Duality of Investment Decisions Regarding Intellectual Resources: Investor`s Expectations versus Company`s Competitiveness

Today the problem of investing in the company’s intellectual capital is crucial for both: the company's top-management and researchers. There is an immense amount of papers devoted to determining the impact of intellectual resources on company’s performance, which confirm the necessity of usage this type of resources for the success of the company. This master's research is devoted to determining the duality of investment decisions of company’s managers regarding intellectual resources. The purpose of this paper is to identify the duality of decisions regarding investing in intellectual resources by the example of Russian companies. The duality in this research is determined as situation, when the top-management of the company has a choice between two investment prospects: follow the interests of the company's shareholders, investors (increasing MVA), or increase the company's competitiveness for the time being (increasing EVA). To achieve the research objective, the Structural Equation Modeling is used, which allows to construct latent variables, which are responsible for each component of intellectual capital, and to determine the relationships between constructs, dependent variables, and control variables. The results of the research showed the absence of the influence of investing in the company's human capital on EVA and MVA. However, investing in relative capital and structural capital leads to multidirectional influences on EVA and MVA, which in turn indicates the presence of duality of investment decisions.