Потапова Мария Александровна
Impact of Intellectual Capital on Financial Performance in BRICS: Pharmaceutical Industry
The present research paper is devoted to the complex and relatively new direction of company’s development: evaluation of intellectual capital. The data sample includes 395 companies from emerging countries of BRICS group and covers 2004-2014 time periods. The findings suggest that the VAIC is positively related to financial performance of selected companies. The results indicate that IC mostly influences on ROA. Human capital as а fundamental part of IC does have positive relationship with profitability and productivity. This is important for pharmaceutical industry where manpower is in advance. Also physical capital happens to be the most predictable for financial performance among four components of IC.