Intellectual capital and traditional measures of corporate performance: Application in Russia

P. 283–298.

Stulova N.

Taking into account the transformation in economic reality towards knowledge economy, it seems logical for company’s intellectual capital to be treated not as a cost but as an investment. Intellectual capital is a resource of creation value equal to physical assets and financial capital. In order for the new system to be consistent it is necessary to define new index of intellectual capital efficiency in the value creation.

Using the theory of efficiency value added by the major company’s resources that are physical capital, human capital and structural capital this paper examines the association with company’s profitability, productivity and market value. Data is drawn from a sample of 56 Russian publicity traded firms from sectors heavily reliant on intellectual capital that are communication systems, instrumentation, pharmacology and financial services. Empirical research is conducted using correlation and linear multiple regression analysis.

Keywords: человеческий капитал, стоимость компании, Россия, интеллектуальный капитал, Russia, intellectual capital, value creation, value added, создание стоимости, добавленная стоимость, company value, human capital

In book

History of accounting, business administration doctrines and development of new methods of management in Italy and Russia, 2011

Milan: Rirea, 2011.