The Effect of Intellectual Capital on the Financial Performance of Bank Syariah Indonesia, 2021–2025

Abstract

This study examines the effect of intellectual capital on the financial performance of PT Bank Syariah Indonesia Tbk during the post-merger period of 2021–2025. Intellectual capital is measured using the Value Added Intellectual Coefficient (VAIC™), comprising Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Capital Employed Efficiency (CEE), while financial performance is proxied by Return on Assets (ROA) and Return on Equity (ROE). A quantitative causal-associative design was employed using secondary data from 20 quarterly financial statements. Multiple linear regression analysis was conducted using IBM SPSS Statistics 25. The results indicate that HCE has no significant effect on ROA (B = -0.537; p = 0.543) or ROE (B = -0.199; p = 0.971). SCE also has no significant effect on ROA (B = 9.599; p = 0.503) or ROE (B = -0.706; p = 0.994). In contrast, CEE has a positive and significant effect on ROA (B = 1.454; p = 0.021) and ROE (B = 20.836; p < 0.001). Simultaneously, the three components significantly affect both ROA and ROE. These findings confirm that capital employed efficiency is the intellectual-capital component that most consistently explains BSI's profitability. However, the high multicollinearity between HCE and SCE requires cautious interpretation of their partial effects.