Analysis of SMEs Financial Performance through Intellectual Capital: Testing on Technology and Non-Technological SMEs

Dwi Artati, Poppy Dian Indira Kusuma


This study aims to examine the effect of intellectual capital, which consists of physical capital, human capital, and structural capital, on the financial performance of SMEs. In addition, this study also aims at examining the difference of the effect of intellectual capital on SME’s financial performance between SMEs with and without technology adoption. Population of this study was SMEs in Kebumen Regency, both with and without technology adoption in their operations. Data were analyzed using multiple linear regression analysis and Chow test. Sample was selected using purposive sampling technique. The results of this study indicate that physical capital and human capital have no effect on financial performance while structural capital has an effect on SMEs financial performance. While the results of the chow test show that there is no difference in the effect of intellectual capital on performance between SMEs with technology adoption and those without technology adoption in Kebumen Regency. This means that structural capital (planning, organizing, strategies, procedures, systems, and other assets) can improve the financial performance of SMEs and the existence of technology has not played much of a role in providing support for the influence of Intellectual capital on performance in SMEs in Kebumen district.


Keywords:    Intellectual capital, physical capital, human capital, structural capital, financial performance, SMEs.

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