Corporate governance, intellectual capital, and organizational culture: their influence on lean manufacturing and firm value

This study aims to explore the relationship between the implementation of Corporate Governance, Intellectual Capital, Organizational Culture, and Firm Value, with lean manufacturing serving as an intervening variable. Previous research has identified that Corporate Governance, Intellectual Capital, and Organizational Culture have a positive and significant impact on firm value, as measured using Tobin’s Q. This research further investigates whether the implementation of lean manufacturing mediates the enhancement of this relationship. The study was conducted on 242 manufacturing companies listed on the Indonesia Stock Exchange. The data for this study were collected using primary data from survey questionnaires, resulting in 118 research samples, and secondary data obtained from financial reports published by the Indonesia Stock Exchange. The data were processed using Structural Equation Modelling through the Partial Least Square (PLS-SEM) approach. The findings reveal that intellectual capital and lean manufacturing have a significant positive effect on firm value, while organizational culture has a significant negative effect on firm value. Corporate governance, intellectual capital, and organizational culture have a significant and positive effect on the implementation of lean manufacturing. Lean manufacturing does not mediate the impact of corporate governance and intellectual capital on Firm Value but does mediate the significant effect of organizational culture on firm value. This research delves into the roles of corporate governance, intellectual capital, and organizational culture in the implementation of lean manufacturing and their effects on firm value. The findings of this study offer insights for practitioners, highlighting that boards of directors still need to strengthen oversight of internal company operations regarding the roles and contributions of committees and executive boards as part of corporate governance. Commissioners should also actively evaluate reports on organizational culture and the effectiveness of lean manufacturing in enhancing firm value. Boards of directors and managers need to develop an organizational culture that supports the application of firm values through realistic and implementable policies and procedures for employee and management performance. Employees should enhance their competencies and abilities through training and internships that align with firm needs.

本研究旨在探讨公司治理（Corporate Governance）、智力资本（Intellectual Capital）、组织文化（Organizational Culture）与企业价值（Firm Value）之间的关联，并以精益生产（Lean Manufacturing）作为中介变量。既往研究已证实，以托宾Q值（Tobin’s Q）衡量的企业价值，会受到公司治理、智力资本与组织文化的正向显著影响；本研究进一步探究精益生产的实施是否会对上述关系起到中介调节作用。本研究以印度尼西亚证券交易所上市的242家制造企业为研究范围，研究数据包含两部分：一是通过调查问卷采集的一手调研数据，最终回收有效研究样本118份；二是从印度尼西亚证券交易所公开披露的财务报告中获取的二手数据。本研究采用偏最小二乘结构方程模型（Partial Least Square, PLS-SEM）方法开展数据处理与分析。研究结果显示：智力资本与精益生产对企业价值具有显著正向影响，而组织文化对企业价值则呈现显著负向影响；公司治理、智力资本与组织文化对精益生产的实施均具有显著正向作用。此外，精益生产并未在公司治理与智力资本对企业价值的影响路径中发挥中介效应，但在组织文化对企业价值的影响中起到了显著的中介调节作用。本研究深入剖析了公司治理、智力资本与组织文化在精益生产实施中的角色，及其对企业价值的影响机制。本研究结论可为实务从业者提供多维度参考：其一，董事会仍需强化对企业内部运营的监督，明确各委员会与执行董事会在公司治理框架中的角色与贡献；其二，监事会应主动评估组织文化相关报告，以及精益生产在提升企业价值方面的实施成效；其三，董事会与管理层需通过制定贴合企业需求的切实可行的政策与流程，优化员工与管理层绩效，进而构建支撑企业价值落地的组织文化；其四，员工则应通过参与匹配企业需求的培训与实习项目，提升自身能力与职业素养。