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.
Students' internet usage attracts the attention of many researchers in different countries. Differences in internet penetration in diverse countries lead us to ask about the interaction of medium and culture in this process. In this paper we present an analysis based on a sample of 825 students from 18 Russian universities and discuss findings on particularities of students' ICT usage. On the background of the findings of the study, based on data collected in 2008-2009 year during a project "A сross-cultural study of the new learning culture formation in Germany and Russia", we discuss the problem of plagiarism in Russia, the availability of ICT features in Russian universities and an evaluation of the attractiveness of different categories of ICT usage and gender specifics in the use of ICT.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The results of cross-cultural research of implicit theories of innovativeness among students and teachers, representatives of three ethnocultural groups: Russians, the people of the North Caucasus (Chechens and Ingushs) and Tuvinians (N=804) are presented. Intergroup differences in implicit theories of innovativeness are revealed: the ‘individual’ theories of innovativeness prevail among Russians and among the students, the ‘social’ theories of innovativeness are more expressed among respondents from the North Caucasus, Tuva and among the teachers. Using the structural equations modeling the universal model of values impact on implicit theories of innovativeness and attitudes towards innovations is constructed. Values of the Openness to changes and individual theories of innovativeness promote the positive relation to innovations. Results of research have shown that implicit theories of innovativeness differ in different cultures, and values make different impact on the attitudes towards innovations and innovative experience in different cultures.