INTELLECTUAL CAPITAL EFFECTS ON EMPLOYEE PRODUCTIVITY: MODERATING INFLUENCE OF TANGIBLE ASSETS IN INDONESIA'S NON-CYCLICAL MANUFACTURING

Abstract

Increasing employee productivity in the manufacturing sector is crucial for driving the accumulation of industrial value-added and national gross domestic product growth. This study aims to examine the effect of intellectual capital on employee productivity, with tangible assets as a moderator. The research sample consists of non-cyclical manufacturing sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. A total of 117 observation data met the research criteria, selected through purposive sampling. The results of panel data regression show that value added intellectual coefficient, human capital efficiency, physical capital efficiency, and tangible assets have a positive and significant effect on employee productivity, while structural capital efficiency has a significant negative effect. Tangible assets are proven to significantly strengthen positive effects of value added intellectual coefficient, human capital efficiency, and physical capital efficiency, but fail to mitigate the negative effect of structural capital efficiency on employee productivity in the Indonesian non-cyclical manufacturing firms.

Peningkatan produktivitas karyawan di sektor manufaktur merupakan faktor penting dalam mendorong akumulasi nilai tambah industri dan pertumbuhan produk domestik bruto (PDB) nasional. Penelitian ini bertujuan untuk menguji pengaruh modal intelektual terhadap produktivitas karyawan dengan aset berwujud sebagai variabel moderasi. Sampel penelitian terdiri atas perusahaan manufaktur sektor non-siklikal yang terdaftar di Bursa Efek Indonesia selama periode 2021–2024. Sebanyak 117 data observasi memenuhi kriteria penelitian dan dipilih menggunakan teknik purposive sampling. Hasil regresi data panel menunjukkan bahwa value added intellectual coefficient (VAIC), efisiensi modal manusia (human capital efficiency), efisiensi modal fisik (physical capital efficiency), dan aset berwujud berpengaruh positif dan signifikan terhadap produktivitas karyawan, sedangkan efisiensi modal struktural (structural capital efficiency) berpengaruh negatif dan signifikan. Selain itu, aset berwujud terbukti secara signifikan memperkuat pengaruh positif value added intellectual coefficient (VAIC), efisiensi modal manusia, dan efisiensi modal fisik terhadap produktivitas karyawan. Namun, aset berwujud tidak mampu memoderasi atau mengurangi pengaruh negatif efisiensi modal struktural terhadap produktivitas karyawan pada perusahaan manufaktur sektor non-siklikal di Indonesia.