Influence of research and development spending and investments in intellectual capital on operational efficiency of companies from developing countries

Many scientists agree that in the 21st century, intellectual capital becomes an important driver for the company's value growth and its competitive advantages. In studies on the impact of intellectual capital on the performance indicators of companies in developing countries, two or three-component structure of intellectual capital is used most often, which does not separately allocate R & D expenditures, but assumes them as part of the structural capital. Meanwhile, R & D expenditures is an important part of intellectual capital. In this paper, the influence of human, relation, innovation and process capital on the operational efficiency of companies from Russia and Brazil is studied. In order to analyze panel data, a regression model with random effects and a linear regression model were chose as the most appropriate for assessing a particular type of company performance. The results of the research showed that human capital has a significantly positive impact only on ROC; relation capital significantly positive influences all selected profitability indicators; innovation capital does not have a significant impact on the company's current performance indicators; process capital has a significant positive impact on all selected indicators of profitability. In addition, it was shown that intellectual capital does not allow explaining the change in the market multiplier P / BV, which measures long-term strategic efficiency.