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Intellectual Capital Disclosure as a Driver of Company`s Value

Student: Alisa Mukhametshina

Supervisor: Mariya Molodchik

Faculty: Faculty of Economics

Educational Programme: Master

Final Grade: 7

Year of Graduation: 2014

<p>This study is devoted to the disclosure of the intellectual capital of the company. The aim of the dissertation research is to identify the impact of intellectual capital disclosure index on the market value of the company.</p><p>To achieve this goal was made a number of tasks. The first parts of the theoretical aspects were analyzed value of the company considered various methods for determining the value of the company, their beneficial use from the point of view for the investor. The second part of the work was aimed at identifying the main indicators of intellectual capital, the disclosure of which may increase the value of the company.</p><p>Testing was conducted using content - analysis, which was performed on the annual reports of 112 UK manufacturing industry in 2010 to identify them intellectual capital disclosures. Note that there was no single study of intellectual capital disclosure index of British companies from the manufacturing industry, which is the predominant factor in this work, as it emphasizes the novelty of the study.</p><p>In this paper, a computerized analysis was applied. It was carried out by the program PDF-XChange viewer that allows analyzing large amounts of information in a relatively short time.</p><p>As a result, definitions of the main criteria to find information on the disclosure of intellectual capital was formulated general hypothesis of the study:</p><p>H0: Disclosures about the intellectual capital of the company has a significant impact on its results of operations which is performed for the majority of studies.</p><p>Building a regression on the total sample showed that the explanatory power of the model is 36.7 %. The greatest positive impacts on the market value have added the following indices of disclosure: an existing company brands and trademarks on the brand of the company and the technologies work. Also able to identify that the disclosure of the company&#39;s top management can lead to a reduction in the market value of the indicator added.</p><p>Thus, according to the study, we can conclude that the general hypothesis about the positive impact of disclosure index of intellectual capital -added market value of the company confirmed.</p>

Full text (added June 3, 2014) (175.13 Kb)

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