Human Capital Impact on Company Value

In the modern world, the role of human capital in an organization is growing more and more due to the fact, that human resources not only affect financial results, but also participate in the formation of the company's value. Due to the variety of different approaches to the definition of human capital, there is no single explanation for this concept. However, summarizing the opinions of the authors, we can say that human capital is the contribution of employees to the activities of organizations, which positively affects the results of their activities. Hence, it was necessary to determine which components of these resources are more involved in the successful activities of enterprises related to the increase in value. Data on employees and financial performance of firms were taken from the Ruslana database and financial reports. The analysis involved the top 100 Russian companies in terms of capitalization. The results of multiple linear regression showed that human capital has a positive significant impact on the value of the company. In the future, it is possible to expand the sample by collecting panel data.