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International Business Re se arc h; Vol. 11, No. 1; 2018
ISSN 1913-9004 E-ISSN 1913-9012
P ublished by Canadian Center of Scie nce a nd Educa tion
87
Th e E ffect o f So cial Cap it al an d Absorp t ive Cap acity th ro u gh
Kn o wled ge Man agement o n Finan ce Co mpan y Perfo rmance in
In d on esia
Ale xander Tan
1
1P T. Maybank Indones ia Finance , JalanManggaDua Raya, Wis maEkaJi wa 10t h f l oo r, J akart a Indo nes ia
Cor responde nce : Ale xande r Tan , PT. M aybank Indones ia Financ e , J al anManggaD ua R aya , Wis maEkaJiwa 10
th
fl o o r, Jakarta - Indo nes ia. Do c t o rate Str at e gic Management, Tri s akti Unive r s it y, Indones ia.
Rec e ive d: Oct o ber 3 0 , 2 0 1 7 Ac c e pted: No vember 2 0 , 2 0 1 7 Online P ubli s he d: De c e mbe r 1 , 2 017
do i: 1 0 .5 53 9/ ibr.v11 n1p87 URL: https: // doi .org/10.5 53 9/ibr.v11 n1p87
Abstr act
The o bje ct i ve o f this re searc h is to pre se nt a mo de l t hat de sc ribe s the gener al e ffec t of s oc ial c apit al and abso r ptive
c apac i ty o n knowle dge man age ment and its impli c ati o ns on c o mpany pe rf ormance .The model pr o po se d in t his
rese arc h is teste d by str uct ural equatio n mo del. Thi s r e se arc h proce ss e d dat a f r o m 25 8 respo nde nts o f e mplo yee s
o f fi nance companie s in Indo nesi a t hat meet c ertain re qui re me nts of 27 s amples of t he company. Thi s re searc h
fo und that so cial capit al has a pos i ti ve and si gnif i c ant ef fe ct o n abso rptive capaci ty and k nowl e dge mana ge ment.
Abs o rptive capaci ty has a po s i ti ve and si gnif ic ant impact o n kno wl e dge mana ge ment and co mpany pe r fo rmance .
Kno wl e dge mana ge ment als o has a pos i ti ve and s i gnif i c ant effect o n company per f o rmance . Social c api tal and
abso r ptive c apacit y to get her ha ve a po s i ti ve and signi f ic ant infl uence on kno wl e dge manage ment. Further more
soci al capi tal, abso r pti ve capac it y and kno wl e dge man age ment to get her ha ve a po s i ti ve and si gnif ic ant impact o n
c o mpany per formance . Abs o r ptive c apac it y me diates the re latio nship be t we e n s ocial capit al and kno wl e d ge
manage ment. Kno wle dge manageme nt fully mediate s t he relatio nship be t we e n social c apit al and abso r ptive
c apac i ty on co mpany pe rf ormance . Social c apit al indi rect ly af fec ts t he co mpany pe rfor mance thro ugh kno wl e dge
manage ment or abso r pti ve capac it y.This re s e arc h mode l o nly li mi ts the facto rs that af f e ct company per f ormance
to three mai n var i able s name l y social capi tal, absorptive capacit y and kno wledge management. Future rese arc h is
sugges te d to tr y wit h additio nal ot her var iabl e s s uc h as mo net ary ince ntive s and/ o r co r por ate c ulture .The pr act ic al
impli c ati o n o f this rese ar c h is to improve knowl e dge manage ment, i t is necess ary to impro ve social capit al and
abso r ptive capac ity to get he r. Further mo re co mpany pe r formance can be impr o ved i f so cial c apital, abs orpti ve
c apac i ty and k nowl e dge manage ment al so impro ve d s imultane o usl y.The model pro po sed in t his re se arc h
impro ve s the unde rs t andi ng o f acade mic s and pr ac t i ti o ner s about the co nstr uct of kno wle dge manageme nt . The
mediat io n f unc t io n of kno wl e dge manage ment is s o me thing ne w fro m t his res e arc h co mpare d to pr e vio us
rese arc hes . This re search also pr o vides an addit io nal co ntradi ct ory list of pr e vio us rese arc hes on t he re l ati o nship
be twe e n so c ial c apit al and c o mpany per f o r mance .
Ke ywo r ds : s o c i al capi tal, abso r pti ve c apac i t y, knowl e dge manage ment, c o mpany per f o r mance
1 . Intr o duc t i o n
Soc ial c apit al is a co nce pt that de als with how s ocial organizatio n af fects eco no mic act ivit y ( Ki anto & Waajakoski,
201 0). In thi s case more and mo re pro fes sionals are shar ing their knowle dge vo l untaril y i n c ybers pace (Yu e t al.,
201 0) bec ause the inte r net has beco me a c heap me dium that allo ws millions of people aro und the world t o
e xc hange information and kno wl e dge (Chang & Chuang, 2 0 11). Kno wle dge ari si ng from so cial capit al is
so me ti me s useful and so met i mes use less for or ganizational progress . Each organizat io n can have differ e nt le ve ls o f
c apabili ty i n utilizing kno wle dge for commercial purpo ses. Different c apacities o f uti li zing kno wl e dge fo r
co mme rcial pur pose s are influenced by t he collecti ve abso rpt ive c apaci t y of the me mbers of e ach organi zatio n
(Zhao & Anand, 2 009). Abso r pti ve c apac it y is a de termining f ac tor o f internal company re sources in re lation t o
inno vatio n perfor mance and s ust ainable competitive advantage in t he era of kno wledge ec o nomy ( Che n e t al,
200 9 b). The es t ablis hment of an i nte r nal ne twork that re ac he s differe nt par ts of the or gan i zatio n syste mat ic ally c an
e nhance t he collec tive ability to uti li ze e xte r nal kno wledge ( Tortoriello , 2015 ) . In t his c ase t he o ve rall l e vel o f
absorpti ve c apacit y t hat a c ompany c an ac hie ve in a r elations hip det ermines the ove r all opportunit y for le arning
from part ners (Sc hil dt e t al ., 2012).Today many companies are incre asi ngly drawn t o or ganizational knowle dge that
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reflects them enteri ng an e r a o f kno wle dge economy whe re co mpanies nee d to unders t and the dynamics of
kno wle dge better (Ro ussel & Del to ur, 2012). Kno wl e dge that ar ises in de ali ng wit h other co mpanies is an additio n
to t he c ompany's reso urces . A gro wi ng beli ef has emerge d t hat managing kno wl e dge effec ti vel y c an i mpro ve
pe rformance (Wang e t al., 2009 ) . Ac ademic s and pract it io ners oft e n e mphasi ze t he impo rt ance of kno wle dge as an
organizatio nal re source and the impor tant co nse quences for managing that kno wledge (Ho off & Huys man,
200 9).Knowl e dge is the company's most valuable i ntangi ble asse t because it invo lves routi ne and cre ative ways of
do ing wor k ( Zin Ar is , 2013 ) . Compet i ng companies base d o n knowle dge are f ace d wit h a dilemma be c aus e
organizatio nal as sets are he ld in the minds of individuals ( Che n et al ., 2 009 a). Kno wledge asse ts are base d on the
e xper ie nce and e xpe rt ise of indivi duals wo rki ng i n t he co mpany so the co mpany must pro vide the ri ght str uc tur e to
form knowle dge into co mpe te nc e (Monavvarian & Amini, 2009). Theref ore financial i nstitutio ns sho uld reco gnize
the i mportance of syste matic knowle dge manage me nt (Chat zo glo u & Vr ai maki , 2 009).. Ris ks managed by a
fi nanci al services co mpany bas e d on portfo lio data owned. The manage ment of this po rtfolio dat a is made base d on
the acc umulation of past informatio n that fo rms a c ertai n knowl e dge . It can therefore be said t hat ris k manageme nt
in financi al ser vices fi rms is act uall y kno wl e dge manageme nt bec ause ef fect ive kno wle dge manageme nt in
fi nanci al services f ir ms is ke y in managing risk (Marshall et al., 199 6). Kno wledge manageme nt o f c o ns ume rs als o
has a pos it ive impact both o n t he spee d and qual it y of inno vat io n i nc ludi ng the o per atio nal and fi nanc i al
pe rformance of banking companie s ( Taherpavar e t al., 2014) . Thus managers s ho uld foc us o n kno wle dge
manage ment by co nsider ing knowle dge manageme nt as an abilit y t hat can help co mpanies maximize valu e cre ation
for co nsumers (Landro guez& Ruiz, 2016 ) . The li nk be tween human r eso urce manageme nt and kno wl e dge
manage ment c an also be see n fro m t he str ate gic pr actice o f human reso urces . The s trate gic pr actice of human
reso urces affec ts t he capac it y of knowle dge manage me nt. Furt her mo re , knowledge manageme nt c apaci t y als o
influence s the performance of inno vati o n side . So it can be s aid that knowle dge management capaci t y mediates the
strategic prac tic e of human reso urces wit h innovatio n pe rfo r mance (Che n & Huang , 2 009 ). The interact i ve le arning
process is no t the only iss ue in kno wl e dge management . The re is another issue that is also important that co ncer ns
the culture of knowle dge shar i ng. In this case the e mplo ye e must e vol ve fro m the i nformatio n user to the us er and
the knowle dge gi ver (Car mo na-Lavado et al ., 2010 ) . The e mplo yee turno ver r ate at the financ e company r efe rs to a
surve y co nducte d by the human reso urces co ns ultant company Me rcer is the hi ghest co mpar e d to other industries as
c an be s e e n in the f o l l owing tabl e :
Table 1. Vo l untary Emplo yee Turnover Rate
Industr y
2015
2 0 1 6H1
All Industr i e s
9 ,1%
4 ,0%
Financial Se r vic e s
1 2 ,5%
6 ,3%
Life Sci e nce s
1 2 ,1%
5 ,5%
Consumer Goo ds
9 ,5%
4 ,2%
High Te c h
7 ,8%
-
Che mic al
6 ,8%
3 ,0%
Auto mo t ive
6 ,7%
2 ,9%
Mining Se r vic e s
4 ,9%
1 ,3%
Mining
3 ,8%
2 ,2%
So urce : Me r c e r Indones ia, 20 16
The tabl e abo ve s hows t hat i n 2 015 t he rat e of e mplo yee vol untary t urnove r in t he fi nanc i al ser vic es industr y
re ache d 12.5 %. The lates t dat a in t he fi rs t hal f o f 2016 r e ac he d 6 .3 % wh ic h annualized t o 1 2 .6 %. This figur e is
the hi ghe s t co mpare d with other industr ie s and als o to the total industr y.This high n umber caus e s a pe r s o n's taci t
kno wle dge to be lo st from the co mpany as the emplo yee le ave s the co mpany if the fi nanc e c o mpany do e s not run
the kno wle dge manageme nt. Goi ng emplo yee s will reduc e the pre cio us human capi tal of t he abando ned
c o mpany. Human c api tal bec o mes extr e me l y valu abl e f o r t he uni que rare abilitie s posse ss e d by indi viduals
e spec i all y for high s kill level s ( Co ff &Krysc yns ki , 2 0 11). Social c api tal as pr e vio usly des cribe d may l e ad to a
st re am o f ne w knowl e dge into the co mpany. The new f l o w o f kno wl e dge from e xte r nal e ntr y into the
o rganizatio n wil l also be direct ly re l ate d t o abs o r pti ve capacit y ( Kosto poulos et al., 2 0 11 ) . In this case t he
abso r pti ve c apac i ty is re l ate d t o the explo ratio n of exter nal knowl e dge ( Lic hte nthale r &Lichte nthale r, 2009) .
Fir ms wit h bet ter abso r pti ve capacit y have the po t e ntial to ha ve ac c e ss to the knowl e dge of o t her c o mpani es that
wil l enhanc e the co mpany's c o mpet itive ad vantage (Chuan g e t al., 2 0 1 6). In additi o n, this study als o limit s t he
c o mpany's pe rf ormance var i able to the per fo rmance o f financ e compani es in Indo ne s ia.Bas e d o n t he previ o us
de scri ption t hen in t his st udy c an formulat e d t he pro ble m as follo ws : (1 ) . Is there any effect of soci al capit al on
kno wle dge management of fi nance c o mpanies in Indones ia?; (2 ) . Is there any e ffec t o f absorpti ve c apaci ty o n the
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kno wle dge man age ment o f fi nance co mpanie s in Indo ne s ia?; ( 3 ) . Is ther e any ef fe ct of so cial c apital on
abso r pti ve capac it y of finance companies i n Indones ia?; (4 ) . Is t here any ef fe ct of soc ial capit al and abs o rpti ve
c apac i ty jo i ntly t o knowl e dge manage ment of f i nance co mpani e s in Indones ia?; (5). Is ther e any ef fect of soci al
c apital on t he pe rformance of finance co mpanie s in Indo nes i a?; ( 6). Is t here any effe ct of abso r pti ve c apac it y o n
the pe r fo rmanc e of f i nanc e companie s in Indo nes ia?; ( 7 ) . Is t here any ef fe ct o f knowl e dge manage ment o n the
pe rfor mance of fi nance co mpanie s in Indo nesia?; ( 8 ) . Is there any effect of so cial capit al, abs orpt i ve c apac it y and
kno wle dge management s i mul tane o usly o n the per f o r mance o f f inance c o mpanie s i n Indo nes i a?
2 . Li te r ature Review
2 .1 Co mpe t it i ve Ad v a ntage The ory
This st udy r efer s to t he theo r y of competiti ve ad vant age of st r ate gic management. Str ategi c manageme nt be gan to
de vel o p as a disc i pline it se lf i n the e r a of t he 198 0s. St rate gic manage ment ari s es to answe r t he c o mpany's nee d fo r
c o mpe titi ve ad vantage in o rder to pr o duce be t te r co r po rate pe r fo rmance . The r e ar e two mai n s t re ams in s tr ate gic
manage ment o f the c o mpe t it ive ness o f fi r ms that r e fe r to two differe nt appro aches ( Dustin et al., 2014 ) .Dus ti n e t al.
(2014) further expl ai ns bo t h appro ac hes as fo l lo ws: (1 ) . The fi rs t appr o ac h sees the c o mpe ti ti ve ad va ntage o f the
st r uct ural appro ach; (2 ) . The s e c o nd appro ac h s e es t he co mpe titive ad vanta ge o f a re s o urce- bas e d vi e w ( RB V)
appr o ach. Thi s st udy re f er s to the se cond appr o ac h of co mpeti ti ve advantage that is b as e d on RB V. The re s e arc h
model bas e d on RBV is bas ic ally mo s t ly inspire d by P enros e's t ho ught ( We r ne rf elt, 1 9 84).
2 .2 Kn o wle d g e Ma n age ment
KBV deri ve d fr o m RBV focuses o n t he val ue of i ntangi ble as sets and state s that knowl e dge is vital to a c o mpany's
lo ng- te r m s ucc ess (Ki es sl ing e t al., 2009). KBV is the theo reti c al fo undati o n t hat e me r ges in management studi e s
whe re to ac hieve supe ri or and s ustainable pe r formance , co mpanies mus t ha ve t he c apabi li ty in new kno wl e dge
de vel o pme nt proc es ses that ge ne rate s ignificant and me aningf ul i mp ac t s o n t hei r mar kets ( Bo gne r & Bansal,
2 007 ).The KBV appr o ach vie ws t he c o mpany as an i nst i tutio n t hat integrates t he s pe cialized kno wl e dge o f
indi vid uals within t he c ompany to pro duc e goo ds and s e r vic es thr o ugh c oo rdinatio n by the man age ment o f the
c o mpany (Grant , 19 96) . A s i milar vie w is al s o e xpr ess e d by Kogut & Zande r (1 996 ) whic h state s that the company
is an or ganizat i o n re pres e nti ng s ocial kno wl e dge abo ut co ordi nati o n and l e arning. The pur pos e of company
manage rs bas e d o n KB V i s to maint ain a bove -nor mal e arnings by c o ntinuo usly acqui ri ng new kno wl e dge o r
solutio ns that form a unique co mbination o f e xis t ing kno wle dge (Nic ke rs o n & Ze nge r, 20 04 ) .Continuo us
e xc el le nce re quires more than j us t t he o wner ship o f a t o ugh asse t ( kno wle dge ) but also re qui re s uni que and
dif fi c ult to re plicat e dynamic capabil it ie s (Te e ce , 2007 ). Augier & Te e ce (2009) de fine s dynami c capabil it ie s as
the abi li ty to se nse , e xploit ne w oppo r tuni ti es, r eco nfigure and pro t e ct kno wl e dge ass e ts , compe tenci es and
c o mple me ntar y as s e ts i n o r der t o ac hie ve sust ainable co mpet itive advanta ge. The pr o cess o f protecti ng kno wl e dge
as s ets i ncl udes kno wl e dge manageme nt which incl ude s le ar ning elements, knowl e dge tr ansf e r, e xpe rt inte gratio n,
e xpe rt ac hie ve me nt and inte ll ectual pr o pe rt y pr o te ctio n (Te e ce , 20 07 ). In an ec o no my whe r e the only c ertainty is
unc e rt aint y, t he so urce of las ti ng co mpet it ive advanta ge is knowl e dge ( No naka, 2 0 07) . Kno wledge as one of t he
c o mpany's reso urces can be a s o urc e of co mpet it ive adva ntage whe n the c o mpany h as c e rt ain c har act eris t ics.
Continuo us co mpe titi ve adva ntage c an be o btai ned whe n a c o mpany h as re sources wi th t he follo wi ng
c har acte r istics ( Bar ne y, 199 1): (1). Valuabl e , re sourc es are val uable i f they e nable the co mpany t o i mple me nt
st r ate gie s that can i mpr o ve ef fe ctive ne ss and e f f icie ncy; (2 ) . Rar e , r eso urces are call e d s c arce if the numbe r of
c o mpanies that own t ho s e re so urc es is le ss t han t he numbe r of co mpani es re quired t o cre ate perfe ct co mpet it io n
wit hin an indust r y; (3 ) . Inimit able , valuabl e and sc arce re so urc es can o nly be a s o urc e o f s ustained c o mpetitive
ad va ntage if c o mpanies that do no t have t hes e re sources can no t ge t them whi c hmeans that re sources are dif ficult
to re plic ate ; ( 4). Not subtitutable , res o urces that ar e hard to replac e are r esource s that do not have an equi vale nt
subs t it ute .The r e are many de f initions o f knowl e dge manageme nt put forward by e xpe r t s. The pr o posed def ini tion
is mo st l y vague and has a do ubl e unde r st anding be c ause the wo r d kno wl e dge gi ves diff ere nt meanings to diff erent
pe o ple as we ll as many di ff ere nt ki nds of kno wl e dge t hat ne e d to be managed dif f e re ntly ( Hlupic et al ., 2002) .
Neve rt hele ss, there wil l be s o me def initions of kno wle dge man age me nt acc ording t o diff erent scholars wi th a vie w
to unde rs t anding the di mensi o ns of kno wl e dge manage me nt.A fai r ly s imple defi nitio n o f kno wl e dge manage ment
is an ac ti vit y re late d to str ate gies and tac ti c s fo r managing hum an- c e ntere d as sets s uc h as co mpete nc e , expert ise,
e duc at io n, le arning e xpe riences and the like (Brooking, 1 997). Some other expe rts pu t fo rward the view o f t he
impo rt anc e of inf o rmatio n te c hnolo gy i n kno wl e dge manage ment. Suc c e ss f ul kno wl e dge mana ge ment pro je cts
ar e cl osely li nke d to t he us e of info r mation and c o mmunic atio n t echno lo gy (Andr e e va & Ki anto , 2012). Hl upic e t
al . ( 2002) me ntions this as an e mphas is o n the as pec t of i nformat io n techno lo gy ( har d i ssue) . . This def inition i s
inte resti ng bec aus e it do es no t mentio n informatio n te c hnolo gy e xpli citl y but r at her emphas i zes the wor ker 's
kno wle dge c apac i t y to int erpret and add to the not io n of inf ormatio n ( Hlupic e t al ., 20 02) .Gurt ee n (19 98) pro vi de s