The Contribution of Intellectual Capital to Value Creation
This paper aims to analyse the contribution of intellectual resources to companies’ value. Most of the relevant empirical studies cover issues concerning the impact of intellectual capital on companies’ performance. This research is more specific and focuses on the unbiased estimation of intellectual resources’ contribution to their value.
The paper highlights an approach to decision-making for investments, identifying the costs for companies’ growth in value. The hedonic pricing approach is applied in order to test the hypotheses put forward in this study. One of the research questions is related to the assumption that the hedonic prices of intellectual resources differ according to external factors: country and industry. ANOVA is used to identify group differences among different national markets and industries. We have used fixed-effect regressions in order to avoid the endogeneity problem.
The authors revealed that hedonic pricing tool is valid for evaluating intellectual capital.