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Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Oleg Rugin
The Determinants of IT Firms Value
Corporate Finance
(Master’s programme)
8
2019
In this paper, the value determinants of information technology companies in developed and developing countries are investigated and tested. In various works, great attention is paid to approaches to assessing the market value of IT companies in developed markets in the context of the relationship of financial data and market capitalization, the impact of intellectual capital and the use of non-financial indicators.

The paper uses the GICS classification to identify public companies that belong to the IT sector in the period 2003 - 2018. Tobin’s Q indicator is used as the dependent variable. Due to the significant number of developing countries, Residual Income proxy will also be tested as the dependent variable. The study was carried out using the construction of a dynamic model based on panel data for the IT sector of companies included in the GICS classification, and separately for each of the nine subgroups of the Information Technology sector.

Key research results:

1. Significant determinants are identified for each of the nine subgroups of the IT sector of the GICS classification.

2. Each of the subgroups of the IT sector has a unique set of variables that have a significant linear and non-linear effect on the proxy value of companies and their effectiveness.

Keywords: cost of IT companies, developed and developing countries, Residual Income.

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