Board Capital of Knowledge Intensive Companies

In my work, I conducted a study of the influence of the intellectual capital of the board of directors on the performance of innovative companies. The purpose of the work was to determine the affection of intellectual capital components on the performance of innovative companies. To achieve this goal, I have analyzed papers devoted to this issue, also I've selected the personal characteristics of members of the board of directors, which could be considered as components of intellectual capital, identified the features of innovative companies, was formed a sample of Russian innovative companies, regression analysis to determine significant components of intellectual capital and draw conclusions on the results. As a method was chosen regression type of analysis, which has been conducted on panel data. The sample consists of 44 Russian public innovative companies from the S & P500. The data is collected for the period from 2012 to 2016. As dependent variables, were chosen the indicators which reflect the financial performance of the company (Tobin coefficient, ROA and ROE), as independent variables were chosen personal characteristics of the board members (such as age, education, work experience, etc.). As a result of the research were identified several significant variables and signs of their impact on company performance. Also, the best performance indicator for this study was determined. Based on the results obtained, it is possible to give advice on the corporate governance of innovative companies regarding appointments to the board of directors.