Взаимосвязь интеллектуального капитала и финансовой результативности компании
Цель данной работы заключается в исследовании взаимосвязи между Интеллектуальным капиталом и финансовой результативностью компании. Для достижения поставленной цели была подробно изучена теоретическую концепцию интеллектуального капитала, был проведен критический анализ современных исследований, посвященных взаимосвзязи Интеллектуального капитала и финансовой результативности компании. В рамках работы было проведено эконометрическое исследование, основанное на данных по 60 Росссийским публичным компаниям в период с 2008 по 2016 годы. Результаты эконометрического исследования подтвердили наличие положительной взаимосвязи между компонентами интеллектуального капитала, а именно человеческим, отношенческим и структурным капиталом компании, и финансовыми результатами, измеряемыми через отношение рыночной стоимости компании к ее балансовой стоимости (P/B ratio).
Currently, the business environment is rapidly changing along with the development of information technologies, so knowledge and information are becoming increasingly important assets within the modern economy. This trend is also called the Fourth Industrial Revolution, and it is a new reality in which modern companies are forced to operate. However, the existing accounting systems almost ignore this, which leads to the reflection in the company’s reports of primarily financial and material assets. At the same time, investors estimate the high cost of key assets such as knowledge and information, which in many cases leads to a significant excess of the company’s market value over its book value. Within the framework of this problem, the concept of the company’s intellectual capital has emerged and is actively developing, which includes all the knowledge, experience and professional qualifications of employees, as well as specific mechanisms and processes within the company that allow this stock of knowledge and skills to create value.
In the field of research of intellectual capital, there are two broad areas: the development of methods for assessing and accounting for intellectual capital and analyzing the influence of the company’s intellectual capital on the results of its activities. The existence of the first direction causes the absence of a unified method for assessing and accounting for intellectual capital. On the contrary, researchers in this field offer a wide variety of methods for approximating intellectual capital, which differ in the pursued aims of analysis. The interest of researchers in the second direction is explained by the fact that the company’s developed intellectual capital leads to more effective management, to more stable ties with counterparties, and overall to a competitive advantage that potentially has an impact on the company’s performance. The impact of intellectual capital on the company’s performance is a deeply developed topic in developed markets, as exemplified by (Bollen, 2005), (Zeghal, Maaloul, 2010), (Clarke, 2011), etc. Analysis of this problem in emerging markets is gaining momentum – (Chen, 2005), (Tan, 2007), (Nimtrakoon, 2015), etc. The necessity to investigate the dependence of intellectual capital and the performance of companies in different markets is explained separately by the fact that the very concept of intellectual capital is based on the employees of the company, their education, the relationship of the company with its counterparties, the degree of business development culture and culture of labor activity, and all these aspects, in turn, depend sufficiently on the cultural characteristics of countries, educational systems, adopted approaches to management, and so on. This study is aimed at companies that are active in the developing market – the Russian market. Most of the previous research on the dependence of intellectual capital and the performance of companies in emerging markets has some “Asian” focus, which is explained by the higher level of accessibility and transparency of information.
There are not so many studies that include in their sample a high proportion of companies operating in Russia, while Russia in cultural, economic, social and political aspects is very different from other countries, such as European and Asian countries, studies on which have already been done by many scientists. This reinforce the relevance of this work.
The research goal of the paper is to determine the relationship between the firm’s intellectual capital and its financial performance. Research questions that needed to be answered in order to achieve the stated research goal are formulated below:
• To conduct a literature review of research papers on the topic of Intellectual Capital and, especially, analysis of IC relationship with firm financial performance;
• To explore the approaches of Intellectual Capital measurement;
• To conduct an empirical study for the relationship between the performance of the firm and the components of intellectual capital;
• To discuss the results of empirical study and develop theoretical and practical implications for the results.
The object of research in this work are Russian public companies. The subject of the study is the relationship of intellectual capital and financial results of Russian companies. In order to identify this relationship, a regression model based on a sample of 60 companies included in the calculation of the Moscow Stock Exchange’s broad market index is evaluated. The time period of the data constituting the sample is limited to the period 2008-2016. The company’s intellectual capital and its components, human capital and structural capital, are approximated in the work with the Proxy Indicators method.
The results of this work have both scientific and practical significance. The study of the relationship between intellectual capital and the financial result of companies on the example of the Russian market allows us to broaden the view of researchers about the nature of this dependence in emerging markets. In this thesis the relationship between intellectual capital and the financial result investigated with focus specifically on Russian publicly traded companies. From a practical point of view, an understanding of the nature of the relationship being investigated can contribute to the more effective management of intellectual capital within companies.
The work is structured the following way. The first chapter is devoted to a literature review in the field of intellectual capital. In this chapter is given characteristics to existing approaches to the definition and classification of intellectual capital, methods of its measurement, and analysis of previous research devoted to the relationship between intellectual capital and firm performance. Also, approaches to measuring the performance of a firm are discussed in this chapter.
The second chapter is devoted to empirical research. In the second chapter on the basis of the literature review, research hypotheses are formulated. Then the methodology for measuring of intellectual capital, the process of sampling and data collection used in the model variables are described. Finally, the results of the regression models are analyzed, compared with the results obtained by other researchers in the field, and conclusions are formulated. Based on the results obtained, possible managerial implications are formulated.
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