THE INFLUENCE OF INTELLECTUAL CAPITAL DIMENSIONS ON COMPANY VALUES IN AUTOMOTIVE INDUSTRIES IN INDONESIA STOCK EXCHANGE.

This study aims to (1) analyze the effect of Value Added Capital Employed (VACA) on company value in the Automotive Industry on the Indonesia Stock Exchange; (2) analyze the effect of Value Added Human Capital (VAHU) on company value in the Automotive Industry on the Indonesia Stock Exchange; (3) simultaneously analyzing the effect of Structural Value Added (STVA) on company value in the Automotive Industry in the Indonesia Stock Exchange and; (4) analyze the effect of Value Added Capital Employed (VACA), Value Added Human Capital (VAHU) and Structural Value Added (STVA) on firm value in the Automotive Industry on the Indonesia Stock Exchange. This research is in the form of explanatory survey research (explanatory research). This study uses data pooling. The population of this research is all automotive companies operating in Indonesia and listed on the Indonesia Stock Exchange from 2010 to 2016. The sampling technique used in this study is the purposive sampling technique. Based on the population of the company samples are taken that meet the following

This study aims to (1)

Introduction:-
In recent years, the national automotive industry has shown a fairly attractive development. This is certainly a positive effect of the growth in the number of Indonesia's middle class over the past decade. According to Badan Pusat Statisti (BPS), the middle class group accounts for at least 45 percent of total domestic consumption. In addition to high relative income, the middle class is also characterized by its consumption behavior which tends to be oriented towards meeting secondary, even tertiary, needs (https://beritagar.id/artikel/ telatah/stretching-andprospects-industry-automotive-national) Company value is important for the company. One of the main objectives of company managers is to maximize the value of the company (Berzkalne and Zelgalve, 2014). Company value is no longer measured through managing tangible assets but has begun to shift to managing intangible assets (Chayati and Kurniasih, 2014). According to Chen et al. (2005) more appreciation for a company can be seen from the price paid by investors who are believed to be caused by intellectual capital owned by the company.
In Indonesia, the phenomenon of intellectual capital began to develop after the emergence of Pernyataan Standar Akuntansi Keuangan (PSAK) No. 19 concerning intangible assets. Intangible assets are non-monetary assets that are identified and do not have a physical form and are owned for use in producing or delivering goods and services, leased to other parties, or for administrative purposes (Indonesian Institute of Accountants, 2009). This shows that intellectual capital has received attention even though it is not explicitly stated as intellectual capital.
The Indonesia Stock Exchange (IDX) is one of the fast-growing stock exchanges, making it an alternative preferred by publicly traded companies seeking funding. The development of the stock exchange can be seen with the increasing number of members of the exchange. It can also be seen from changes in the price of shares traded. Changes in stock prices can provide clues about the strengths and weaknesses of capital market activities and financiers in buying and selling shares.
Intellectual capital in this study as an independent variable that will be measured using VAIC™ (VACA, VAHU, STVA) (Pulic, 1999) because the VAIC™ method uses data that is easily obtained from the figures of the company's financial statements. The dependent variable in this study is the value of the company measured by Tobin's Q, the selection of Tobin's Q in this study because Tobin's Q represents a description of a management's performance in managing company assets.
The research objectives to be achieved in this study are as follows: (1)

Literatur review Intellectual Capital
Intellectual capital as measured by VAIC™ (Value Added Intellectual Coefficient). VAIC™ is a method for measuring the performance of a company's intellectual capital (Pulic in Ulum, 2009). The advantage of the VAIC ™ method is that the data needed is relatively easy to obtain from various sources and types of companies. The data needed to calculate various ratios are standard financial figures that are generally available from the company's financial statements. Other intellectual capital measurement alternatives are limited to producing unique financial and non-financial indicators that are only to complete the profile of an individual company. These indicators, especially non-financial indicators, are not available or not recorded by other companies (Tan et al., 2007). This method is the easiest approach because the data needed to calculate VAIC ™ is in the company's financial statement accounts (balance sheet, profit and loss). There are three component elements in VAIC ™, namely VACA (physical capital), VAHU (human capital), and STVA (structure capital).

Value Added Capital Employed (VACA)
VACA shows the value added (VA) that can be generated by a company with available capital. VA is the result of sales and other income reduced by cost of production (other than employee expenses) while employed capital is the total equity of a company. VACA shows the amount of capital available that can create added value for the company. Greater capital allows to increase company revenue which will affect the increase in value added for the company. The available capital is the value of equity and net income which contributes to the company's ability to create value added that will affect the company's value.
VACA is an indicator for VA created by a unit of physical capital. This ratio shows the contribution made by each CE unit to the organization's added value. According to Pulic in (Ulum, 2009)

Value Added Human Capital (VAHU)
VAHU shows that salaries and benefits for larger employees are accompanied by increased sales. Greater salaries and benefits to employees are expected to motivate these employees to increase their productivity in the production process. Good management of human resources in the company can increase the company's revenue and profit, in accordance with knowledge-based theory where companies are required to manage the ability and potential of their employees to create value for the company.
VAHU shows how much VA can be generated with funds spent on labor. This ratio shows the contribution made by each rupiah invested in HC to the organization's added value. According to Pulic in (Ulum, 2009) STVA shows how much structural capital is needed to produce VA efficiently, the company has been able to fulfill the company's routine processes and structure efficiently. Structural capital is a supporting infrastructure for human capital in carrying out activities that remain within the company. Structural capital that can be managed and utilized optimally will create added value for the company which will affect the increase in company value.
This ratio measures the amount of SC needed to produce 1 rupiah from VA and is an indication of how successful SC is in value creation. According to Pulic in (Ulum, 2009) The value of the company There are several ratios to measure the market value of the company, one of which is Tobin's Q. This ratio is considered to provide the best information, because Tobin's Q includes all elements of the company's debt and stock capital, not just ordinary and not only the company's equity included but all company assets. By including all the company's assets means the company is not only focused on one type of investor, namely investors in the form of shares, but also for creditors because the source of financing for the company's operations is not only from equity, but also loans from creditors (Sukamulja, 2004). Company value in this study was measured by indicators of company Tobins'Q value. Here is the company's value formula with the Tobins'Q indicator: Information : Q = company value EMV = equity market value (EMV = closing price x number of shares outstanding) Closing price is the price of shares obtained at the close of trade at the end of the trading period on the stock exchange. D = book value of total debt EBV = book value of total assets

Conceptual Framework and Research Hypothesis Effect of Value Added Capital Employed (VACA) on firm value
Capital Employed is a financial capital owned by a company that can create added value for the company. Research by Firer and Williams (2003) shows that there is a positive and significant influence between Value added Capital Employed (VACA) and firm value.

Effect of Value Added Human Capital (VAHU) on firm value
Human capital is recognized as the largest and most important intangible asset in an organization (Ahangar, 2011). Human capital is lifeblood in intellectual capital because it is a source of innovation and strategic renewal (Sawarjuwono and Kadir, 2003). Human capital is needed in an effort to create corporate value. H 2 : Value Added Human Capital (VAHU) affects the value of the company in the Automotive Industry on the Indonesia Stock Exchange.

Effect of Structural Value Added (STVA) on firm value
Structural capital is a supporting infrastructure for human capital in carrying out company activities that remain in the company even though the people or workers have left the company. Good management of structural capital will create added value for the company.  Based on the F-Test Output Table shows that the results of hypothesis testing with the calculation of the F test using the SPSS for Windows release 19.00 obtained Fcount = 9,029 which is greater than the F table of 3.30 and with a significance price of 0,000. Because the significance value is less than 0.05, it shows that the calculated F value obtained is significant. Thus it shows that together there is a significant influence on Value Added Capital Employed

Determination Coefficient Test (R Square)
The degree of influence between Value Added Capital Employed (VACA), Value Added Human Capital (VAHU) and Structural Value Added (STVA) on the value of the company together or simultaneously can be known from the correlation price simultaneously or R as in the following Table   Table of

Discussion:-
Based on the research results that have been revealed in the previous chapter, the following research findings will be discussed as follows:

The Effect of Value Added Capital Employed (VACA) on Company Value
This study shows that there is a positive and partially significant effect of Value Added Capital Employed (VACA) on firm value. This can be seen from the results of the ANOVA test, it is obtained that the Value Added Capital Employed (VACA) has a positive and significant effect on the value of the company. indicates that the value of t obtained is significant because the significance value obtained is less than 0.05. This means that VACA has a significant positive effect on firm value, meaning that companies that have high VACA values can increase company value. The higher the available capital (equity and net profit) of the company, the higher the contribution of available capital to the creation of VA companies that will affect the value of the company.
The results of this study are in line with the statement of resources-based theory, a company that has a high value of employed capital (equity and net profit) shows that the company is able to utilize the company's physical capital efficiently so that it contributes to the creation of added value for companies that influence the increase in company value. Companies that have the ability to create greater added value for the company will also have the ability to increase investor valuation of the company. Investor's assessment of the company is also influenced by the amount of equity and net profit owned by the company and will increase the willingness of investors to buy shares of the company in circulation based on the price determined by the investor. The price paid by investors is high so it can be said that the value of the company is high.

The Effect of Value Added Human Capital (VAHU) on Company Value
This study shows that there is a positive and partially significant effect of Value Added Human Capital (VAHU) on firm value. This can be seen from the results of the ANOVA test, it was found that the Value Added Human Capital (VAHU) had a positive and significant effect on the value of the company. indicates that the value of t obtained is significant because the significance value obtained is less than 0.05. This means that companies that have high VAHU can increase company value. The higher VAHU, the higher the value of the company.
VAHU shows that salaries and benefits for larger employees are accompanied by increased sales. Greater salaries and benefits to employees are expected to motivate these employees to increase their productivity in the production process. High VAHU reflects that the company's human capital already has a high ability in carrying out company activities. Human capital will increase if the ability of people in the company or the ability of good company employees and the company is able to utilize the knowledge possessed by its employees. The high value of VAHU means that management has valued the ability of its human capital and is willing to pay a high price for that ability. The results of this study are in line with knowledge-based theory, where the contribution of high human capital will create competitive advantage so as to create value for the company.

The Effect of Structural Value Added (STVA) on Company Value
This study shows that there is a positive and partially significant Structural Value Added (STVA) effect on firm value. This can be seen from the ANOVA test results obtained Structural Value Added (STVA) has a positive and significant effect on firm value, this can be seen from the t value for the Structural Value Added (STVA) variable to the company value obtained by 2,099 with a significance price of 0.045 indicating that t value obtained is significant because the significance value obtained is less than 0.05. This means that the size of the STVA owned by the company will affect the value of the company.
Investors are able to appreciate the company's efforts in fulfilling the company's routine processes and structures that support the efforts of employees and the company's operations to produce added value. This shows the high ability of the company in managing funds to create a structure and a good routine process, such as the company's operational system, organizational culture, procedures, databases, management philosophy and all forms of structural capital owned by the company in supporting the work of its employees.

The Effect of Value Added Capital Employed (VACA), Value Added Human Capital (VAHU) and Structural Value Added (STVA) on Firm Value
From the ANOVA test results obtained the results of Value Added Capital Employed (VACA), Value Added Human Capital (VAHU) and Structural Value Added (STVA) variables have a positive and significant effect simultaneously on firm value. this can be seen from the calculated F Value for the Value Added Capital Employed (VACA) variable, Value Added Human Capital (VAHU) and Structural Value Added (STVA) to the company value obtained by 9,029 with a significance price of 0,000 indicating that the F value obtained is significant because the price the significance obtained is less than 0.05.
Thus, this research is in accordance with the statement that Intellectual capital meets the criteria as a unique resource to create competitive advantage for the company so that it can create value for the company and can master and utilize Intellectual capital, then the company will be able to obtain sustainable competitive advantage. The role of Intellectual capital is increasingly strategic, even Intellectual capital is said to have an important role in efforts to increase value in various companies, this is due to the awareness that Intellectual capital is the foundation for companies to excel and grow (Murti, 2010).