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The Influence of Intellectual Capital Disclosure on Company`s Performance

Student: Elena Oborina

Supervisor: Mariya Molodchik

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Finance (Master)

Year of Graduation: 2018

It is known that the information become to be the most important resource for companies’ financial results. In the knowledge-based economy the main economic resource is not longer physical capital, natural resources and labor, but knowledge itself. Companies can reach continuously improvement and development due to effective using of different types of intellectual capital. The purpose of this paper is to examine the effects of intellectual capital disclosure in the annual reports of 100 companies in the list of the highest companies for the year 2016 estimated Forbes, on their market value added and Tobin’s Q Ratio. The issue is divided to two parts: in the first part there is a theoretical justification of the most significant studies carried out in this field of knowledge, according to the results and methodology of previous studies in the second part there is a research of influence intellectual capital disclosure on market value added and Tobin’s Q Ratio. The research finds that the extent of IC disclosure by the highest companies for the year 2016 has a positive significant effect on their market value added. The data analysis is based on the construction of a correlation matrix and a regression model. According to the results, the importance of the index of information disclosure, as well as structural and relative capital for market value added, was revealed. At the same time, based on the obtained results, there was no correlation between the disclosure of information on human capital on the dependent variables. This issue also describes the attributes by which information about structural, relative and human capital is disclosed. Thus, according to the results of the research, it can be assumed that information of structural and relative capital disclosed by leading companies may give new directions for the development other companies, which in the future will lead to an increase in financial performance and, therefore, to attract more investors.

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