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The Impact of Intellectual Capital on Company’s Value
The aim of this study is to explain divergence in the impact of Intellectual capital on company value through the industry effect that defines the structure and efficiency of Intellectual capital deployment. This approach allows us gain the results that would be practically applicable for companies in different market sectors. In this study we use a database collected by the International Laboratory of Intangible-driven Economy in Higher School of Economics, Perm. It includes panel data on various indicators of 871 Russian companies activities over a ten-year period from 2004 to 2013. This research is an attempt to reveal statistically significant difference between production and services companies and explain special features of Intellectual capital used in different sectors. In order to reach this goal we generated a regression that describes how company’s EVA depends on Intellectual capital proxies. The results obtained confirm that Intellectual capital components have different impact on economical value across industries and may be applied to make investment decisions in Knowledge management.