THE INFLUENCE OF ASSET INTENSITY, EMPLOYEE INTENSITY, AND INTELLECTUAL CAPITAL ON THE COMPETITIVENESS OF MANUFACTURING INDUSTRIES: COST STICKINESS AS A MEDIATING VARIABLE

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INTRODUCTION
Economic development is one of the key pillars supporting a country in fulfilling its functions.Economic development issues are of special concern worldwide, especially in developing countries, as they involve maintaining stable and quality output growth over time to support the welfare of society.Essentially, economic development focuses on a social, economic, and institutional process to achieve better living standards (Todaro, Michael P & Smith, 2011).
The Central Statistics Agency (BPS) has reported that the growth of the manufacturing industry has slowed down compared to the period in 2018.In 2019, the growth of the Indonesian manufacturing industry reached 4.27 percent.However, in 2019, the growth of the manufacturing industry in Indonesia decreased to 3.80 percent, a decrease of 0.47 percent from the previous year, 2018.It even experienced pressure down to minus 2.93 percent in 2020.However, the growth of the manufacturing sector became lively again in 2021, increasing to 3.39 percent.This increase is still far below compared to 2018and 2019(BPS, 2022)).
Indonesia's competitiveness ranking declined in 2022.The Institute for Management Development (IMD) World Competitive Yearbook 2022 report states that Indonesia's competitiveness has dropped to the 44th position from the 37th position in 2021.Compared to some new industrial countries in the ASEAN region, Indonesia's industrial competitiveness ranking is also below that of Singapore, Malaysia, and Thailand, although Indonesia still ranks above the Philippines by a slim margin.
The report issued by the Institute for Management Development (IMD) explains that the low competitiveness of the Indonesian industry can be caused by several factors, namely: First, national economic performance reflected in international trade, investment, employment, and prices that have not yet improved.Second, the low efficiency of governmental institutions in making policies related to national financial management, fiscal policies, and regulations for a conducive business climate.Third, the low efficiency of businesses in promoting production growth reflected in productivity levels, labor markets, and access to resources.Fourth, infrastructure limitations, both physical infrastructure, technology, basic infrastructure related to the needs of education and health (Isventina, Nunung Nuryartono, 2015).
Based on the above phenomena, it can be concluded that the low competitiveness of the Indonesian manufacturing industry is a current phenomenon causing a decline in Indonesia's manufacturing industry competitiveness compared to that of Singapore, Malaysia, and Thailand.This indicates that Indonesia needs to improve four factors: national economic performance, policy efficiency, business efficiency, and infrastructure.There are several factors that affect Competitiveness Levels including: Asset Intensity, Employee Intensity, and Intellectual Capital.
In this study, Sticky Cost is used as a mediating variable.Sticky cost was first discovered by Malcolm in 1991.Some costs tend to have characteristics that are not proportional to changes in activity.So costs tend to be rigid and sticky due to excessively high fixed cost activities, even if activities decrease, hence the name "sticky cost."Anderson et al. (2003) state that sticky costs can occur due to http://eduvest.greenvest.co.id intentional manager intervention and decisions.This proves that sticky costs occur when managers hold onto tied resources when sales decline.When sales increase, managers must add tied resources to meet demand.However, when sales decline, managers do not release these tied resources and decide to hold onto them.According to Azmi & Januryanti (2021), sticky costs occur due to uncertainty about future demand, which can be a threat to the company.To address this, managers can reduce resources or maintain resources.
Previous research has proven the relationship between Asset Intensity and Sticky Cost.Indriana et al., (2021) Zulfiati et al., (2020) states that Employee Intensity has a positive and significant effect on Sticky Cost.This is consistent with research conducted by Soegiharto & Rachmawati (2022), but inversely proportional to research conducted by Afiffah et al., (2018) Ramashar,et.al (2019) which states that Intellectual Capital does not affect Sticky Cost.The relationship between Sticky Cost and competitiveness conducted by Fitri et al., (2020) states that business strategies implemented by companies will impact the increase in sticky cost levels.By knowing the company's business strategies, management can make decisions related to resource management appropriately.
Previous research has also proven the relationship between Asset Intensity and competitiveness, namely in research conducted by Septa et al., (2020) which states that a company can develop competitive advantages through the optimization of its valuable assets, such as unique resources, knowledge, and various other useful assets, creating potential for the company.This competitive advantage potential can build financial divisions to be more efficient, allowing the company to add assets more specifically (Romadhani et al., 2022).Meanwhile, according to research conducted by Lestari & Indarto (2019), Fixed asset intensity does not affect the company's value.The relationship between Employee Intensity and competitiveness is found in research conducted by Anjarsari (2021) which states that employee commitment is the most dominant positive factor influencing sustainable competitive advantage.Then in research conducted by Soegiharto & Rachmawati (2022) states that employees or human capital are a core competency and organizational capability.Meanwhile, according to Pichetkun (2012), this ratio explains companies that generate sales revenue then want to expand market share by adding experts who have the qualities needed by the company.The need for experts will add to the costs incurred by the company.The relationship between Intellectual capital and competitiveness is found in Stakeholder Theory pioneered by Penrose (1959), where companies will have a competitive advantage if they can manage resources well.The Yeni Kusmiyati, Wiwik Utami resources owned by the company, especially Intellectual capital, will greatly affect the company's future performance (Libyanita, 2016).This study observes the financial reports of manufacturing companies listed on the Indonesia Stock Exchange (IDX) as the research object.The reason the authors chose these companies is that manufacturing companies have significant competitiveness at present.However, on the other hand, despite sales always increasing, it does not have an impact on increasing the competitiveness of the company.This is because there are still several factors that can affect the competitiveness of the company.An innovation in this study is the use of Sticky Cost as a mediating variable, where evidence of sticky cost behavior indications in manufacturing companies in Indonesia shows that cost changes do not always follow changes in activity.

Literature Review and Hypothesis Development Theoretical Framework
Stakeholder theory states that companies are not entities that operate solely for their own interests but must be able to provide benefits to their stakeholders.Thus, the existence of a company is greatly influenced by the support provided by its stakeholders (Ghozali dan Chariri, 2007).These stakeholders include the community, employees, government, suppliers, capital markets, and others.According to Ghozali and Chariri (2007), in stakeholder theory, a company is not an entity that operates solely for its own interests but must provide benefits to its stakeholders (shareholders, creditors, consumers, suppliers, government, community, analysts, and others).Thus, the existence of a company is heavily influenced by the support provided by stakeholders to the company.
Meanwhile, according to Ulum (2009), stakeholder theory states that all stakeholders have the right to be provided with information about how organizational activities affect them (for example, through pollution, sponsorship, security initiatives, and others), even when they choose to use this information and even when they cannot directly play a constructive role in the organization's survival.In the concept of stakeholder theory, the relevance to this research is when a company http://eduvest.greenvest.co.id faces issues related to the cost of productive activities.A company is required to minimize costs and utilize resources effectively and efficiently to maximize profits.When managers perceive a discrepancy between the costs incurred and the company's activities, stakeholders or interested parties in the company also assist.

Asset Intensity
In PSAK 16 revision of 2018, assets are all possessions owned by a company or an individual, tangible or intangible, that are valuable or have value that will benefit someone or the company itself.In PSAK 16 (2018: paragraph 6), fixed assets are tangible assets that: a. Owned for use in the production or provision of goods or services for lease to others, or for administrative purposes and; b.Expected to be used for more than one period.

Employee Intensity
Employee intensity is a ratio that measures the effectiveness and efficiency of sales in utilizing and developing human resources.This ratio indicates the use of human resources per unit of currency generated from sales revenue.Then in a study conducted by (Soegiharto & Rachmawati, 2022) it is stated that employees or human capital are a core competency and organizational capability.Companies strive to maintain their human resources model to provide competitive advantages.Therefore, companies provide remuneration packages to retain their employees, resulting in Sticky Cost behavior.

Intellectual Capital
Intellectual Capital is assets that view the development of intangible assets as a long-term investment and are reluctant to reduce this investment in response to a decrease in sales volume resulting in sticky costs.Companies that realize the importance of development and progress will also consider intellectual capital as a valuable resource that must be maintained because it can generate income and future sales business (Yang, 2019).

Sticky Cost
Sticky Cost is said to occur when cost increases tend to change easily when sales increase compared to when sales decrease.(Malcom, 1991) found that some costs tend not to be easily adjusted (fixed costs).This will cause problems when activities increase and are followed by increased costs, but when activities decrease, cost reductions are not proportional.Costs that are difficult to adjust are fixed costs because they tend to be attached and difficult to follow even when company activities are declining.It is the nature of these costs that causes them to be called sticky costs.

Competitiveness
Competitiveness is the ability of a company, industry, region, country, or between regions to produce relatively higher income and job factors continuously to face international competition.According to Kuncoro, (2007), competitiveness is a concept of comparing the ability and performance of companies, sub-sectors, or countries to sell and supply goods and/or services provided in the market.

Impact of Asset Intensity on Sticky Cost
When a company experiences a decrease in sales, managers try to reduce/stop the scale of purchases in inventory materials obtained from external parties.However, when this happens, it will affect the company's inputs and will also affect the assets owned by the company because when the company's inputs decrease, it may result in the release of these assets because the assets (machinery) are not being used or a reduction in the working hours of these assets (machinery) (Afiffah et al., 2018).
Based on the above concept, asset intensity represents a description of the company's asset investment, which is usually used to measure how productive a company is in using its sales proceeds to invest in its assets.A high ratio of assets to sales operations reflects a large asset intensity, and a low ratio of assets to sales operations reflects a small asset intensity.

Impact of Employee Intensity on Sticky Cost
Previous research conducted by Zulfiati et al. (2020) and Soegiharto & Rachmawati (2022) stated that Employee Intensity has a positive impact on Cost Stickiness.This is because on average companies experience the use of Sticky Cost, the company's employees are smaller than the revenue and sales of the business received, but the existence of labor laws in force such as Law No. 13 of 2003, company policies and responsibilities related to employment, also as considerations for the adjustment of large employee costs become obstacles to reducing the number and cost of employees, causing the intensity of employees in companies to increase and they must pay employee benefits (employee salaries and benefits costs).which ultimately increases the cost of sticky behavior.

Impact of Intellectual Capital on Sticky Cost
Intellectual capital or intellectual capital is an intangible asset that can provide knowledge-based resources that function to improve company performance and competitiveness and provide value compared to other companies.Intellectual capital can be seen as knowledge in forming intellectual wealth and experience that can be used to create company wealth.Intellectual capital is not only goodwill or patents as often reported in the balance sheet.Employee competence, customer relationships, innovation creation, computer and administrative systems, to the ability to master technology are also part of intellectual capital (Noor, 2021).
Previous research conducted by Soegiharto & Rachmawati (2022) stated that Intellectual Capital has a positive effect on Sticky Cost.This is because intangible assets are seen as a long-term investment that contributes to long-term investments and is reluctant to reduce this investment in response to a decrease in sales volume resulting in sticky costs.

Impact of Sticky Cost on Competitiveness
In the book written by M.E.Porter (1993) in his book states that competitiveness is an effort to create better customer value than its competitors by performing specific activities economically or superior quality/services or a combination of both compared to its competitors.So company activities affect the level of competitiveness of the company just like sticky costs that occur when company activities decrease but are not followed by a decrease in company costs.
Business strategies implemented by companies will impact the increase in sticky cost levels.By knowing the company's business strategies, management can make decisions related to resource management appropriately.This proves that http://eduvest.greenvest.co.id sticky costs occur when managers make decisions to reduce resources or maintain resources.Sticky costs occur because of uncertainty about future demand, which can be a threat to the company.

Impact of Asset Intensity on Competitiveness
The relationship between Asset Intensity and competitiveness is that in a study conducted by Septa et al. (2020) it stated that a company can develop competitive advantages through the optimization of its valuable assets, such as unique resources, knowledge, and various other useful assets creating potential for the company.Competitive advantage can be utilized by companies to obtain a good stock market value.Increasing the company's value makes the use of competitive advantage more scalable, and this can maintain the company's existence in a particular industry.The potential for competitive advantage can build financial divisions more efficiently, so the company can add assets more specifically (Romadhani et al., 2022).

Impact of Employee Intensity on Competitiveness
The relationship between Employee Intensity and competitiveness is that in research conducted by Anjarsari (2021) stated that employee work commitment is the most dominant positive factor influencing sustainable competitive advantages.Then in research conducted by (Soegiharto & Rachmawati, 2022) it is stated that employees or human capital are a core competency and organizational capability.Companies strive to maintain their human resources model to provide competitive advantages.Therefore, companies provide remuneration packages to retain their employees, resulting in Sticky Cost behavior.

Impact of Intellectual Capital on Competitiveness
The relationship between Intellectual capital and competitiveness is that in running its business, a company must be able to create different advantages from its competitors.In Stakeholder Theory pioneered by Penrose (1959), the company will have a competitive advantage if it can manage resources properly.Resources owned by companies, especially Intellectual capital, will greatly affect the company's future performance (Libyanita, 2016).

RESEARCH METHOD
This type of research utilizes a quantitative research method.According to Sekaran, U., & Bougie (2017), quantitative data is data in numerical form generally obtained through structured questions.The quantitative research used is causal quantitative research intended to test whether one variable causes another variable to change or not.In this study, there are 3 (three) independent variables, namely: Asset Intensity, Employee Intensity, and Intellectual Capital, 1 (one) dependent variable, namely: Competitiveness, and 1 (one) mediating variable, namely: Cost Stickiness.This research uses secondary data, utilizing financial reports from companies listed on the Indonesia Stock Exchange.Data sources were obtained from the official websites of companies with a research period of 4 (four) years, from 2018 to 2021.
In this study, the researcher used secondary data in the form of financial reports obtained through the official websites of companies and the Indonesia Stock Yeni Kusmiyati, Wiwik Utami The Influence of Asset Intensity, Employee Intensity, and Intellectual Capital on the Competitiveness of Manufacturing Industries: Cost Stickiness as a Mediating Variable 842 Exchange.The population in this study consists of manufacturing companies listed on the Indonesia Stock Exchange for the period 2018-2021, totaling 172 companies.
The sampling technique used in this study is purposive sampling, where the sampling technique selects data sources based on specific considerations with the aim of obtaining a representative sample according to predetermined criteria.

Asset Intensity
Asset Intensity in a study conducted by Kalbuana et al., (2020) the fixed asset intensity ratio is used to measure the ratio of fixed assets to total assets of a company, where this ratio describes the proportion or how much fixed assets a company has from its total assets.The formula for calculating the fixed asset intensity ratio according to Kalbuana et al., (2020)

Employee Intensity
Employee Intensity is a ratio that measures the effectiveness and efficiency of sales in the utilization and development of human resources.This ratio shows the use of human resources for each rupiah generated from sales revenue.
Employee Intensity (EI) is measured based on a formula from research conducted by Afiffah et al., (2018)

Sticky Cost
Costs can be said to be sticky if the amount of cost increase when the volume of company activities increases is higher than when sales volume decreases (Anderson, M. C., Banker, R. D., &;Janakiraman, 2003).According to research conducted by Weiss (2010), sticky Cost is measured based on the following equation::

Information:
∆COST : Total Beban Usaha ∆SALES :  i,τ - i,τ−1  i,τ : Net sales of the company i in the period τ  i,τ−1 : Net sales of the company i in the period τ − 1

Competitiveness
According to M. E. Porter (1985), competitive advantage is the ability of companies to get periodic returns on investment above the industry average.Competitive advantage is used as a company's strategy in innovating differently from its competitors and winning market share.
One measure of whether a firm has a successful strategy or not is the number of standard deviations of its sales that deviate from industry sales, as the following equation shows (M.E. Porter, 2008) Sales Deviation = Standard deviation of sales of all companies in the same industry

Descriptive Test
Asset Intensity (X1) in the above descriptive statistics table for manufacturing companies has a minimum value of 0.000951 or 0.00% at PT. Buana Artha Anugerah Tbk, which means the company does not rely on the proportion of investment in biological assets.Meanwhile, the maximum value is 0.802167 at PT Astra Otoparts Tbk, indicating the use of 0.80% of the company's investment proportion in biological assets.The average value is 0.396652, indicating that on average, the level of asset intensity for companies is relatively small, still below 1%.The standard deviation is 0.198992.The Asset Intensity variable has a standard deviation smaller than the mean, indicating that the asset intensity variable is homogeneous or less diverse in data.
Employee Intensity (X2) in the above descriptive statistics table for manufacturing companies has a minimum value of 0.000090 or 0.00% at PT Wilmar Cahaya Indonesia Tbk, indicating that the company does not measure the effectiveness and efficiency of sales in utilizing and developing human resources.Meanwhile, the maximum value is 0.092000 at PT Eterindo Wahanatama Tbk, indicating the use of 0.10% to measure the effectiveness and efficiency of sales in utilizing and developing human resources.The average value is 0.002088, indicating that on average, the level of employee intensity for companies is still relatively small, below 1%.The standard deviation is 0.007099.The Employee Intensity variable has a standard deviation larger than the mean, indicating that the Employee Intensity variable is heterogeneous or becoming more diverse and varied in data.
Intellectual Capital (X3) in the above descriptive statistics table for manufacturing companies has a minimum value of -14.84303 or -14.84% at PT Primarindo Asia Infrastructure Tbk, indicating that the company cannot improve human resources, company capabilities, create economic success, good company value, and good financial performance to maintain competitive position.Meanwhile, the maximum value is 23.71578 at PT Eterindo Wahanatama Tbk, indicating the use of Competitiveness (Y2) in the above descriptive statistics table for manufacturing companies has a minimum value of -0.315342 or -0.31% at PT Eterindo Wahanatama Tbk, indicating the company does not have the ability to survive in the market.Meanwhile, the maximum value is 8.534765 at PT Astra International Tbk, indicating a 8.53% ability to survive in the market, with an average value of -0.011970.This indicates that on average, companies lack competitiveness.The standard deviation is 0.974640.The Competitiveness variable has a standard deviation larger than the mean, indicating that the Competitiveness variable is heterogeneous or the data is highly varied.

Panel Data Regression Model Analysis
In panel data analysis using 3 models, namely Chow Test, Hausman Test, Lagrange Multiplier (LM).After testing the suitability of the model, a random effect is obtained as the selected model as follows:  Afrianita &;Kamaludin (2022) states that if a common effect or fixed effect model is used, then the next step is to test classical assumptions.However, if the model used falls on the random effect, there is no need to test classical assumptions.In addition, in a study conducted by Awaludin et al., (2023)   The t-test is performed to see if the individual independent variable has a significant impact on the dependent variable, as well as to prove which variable is more dominant.shown by p value 0.0163 < 0.05 and negative regression coefficient of -10.2821,This shows a negative influence (in the opposite direction) between the variable Employee Intensity and sticky cost.this means that the higher the Employee Intensity, the lower the occurrence of Sticky Cost, vice versa the lower the Employee Intensity then the higher the occurrence of Sticky Cost.

Intellectual Capital has a negative and significant effect on sticky costs,
shown by p values of 0.0381 < 0.05 and negative regression coefficients of -0.0043, this shows a negative influence (in the opposite direction) between Intellectual Capital variables and sticky costs.This means that the higher the Intellectual Capital, the lower the occurrence of Sticky Cost, vice versa, the lower the Intellectual Capital, the higher the occurrence of Sticky Cost.shown by p value of 0.0147 < 0.05 and negative regression coefficient of -17.7976, this shows a negative influence (in the opposite direction) between the variables of Employee Intensity and competitiveness.This means that the higher the Employee Intensity, the lower the level of competitiveness, and vice versa, the lower the Employee Intensity, the higher the level of competitiveness.4. Intellectual Capital has a positive and significant effect on competitiveness, shown by p value 0.0050 < 0.05 and a positive regression coefficient of 0.0094, this means that the higher the Intellectual Capital, the greater the level of competitiveness, vice versa the lower the Intellectual Capital, the smaller the level of competitiveness.

Test R2
The determination coefficient test is carried out to determine how much the ability of the independent variable model to explain the dependent variable.The P-Value obtained is 0.9489 > 0.05 with a Statistical Sobel Test value of 0.06406 < 1.92, it can be concluded that the Employee Intensity Variable (X2) does not have a significant effect on the sticky cost variable (Y1) or indirectly the sticky cost variable (Y1) is not able to mediate the influence of the competitiveness variable (Y2).

Sobel Test Calculation Results: Sticky Cost mediates the influence of Intelectual Capital on competitiveness
The P-Value obtained is 0.9489> 0.05 with a Statistical Sobel Test value of 0.0640 < 1.92, it can be concluded that the Intellectual Capital Variable (X3) does not have a significant effect on the sticky cost variable (Y1) or indirectly the sticky cost variable (Y1) is not able to mediate the influence of the competitiveness variable (Y2).

CONCLUSION
From this study, it can be concluded that the research aims to determine the influence of Asset Intensity, Employee Intensity, and Intellectual Capital, with a sample size of 212.The following conclusions can be drawn: 1. Asset Intensity does not have a positive and significant effect on Sticky Cost. 2. Employee Intensity has a negative and significant effect on Sticky Cost. 3. Intellectual Capital also has a negative and significant effect on Sticky Cost. 4. Sticky Cost does not have a negative and significant effect on competitiveness.5. Asset Intensity does not have a Recommendations: The results of this study are used to understand the influence of Asset Intensity, Employee Intensity, and Intellectual Capital on Competitiveness, with Cost Stickiness as a mediating variable in the Manufacturing Industry.Practical implications include evidence of sticky cost behavior in Indonesian manufacturing companies, indicating that cost changes do not always follow changes in activity levels.Suggestions for future research involve adding other independent variables, such as ROA, Leverage, and examining different cost components.For companies, the research can provide recommendations for managing sales and administrative costs effectively.Lastly, for society, the research contributes to assessing a company's performance and competitiveness, which can impact its stock value.
Y2 = -0,1696 -0,0263 (Asset Intensity) -17,7947 (Employee Intensity) + 0,0094 (Intellectual Capital) -0,0031 (Sticky Cost) From the results of the regression it can be concluded that: a) The constant α = -0.1696means that if Asset Intensiy, Employee Intensity, Intellectual Capital, Sticky Cost constant then the value of competitiveness decreases by -0.1696 b) The Asset Intensity regression coefficient is -0.0263.This shows a negative influence (in the opposite direction) between the variables Asset Intensity and Competitiveness.This shows that every 1 point increase in Asset Intensity and other variations is fixed, it will cause a decrease in the competitiveness received by the value of the coefficient of -0.0263 c) The Employee Intensity regression coefficient is -17.7947.This shows a negative influence (in the opposite direction) between the variables Employee Intensity and Competitiveness.This shows that every 1 point increase in Employee Intensity and other variables is fixed, it will cause a decrease in the Competitiveness received by the value of the coefficient -17.7947.d) The regression coefficient of Intellectual Capital is 0.0094.This shows that every 1 point increase in Intellectual Capital and other variables is fixed, it will lead to an increase in the Competitiveness received by the coefficient value of 0.0094.e) The Sticky Cost regression coefficient is -0.0031.This shows a negative influence (in the opposite direction) between the variables Sticky Cost and Competitiveness This shows that every increase of 1 point from Intellectual Capital and other variables is fixed, it will cause a decrease in Competitiveness received by the value of the coefficient of -0.0031 Uji Sobel Sobel Test Calculation Results: Sticky cost mediates the effect of Asset Intensity on competitiveness The P-Value obtained is 0.9650 > 0.05 with a Test Statistic Sobel Test value of -0.0439 < 1.92, it can be concluded that the Asset Intensity Variable (X1) does not have a significant effect on the sticky cost variable (Y1) or indirectly the sticky http://eduvest.greenvest.co.id cost variable (Y1) is not able to mediate the influence of the competitiveness variable (Y2) Sobel Test Calculation Results: Sticky Cost mediates the effect of Employee Intensity on competitiveness state that Asset Intensity has a positive and significant effect on Sticky Cost.Consistent with research conducted by Tiono & Fanani (2017) which states that Asset Intensity affects Sticky Cost.The results of research conducted by Candra (2017) state that Asset Intensity does not affect Sticky Cost.Previous research on the effect of Employee Intensity on Sticky Cost from previous research conducted by which states that Employee Intensity does not affect Sticky Cost.Similarly, the relationship between Intellectual Capital and Sticky Cost conducted by Soegiharto & Rachmawati (2022) states that Intellectual Capital has a positive effect on Sticky Cost.The results of research are in line with those conducted by ali mohammadi (2016) which states that Intellectual Capital affects Sticky Cost.In contrast to research conducted by Wira The Influence of Asset Intensity, Employee Intensity, and Intellectual Capital on the Competitiveness of Manufacturing Industries: Cost Stickiness as a Mediating Variable 838 is as follows: Fixed Asset Intensity Ratio = , namely : Employee Intensity (EI) = 72% to improve human resources, company capabilities, create economic success, good company value, and good financial performance to maintain competitive position.The average value is 2.076689, indicating that on average, the level of intellectual capital for companies is still relatively small.The standard deviation is 3.294835.The Intellectual Capital variable has a standard deviation larger than the mean, indicating that the Intellectual Capital variable is heterogeneous or becoming more diverse and varied in data.

Table 4 Competitive Regression Model Selection Results No Test P value Result Conclusion
Based on the summary of the results of the regression model selection test using the Chow test, LM Test and Hausman Test, it can be concluded that the best model selected is the Random Effect model.According to research conducted by also stated that using a random effect model can ignore violations of classical assumption tests.So in this Yeni Kusmiyati, Wiwik Utami The Influence of Asset Intensity, Employee Intensity, and Intellectual Capital on the Competitiveness of Manufacturing Industries: Cost Stickiness as a Mediating Variable 846 study there is no need to test heteroscedasticity because the best model used is the random effect model.Test F is carried out to find out whether the regression model in this study is appropriate or not.The results of the F test as shown in the table show that the value of Prob (F-Statistics) is 0.2472 > 0.05 which means that simultaneously the variables Asset Intensiy, Employee Intensity and Intellectual Capital have no effect on Sticky Cost.

Table 6 Competitiveness Hypothesis
Test F is carried out to find out whether the regression model in this study is appropriate or not.The results of the F test as shown in the table above show that the value of Prob (F-Statistics) is 0.0000 < 0.05 which means that simultaneously the variables Asset Intensiy, Employee Intensity, Intellectual Capital and sticky cost affect Competitiveness.

Table 7 . T Test of Sticky Cost
Based on the results of the t test in the table above, the following results are obtained:1.Asset Intensity does not have a positive and significant effect on Sticky Cost, with a p value of 0.9520 > 0.05, this means that the high and low Asset Intensity is not influenced by much Sticky Cost 2. Employee Intensity has a negative and significant effect on Sticky Cost,

Table 8 T Test of Competitiveness
Based on the results of the t test in the table above, the following results are obtained:1.Sticky Cost does not have a negative and significant effect on competitiveness, with p values of 0.9490 > 0.05, this means that the high and low of Sticky Cost cannot be affected by much lack of competitiveness 2. Asset Intensity does not have a negative and significant effect on competitiveness, with a p value of 0.1666 > 0.05, this means that the high and low Asset Intensity is not influenced by much lack of competitiveness 3. Employee Intensity has a negative and significant effect on competitiveness,

Table 9 R2 Sticky Cost Test
Based on the table above, it shows an R value of 0.0055 or 0.55%.It can be explained that the variation of the Sticky Cost variable can be explained by the variable variation of the variables Asset Intensiy, Employee Intensity, Intellectual Capital sticky cost while the result value of the overall factor minus R (1 -0.0055) obtained 0.9945 or 99% can be explained by other factors that are not included in this research model.The lack of influence of Asset Intensiy, Employee Intensity, Intellectual Capital due to other factors related to Sticky Cost, such as (human http://eduvest.greenvest.co.idcapital efficiency, SCE (structural capital efficiency) and other independent variables that were not included in this study.

Table 10 R2 Test of Competitiveness
Data processed with Eviews 11, 2023 Based on the table above, it shows an R value of 0.1249 or 12%.It can be explained that the variation of the Competitiveness variable can be explained by the variable variation of the variables Asset Intensiy, Employee Intensity, Intellectual Capital and sticky cost while the result value of the overall factor minus R (1 -0.1249) obtained 0.8751 or 88% can be explained by other factors that are not included in this research model.The lack of influence of Asset Intensiy, Employee Intensity, Intellectual Capital due to other factors related to competitiveness that were not included in this study.From the results of the regression it can be concluded that: a) The constant α = 0.0284 means that if Asset Intensiy, Employee Intensity, Intellectual Capital is constant, the value of Sticky Cost increases by 0.0284 b) The Asset Intensity regression coefficient is 0.0007.This shows that every 1 point increase in Asset Intensity and other variables is fixed, it will cause an increase in the Sticky Cost received by the coefficient value of 0.0007 c) The Employee Intensity regression coefficient is -10.2821.This shows a negative influence (in the opposite direction) between the variables Employee Intensity and sticky cost.This means that if the Employee Intensity variable increases every 1 point increase from Employee Intensity and other variables are fixed, it will cause a decrease in the Sticky Cost received by the coefficient value of -10.2821.d) The regression coefficient of Intellectual Capital is -0.0043.This shows a negative influence (in the opposite direction) between the variables of Intellectual Capital and sticky costs.This means that if the Employee Intensity variable increases every 1 point increase from Intellectual Capital and other variables are fixed, it will cause a decrease in the Sticky Cost received by the value of the coefficient -0.0043.
The Influence of Asset Intensity, Employee Intensity, and Intellectual Capital on the Competitiveness of Manufacturing Industries: Cost Stickiness as a Mediating Variable 852 negative and significant effect on competitiveness.6. Employee Intensity has a negative and significant effect on competitiveness.7. Intellectual Capital has a positive and significant effect on competitiveness.8. Sticky Cost cannot mediate the influence of Asset Intensity on Competitiveness.9. Sticky Cost cannot mediate the influence of Employee Intensity on Competitiveness.10.Sticky Cost cannot mediate the influence of Intellectual Capital on Competitiveness.