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The Impact of Intellectual Capital on Company Market Value: The Mediation Effect of Economic Value Added

Student: Liana Mkrtchian

Supervisor: Iuliia N. Naidenova

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Finance (Master)

Year of Graduation: 2021

In a constantly changing business environment companies need to pay close attention to the development and build-up of their intellectual capital in order to gain superiority over competitors. The thesis examines the process of creating a company's value based on intellectual capital. It is suggested that intellectual capital can influence on market value of a company not only directly, but also through economic added value determining the presence of a mediation effect. To verify the hypotheses a system of simultaneous structural equations was used with further testing for the presence of a mediated effect in STATA. The study was carried out on a database created by the International Laboratory of Intangible-driven Economy with subsequent modification. The sample included 118 Russian traded companies for the period from 2008 to 2019. Empirical analysis led to the conclusion that there is a mediation effect of economic value added (EVA). In other words, EVA is a mediator between human capital and market value added.

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