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Journal

Managing Intellectual Capital in Public Hospital: Effects on Financial Performance

Management Analysis Journal · Vol. 11 No. 4 (2023) · pp. 372–383

DOI
10.15294/maj.v11i4.61733
ISSN
2502-1451, 2252-6552
Published
2023-01-08
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

This study examines effect of intellectual capital on the financial performance of public hospitals in Indonesia. The effect is proxied through Value Added Intellectual Coefficient (VAIC™), consisting of Value-Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). In addition, this study identifies differences in the influence on general and special hospitals. This study analyses the audited financial statements of 20 public hospitals with random effects approach. The results showed that VACA and STVA positively affected financial performance. In contrast, VAHU negatively affected the financial performance of all public hospitals. Although general and special hospitals have several different business models, the effect of intellectual capital on the financial performance is similar. This study provides theoretical implication to the rising stream of literature on intellectual capital in public service agencies, especially public hospitals. Public hospitals are expected to develop human capital to create added value for the organization by employing their flexibility in human resource management.

Collaboration network of the authors

29 authors · 58 co-authorship links · 8 across different organisations

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Universitas Muhammadiyah Bengkulu
  • Walailak University
  • University of Bengkulu
  • Universitas Halu Oleo
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Tya Resta FitrianaAffiliation unknown2
Prima VeronikaAffiliation unknown2
Irwandi IrwandiUniversitas Muhammadiyah Bengkulu1
Mariana Ade CahayaUniversitas Muhammadiyah Bengkulu1
Jayanti SyahfitriUniversitas Muhammadiyah Bengkulu1
Safnil ArsyadUniversity of Bengkulu1
Ramadhan TosepuUniversitas Halu Oleo1
Sita NurasehAffiliation unknown1
Winda Dwi LestariAffiliation unknown1
Wardono WardonoAffiliation unknown1
Masjaya MasjayaAffiliation unknown1
Sunaryo SunaryoAffiliation unknown1
addion nizoriAffiliation unknown1
Sahrial SahrialAffiliation unknown1
Hendrix Yulis SetyawanAffiliation unknown1
Merlya MerlyaAffiliation unknown1
Annisa'u ChoirunAffiliation unknown1
Nur Indah AgustinaAffiliation unknown1
Effendy EffendyAffiliation unknown1
Respatijarti RespatijartiAffiliation unknown1
Rawina SaragihAffiliation unknown1
Darmawan SaptadiAffiliation unknown1
Chindy Ulima ZanettaAffiliation unknown1
Anna Satyana KaryawatiAffiliation unknown1
Gita Novita SariAffiliation unknown1
Fakhri HafidhAffiliation unknown1
Zainyah Salmah ArruumAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/maj/oai, first harvested 6 Nov 2026, last seen 6 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">Managing Intellectual Capital in Public Hospital: Effects on Financial Performance</dc:title>
	<dc:creator>Depari, Anggun B.U.S.</dc:creator>
	<dc:creator>Waluyo, Budi</dc:creator>
	<dc:description xml:lang="en-US">This study examines effect of intellectual capital on the financial performance of public hospitals in Indonesia. The effect is proxied through Value Added Intellectual Coefficient (VAIC™), consisting of Value-Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). In addition, this study identifies differences in the influence on general and special hospitals. This study analyses the audited financial statements of 20 public hospitals with random effects approach. The results showed that VACA and STVA positively affected financial performance. In contrast, VAHU negatively affected the financial performance of all public hospitals. Although general and special hospitals have several different business models, the effect of intellectual capital on the financial performance is similar. This study provides theoretical implication to the rising stream of literature on intellectual capital in public service agencies, especially public hospitals. Public hospitals are expected to develop human capital to create added value for the organization by employing their flexibility in human resource management.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2023-01-08</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/sju/maj/article/view/61733</dc:identifier>
	<dc:identifier>10.15294/maj.v11i4.61733</dc:identifier>
	<dc:source xml:lang="en-US">Management Analysis Journal; Vol 11 No 4 (2022): Management Analysis Journal; 372-383</dc:source>
	<dc:source>2502-1451</dc:source>
	<dc:source>2252-6552</dc:source>
	<dc:source>10.15294/maj.v11i4</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/maj/article/view/61733/23418</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2023 Management Analysis Journal</dc:rights>
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