Does Corporate Innovation, Intellectual Capital, and ESG Score Affect Investment Efficiency? Evidence from ASEAN Countries

Khasanah, Siskha Nur (2024) Does Corporate Innovation, Intellectual Capital, and ESG Score Affect Investment Efficiency? Evidence from ASEAN Countries. Masters thesis, Institut Teknologi Sepuluh Nopember.

Text 6031221004-Master_Thesis.pdf - Accepted Version Restricted to Repository staff only until 1 October 2026. Download (1MB) | Request a copy

Abstract

Perusahaan tidak hanya berfokus pada aktivitas R&D tetapi juga mengandalkan pemanfaatan modal intelektual untuk mempertahankan keunggulan kompetitif. Dengan tren praktik ESG yang terus berkembang, gagasan ini telah menarik perhatian besar karena mendorong inovasi, meningkatkan kinerja organisasi, dan memfasilitasi pertumbuhan berkelanjutan. Namun, ketidakpastian hasil dan kurangnya metrik pengukuran sering kali menyebabkan investasi yang tidak efisien. Oleh karena itu, penelitian ini menyelidiki hubungan antara inovasi perusahaan, modal intelektual, dan skor ESG terhadap efisiensi investasi. Data diolah menggunakan regresi XTGLS pada perusahaan publik non-keuangan di negara-negara ASEAN periode 2011-2022. Temuan menunjukkan bahwa upaya inovasi suatu perusahaan memiliki dampak negatif yang signifikan terhadap efisiensi investasi. Kedua, komponen sumber daya manusia berhubungan positif dengan efisiensi investasi, dan komponen modal biaya mempengaruhi efisiensi investasi secara negatif. Pada saat yang sama, tidak ditemukan hubungan antara modal struktural dan efisiensi investasi. Lebih jauh, ditemukan bahwa praktik ESG dapat memoderasi hubungan inovasi perusahaan dan efisiensi investasi. Penelitian ini berkontribusi pada literatur manajemen yang ada mengenai keterhubungan sumber daya (modal intelektual), praktik (inovasi dan keberlanjutan perusahaan), dan produktivitas (efisiensi investasi).
==========================================================================================================================
Corporations not only focus on R&D activities but also rely on the utilization of intellectual capital to maintain a competitive edge. With the growing trend of ESG practices, this notion has attracted considerable attention because it promotes innovation, improves organizational performance, and facilitates sustainable growth. However, uncertainty of outcome and a lack of measurement metrics often lead to inefficient investments. Therefore, this paper investigates the relationship between corporate innovation, intellectual capital, and ESG score on investment efficiency. The data is processed using XTGLS regression on non-financial public companies in ASEAN countries with an observation period of 2011-2022. The findings show that the innovation effort has a significant negative impact on investment efficiency. Second, intellectual capital shows a significant relationship to investment efficiency. The human capital component is positively associated with investment efficiency, and the capital component of intellectual capital negatively influences investment efficiency. At the same time, no relationship was found between structural capital and investment efficiency. Furthermore, it was found that ESG practices had a moderating influence on corporate innovation and investment efficiency. This research contributes to the existing management literature on resource (i.e., intellectual capital), practice (corporate innovation and sustainability), and productivity (i.e., investment efficiency) connectedness.

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	ASEAN, ESG Practice, Innovation, Intellectual Capital, Investment Efficiency, ASEAN, ESG Skor, Efisiensi Investasi, Inovasi, Modal Intelektual.
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD30.2 Knowledge management. H Social Sciences > HD Industries. Land use. Labor > HD31 Management--Evaluation H Social Sciences > HG Finance > HG4529 Investment analysis
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management
Depositing User:	Siskha Nur Khasanah
Date Deposited:	13 Aug 2024 05:08
Last Modified:	13 Aug 2024 05:08
URI:	http://repository.its.ac.id/id/eprint/112447

Actions (login required)

View Item