The Impact of Green Intellectual Capital on Financial Performance: Case of Indonesian Manufacturing Industry During Pandemic


  • Nunik Nurmalasari STIE Sutaatmadja, Kabupaten Subang, Jawa Barat 41211, Indonesia
  • Nuzi Laturrohman STIE Sutaatmadja, Kabupaten Subang, Jawa Barat 41211, Indonesia
  • Estu Widarwati STIE Sutaatmadja, Kabupaten Subang, Jawa Barat 41211, Indonesia
  • E. Wityasminingsih Politeknik Piksi Ganesha Bandung, Kota Bandung, Jawa Barat 40274, Indonesia



Green Intellectual Capital, Financial Performance, Value Added Capital Employed, Value Added Human Capital, Structural Capital Value Added


The financial performance is an important signal to investors about the sustainability of the company in its industry. Optimizing the company's resources is the key to being competitive, especially in times of crisis, including pandemics. The company’s intangible assets such as intellectual capital and unique resources can increase the company's competitive advantage. Then, the implementation of green business concepts encourages companies to focus on creating green programs supported by human resources intellectual thinking namely Green Intellectual Capital. The purpose of this study is to examine whether there is a relationship between green intellectual capital proxied by Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), Structural Capital Value Added (STVA), and the firm's financial performance as proxied using Return on Asset (ROA) and Return on Equity (ROE). The sample used was 15 manufacturing companies listed in the Indonesia Exchange in 2020-2021. The data were analyzed descriptively and the panel data regression was used to test the hypotheses as well as the robustness test for the research model. The finding indicated that there is an influence between VACA and VAHU on ROA and ROE. The company could improve its performance in both normal and abnormal periods by managing its intellectual assets, especially Value Added Capital Employed and Value Added Human Capital.


Download data is not yet available.


Barney, J., Wright, M.K. & David, J. (2001). The Resource-based View of the Firm: Ten Years After 1991. Journal of Management, 27(6), 625-641.

Baroroh, N. (2014). Analisis Pengaruh Modal Intelektual Terhadap Kinerja Keuangan Perusahaan Manufaktur di Indonesia. Jurnal Dinamika Akuntansi, 5(2), 172-182.

Bontis, N. (1999). Managing Organizational Knowledge by Diagnosing Intellectual Capital: Framing and Advancing the State of the Field. International Journal of Technology Management, 18(5), 433-462.

Brinker, B. (1998). Intellectual Capital: Tomorrow’s Asset, Today’s Challenge [Retrieved 01 Januari 2023].

Chandra, M. & Augustine, Y. (2019). Pengaruh Green Intellectual Capital Index dan Pengungkapan Keberlanjutan Terhadap Kinerja Keuangan dan Non Keuangan Perusahaan dengan Transparansi Sebagai Variabel Moderasi. Jurnal Magister Akuntansi Trisakti, 6(1), 45-70.

Chaudhry, N.I., Bilal, A., Awan, M.U. & Bashir, A. (2016). The Role of Environmental Consciousness, Green Intellectual Capital Management and Competitive Advantage on Financial Performance of the Firms: An Evidence from Manufacturing Sector of Pakistan. Journal of Quality and Technology Management, 12(2), 51-70.

Chen, M.C., Cheng, S.J. & Hwang, Y. (2005). An Empirical Investigation of the Relationship between Intellectual Capital and Firms’ Market Value and Financial Performance. Journal of Intellectual Capital, 6(2), 159-176.

Chen, Y.S. (2008). The Positive Effect of Green Intellectual Capital on Competitive Advantages of Firms. Journal of Business Ethics, 77(3), 271–286.

Fahy, J. & Smithee, A. (1999). Strategic Marketing and the Resource Based View of the Firm. Academy of Marketing Science Review, 1999(10), 1-20.

Firer, S. & Williams, M.S. (2003). Intellectual Capital and Traditional Measures of Corporate Performance. Journal of Intellectual Capital, 4(3), 348-360.

Ginesti, G., Caldarelli, A. & Zampella, A. (2018). Exploring the Impact of Intellectual Capital on Company Reputation and Performance. Journal of Intellectual Capital, 19(5), 915-934.

Gioacasi, D. (2010). Intellectual Capital: A Critical Approach on Definitions and Categorization. CES Working Paper, 6(4), 57-63.

Hariyanto, E.B. & Narsa, I.M. (2018). Strategic Assets Management: Fokus Pemanfaatan Aset Negara dengan Pendekatan Resource Based View (RBV). AKTSAR: Jurnal Akuntansi Syariah, 1(1), 113-129.

Khafid, M. & Aniktia, R. (2015). Pengaruh Mekaniseme Good Corporate Governance dan Kinerja Keuangan Terhadap Pengungkapan Sustainability Report. Accounting Analysis Journal, 4(3), 1-10.

Muslih, M. & Natali, R.E. (2020). The Effect of Intellectual Capital on Firm Performance in Property Companies Listed in Indonesian Stock Exchange 2013-2018. International Journal of Multidisciplinary Research and Publications, 3(6), 45-52.

Omar, M.K, Yusmazida, M.Y. & Maliza, D.K.Z. (2017). The Role of Green Intellectual Capital on Business Sustainability. World Applied Sciences Journal, 35(12), 2558-2563.

Pasban, M. & Nojedeh, S.H. (2016). A Review of the Role of Human Capital in the Organization. Procedia - Social and Behavioral Sciences, 230, 249-253.

Rafid, A.G., Pohan, H.T. & Noor, I.N. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perushaaan dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Moderasi. Jurnal Akuntansi Trisakti, 4(20), 245-258.

Ramadhani, A. & Amin, M.N. (2023). Pengaruh Green Intellectual Capital dan Corporate Social Responsibility Terhadap Kinerja Perusahaan. Jurnal Ekonomi Trisakti, 3(1), 531-542.

Scott, W.R. (2015). Financial accounting theory (7th ed.). Pearson Canada Inc.

Serenko, A. & Bontis, N. (2013). The Intellectual Core and Impact of the Knowledge Management Academic Discipline. Journal of Knowledge Management, 17(1), 137-155.

Stewart, T.A. (1997). Intellectual capital: The new wealth of organizations. Doubleday/Currency, New York.

Todericiu, R. & Stăniţ, A. (2015). Intellectual Capital – The Key for Sustainable Competitive Advantage for the SME's Sector. Procedia Economics and Finance, 27(15), 676-681.

Vio, L. & Hexana, S.L. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan, Nilai Pasar Perusahaan, dan Reputasi Perusahaan. Jurnal Akuntansi Trisakti, 6(2), 215-232.



How to Cite

Nurmalasari, N., Laturrohman, N., Widarwati, E., & Wityasminingsih, E. (2024). The Impact of Green Intellectual Capital on Financial Performance: Case of Indonesian Manufacturing Industry During Pandemic. Journal of Management and Muamalah , 14(1), 36 - 51.