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National Research University Higher School of EconomicsStudent ThesesValue Based Management Concept: Implementation of the RAVE Model

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Yuliya Maksimova
Value Based Management Concept: Implementation of the RAVE Model
Faculty of Economics
Master’s programme
2014
The article is devoted to identifying the nature of relationship between the intellectual capital and the value of company. Using the RAVE Model (Real Asset Value Enhancer), the author checks the positive effect of intellectual capital on the market value added (MVA). Also in the article the author suggests a comparison of two models: RAVE and EVA, in order to determine which of them best explains the company’s value. Using the EVA Model (Economic Value Added), the author checks the positive effect of financial capital on the market value added. The research was conducted for the Russian public companies.The research provided an opportunity to get some important conclusions. Firstly, the author identified a positive relationship between intellectual capital and company’value. Human capital, customer capital and supplier capital have a positive effect on the market value added of the company.Secondly, a greater impact on MVA provides financial capital and not intellectual, as was assumed in the research. This result may be related to incorrect use of the opportunity costs in the modified RAVE Model. This can be also explained by the fact that in this study were analyzed only Russian companies. Many researchers have noted that intellectual capital in Russia is not a key indicator of growth in the value of companies.Thirdly, the impact of intellectual and financial capital to create value has a time lag equal to 2 years. Fourthly, the resulting high rate before the constant in all models indicates the existence of a variety of other variables that were not included in the model, but influence on the market value added of the company.

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