Взаимодействие компонентов интеллектуального капитала в процессе создания стоимости фирмы
Awareness of corporate value growth importance for all stakeholders as well as strengthening of intangible assets' role in the process of value creation makes it necessary to study the mechanism of intellectual capital transformation in the resulting indicators. However existing studies show poor development of methods for measuring of value created by the components of company's intellectual capital which makes analysis of the effectiveness of its use and impose limitations on value management. This paper is devoted to theoretical review and formulation of the problems for further analysis of value creation and destruction as a result of using both tangible and intangible assets.
Value-based management concept regards corporate value growth for all stakeholders as the main company purpose which nowadays is primarily provided by intangible assets. However analysis of the process of converting intellectual capital (IC) and its components into the company financial performance is still a challenging research area. The main aim of the current study is to investigate the intellectual capital transformation into the company value on the basis of available information.
According to the framework of knowledge economy, production and management of knowledge are key aspects of firm’s activity nowadays. Intellectual capital (IC) is the crucial factor for company survival in the market. Therefore it is vital to realize the way that this capital helps to create firm value. The purpose of this study is to test empirically one aspect of the relationship between intellectual capital components and business performance – the influence of intellectual capital structure on process of firm’s value added creation.
In order to analyze the process of intellectual capital transformation into the company value, the balanced panel data were collected. The sample consists of 64 British firms in 6 industries: retail and wholesale trade, machinery manufacture, chemicals manufacture, transport and telecommunications, oil extraction and producing. The panel includes five years: from 2005 to 2009. In order to obtain comprehensive data of chosen companies we used Amadeus Database (Bureau Van Dijk) as like as information from companies’ websites.
As far as there is no singular method of measuring value added by intellectual capital, we used five the most common methods: EVATM, MVATM, FGVTM, VAICTM, P/B ratio. We also used 14 variables as proxies for intellectual capital components.
The models are estimated with pooled cross-sectional OLS method.
Most strongly influence of the intellectual assets structure is reflected in VAIC and FGV. At the same time, EVA and P/B ratio have weak or not significant relationship with the structure of the intellectual assets portfolio.
It should also be noted that models with human capital proxy in the denominator show a significant positive dependency between a ratio of the intellectual capital components and value added.
Moreover consideration of the industry factor changes the results only slightly.
The present study advances our understanding of how to manage knowledge-related resources and contributes to effective investment management. The results confirm that structure of intellectual assets has quite stable linear effect on the value added created by the company. The effect is observed both in the short and long term period. Consequently, management should consider not only an accumulated volume of intellectual capital, but also the ratio between these components in order to increase company value.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.