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The Impact of Intellectual Capital Disclosure on the Value of Russian Companies

Student: Daria Kozeeva

Supervisor: Iuliia N. Naidenova

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2021

Corporate disclosure is an important element in the functioning of efficient capital markets, as disclosed information plays an important role in the interaction of companies with investors, shareholders and contributes to a higher valuation of the company. This paper investigates the impact of intellectual capital disclosure (ICD) on the value of Russian companies. The study was conducted on a sample of 46 companies included in the Moscow Exchange Index between 2016 and 2019. The disclosure of IC and its components (internal, external and human capital) was measured through content analysis of companies' annual reports in the Russian language. To assess the impact effects models with fixed individual effects were estimated. The analysis concluded that the effect of disclosure of IR and its components on the value of companies is not significant.

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