Impact of Human Capital on Russian Companies’ Competitiveness

The modern economy shows us the evident change in the development trend: from product-oriented economy based on tangible assets, to an economy based on knowledge, innovation and intangible assets. The increasing gap between market and book value of companies has drawn attention towards investigating the value missing from financial statements. In this way, human capital is considered as the hidden value of organization and lead to achievement of the competitive advantages in the current marketplace. It should be noted that only the most cited articles were selected for review. The main goal of the present study is to examine the relationship between human capital and competitive advantages of firms. The Database if the property of HSE ID Lab and includes financial information about Russian companies for 2004-2014 years. The results show that indicators of HC, namely qualification of directors, value added per employee and return on costs of employee have a significant influence on economic value added as an indicator of competitiveness. Key words: human capital, intangible assets, economic value added, competitiveness.