkan diversifikasi mempunyai peranan sebagai penyederhana dalam hubungan antara pendedahan modal intelek dengan nilai firma. Seterusnya kajian ini melaporkan firma yang tinggi tahap diversifikasinya serta tinggi tahap pendedahan modal luaran akan menunjukkan hubungan pendedahan modal luaran yang paling memberi kesan kepada nilai firma. Ini menunjukkan pengurus firma yang tinggi tahap diversifikasinya harus memberi lebih perhatian terhadap pendedahan maklumat modal luaran bagi memastikan nilai firma mereka tidak terkurang nilai.


ABSTRACT
This study examines the influence of diversification on the relationship between intellectual capital disclosure (overall intellectual capital, internal capital, external capital and human capital disclosure) and firm value of 233 firms that are listed on the Main Board of Bursa Malaysia on 31 December 2007. Previous studies provide evidence of a positive relationship between intellectual capital disclosure and firm value. Previous studies also indicate that diversified firms which are perceived to be more capable to develop and invest in intellectual capital are more likely to make voluntary disclosures. However, empirical evidences on the effect of diversification on firm value are inconsistent with the theory. Results of multiple regressions indicate that there is a positive and significant relationship between intellectual capital disclosure and firm value. The result of the study also indicates that diversification has a significant influence on the relationship between intellectual capital disclosure and firm value. The relationship is stronger for high diversification firms. This result suggests that diversification can moderate the relationship between intellectual capital disclosure and firm value. Further, this study indicates that firms that are highly diversified and provide high level of external capital disclosure will show the stronger relationship between external capital disclosure and firm value. This indicates that managers of highly diversified firms should emphasize on the importance of external intellectual capital disclosure so that the firm value will not be undervalued.
Kata Kunci : Modal Intelek ; Nilai Firma


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