The impact of intellectual capital on the company's performance: evidence from emerging markets

<p>The current study is devoted to the investigation of the impact of intellectual capital on the company&rsquo;s performance with the evidence from the BRICS group. Due to its unobservable and intangible nature, intellectual capital (IC) has a number of proxies. In this paper IC is approximated by a new method&nbsp; proposed by Sydler et al. (2014) as well as by more traditional VAIC &nbsp;approach. According to Zeghal and Maaloul&rsquo;s (2010) approach, company&rsquo;s performance is segmented into three dimensions: financial, economic and stock market performance. Applying econometric analysis it is found that IC has a positive and significant impact on financial performance of a firm. In terms of economic performance, IC has a positive influence on operational margin. For intensive IC companies it also reduced the cost of equity. In the course of the paper several differences between two proxies were identified, possible reasons explaining these differences suggested, and obtained results interpreted.&nbsp;</p>