Analysis of Intellectual Capital Influence on Company Value

Abstract Key words: intellectual capital, enterprise value, structural capital, relational capital, human capital. The paper presents a study of the intellectual capital impact on the financial indicators of companies, which are most commonly used in order to assess the value of a company. Object of the study is intellectual capital, subject of the study is evaluation of intellectual capital and its influence on the value of Russian companies. The aim of the study is to make an empirical investigation of the impact of intellectual capital on company value. The work consists of two chapters. The first chapter demonstrates the first mention of the notion, literature, methodology and results review. In the second chapter of the work, econometric studies of the problem are defined in detail: information collection and selection requirements, model interpretations, their testing and results interpretation. The empirical analysis was carried out using the method of modified value added intellectual coefficient (MVAIC), on samples of Russian public and non-public companies, presented in the amount of 105 and 396 observations. The results of the empirical analysis are ambiguous: 3 of 4 hypotheses were confirmed. The study of the impact of intellectual capital on the value of Russian companies will be useful for future research problems, competent measurement and management of intellectual capital could contribute to the economic growth of companies.