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The Intellectual Capital Impact on the Pharmaceutical Company Value

Student: Nadezhda Komarova

Supervisor: Alexey S. Makarov

Faculty: Faculty of Economics

Educational Programme: Master

Year of Graduation: 2014

<p style="text-align: justify;">At present in conditions of innovation economy intellectual capital gains an important role for operation of a company. It acts as a new source of competitive advantage, as well as an instrument for influencing the value of a company. To date, however, researchers are faced with the problem of quantitative evaluation of intellectual capital and its components. This is due to the lack of a unified approach to the definition of intellectual capital as well as a set of indicators to measure it. Thus, this issue is actual for the modern firm.</p><p style="text-align: justify;">However, for various sectors intellectual capital has a different effect. For example, the firms of pharmaceutical industry often represent large, capital-intensive property complexes, which consist of laboratories, research and chemical-processing centers. Hence the need for a deeper study of the intellectual capital structure for pharmaceutical companies because of its special role and status of key resources needed to ensure the sustainable development of these companies.</p><p style="text-align: justify;">So, the purpose of the master&#39;s thesis is to estimate the impact of intellectual capital and its components on the value of the pharmaceutical company.</p><p style="text-align: justify;">In this work we have considered theoretical aspects of the intellectual capital formation, determined its structure and methods of measurement, reviewed the empirical studies of the intellectual capital impact and its components on the value of the pharmaceutical company. Also, we have constructed regression models to determine the effect of intellectual capital components on the value of pharma companies, and on the basis of this analysis, developed recommendations to increase the value of the pharmaceutical company by managing the components of intellectual capital.</p>

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