Evaluation of the Intellectual Capital Elements Impact on M&A Value

To enlarge the sphere of intellectual capital investigation we analyze its components impact on M&A value. To achieve this goal, theoretical aspects of the intellectual capital and M&A were investigated. Also we regarded methods of the intellectual capital measurement and chose the most appropriate – Value Added Intellectual Coefficient. We use this method to estimate the elements of intellectual capital and to construct regression model to find the extent of its influence on M&A value. We have proved that there is a positive impact intellectual capital elements on M&A value of the pharmaceutical companies. It has been found that degree of the influence varies between the components of the intellectual capital and between the organizations of different size. Intellectual capital elements have negative influence on M&A value in the smallest companies. However, the larger the company the greater the positive side effect on the M&A value of intellectual capital components. In the introduction object and aims of the work are claimed. Also there is description of the theoretical and practical bases for the research and results significance. The first chapter contains review of the M&A theoretical aspects, approaches to the intellectual capital defining and its elements classification. In the second chapter the groups of the intellectual capital measurement are regarded and compared, also the most appropriate method of the Value Added Intellectual Coefficient is described. The third chapter holds hypotheses and description of the regress models that are constructed for the testing these hypotheses. In the conclusion the stages of the research are recapitulated, main findings, restrictions and significance of the results and directions for the future research are represented. Appendixes contain the data table and the results of the econometric tests. The work has 54 pages, 14 tables, 7 appendixes, 23 references.