Family Ownership Role in Strengthening the Relationship Between Intellectual Capital and Financial Performance: Research in High-Tech Firms in Indonesia and Philippines

摘要

Intellectual Capital (IC) is important because firms in ASEAN needs a lot of competitive advantage, mainly from IC, in order to compete in the era of ASEAN Economics Community (AEC). This research investigates the positive relationship between intellectual capital and firm performance and examine the role of family ownership on the relationship between intellectual capital and firm performance. The data collected from annual report from high-tech industries and conducted on two ASEAN countries, namely Indonesia and Philippines. The final sample used in this research consists of a total of 264 observations. This research uses panel data regression model analysis, i.e. fixed effect regression and random effect regression. The results showed that intellectual capital has a positive effect on financial performance in Indonesia and Philippines. This result indicates that intellectual capital can give higher financial performance for the firms. On the other hand, the result cannot found the moderating role of family ownership on the relationship between IC and firm financial performance. It revealed that the alignment effect might not be applicable to all countries.