The Impact of Intellectual Capital on the Performance and Investment Attractiveness of Russian Companies

N R Kelchevskaya,N V Goncharova,I S Pelymskaya,I M Chernenko,S M Hani Deghles

doi:10.1088/1755-1315/666/6/062076

N R Kelchevskaya, N V Goncharova + Show 3 more

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https://doi.org/10.1088/1755-1315/666/6/062076

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Abstract

Recent studies show that intellectual resources, such as highly qualified workforce, well-functioning business processes within the organization and strategic relationships with all stakeholders together give a synergistic effect and are key factors in creating a sustainable competitive advantage. This notion is true for both high-tech companies that are focused on knowledge management and mainly work in the service sector, as well as for traditional industrial-type firms that are focused on creating products using value chain models. The historical growth of intellectual capital is traditionally associated with the trend of increasing market capitalization of firms, which is most clearly observed for companies that use knowledge resources as core competitive advantage. However, in practice the consequences of investing in intellectual capital intensive firms are often not always clear, in particular, there is unambiguous relationship between intellectual capital and the ability of companies to perform sustainably.In this study proposes models to investigate the impact of the components of intellectual capital on investment attractiveness and therefore potential positive investment decisions for companies using financial indicators such as revenue and market share. The results show a moderate positive relationship between revenue, market share, reflecting the investment attractiveness of the company and qualitative indicators of static and dynamic intellectual capital.

Highlights

Growing level of intangible assets recognition in the economic processes development, as well as an understanding of intellectual resources role in shaping the competitive advantage of companies and national economies as a whole, has led to crystallization of a holistic and complex intellectual capital concept, which is one of the most promising areas in modern management theory [1,2]
In this study proposes models to investigate the impact of the components of intellectual capital on investment attractiveness and potential positive investment decisions for companies using financial indicators such as revenue and market share
The modern management theory implies that intellectual capital is a key strategic resource of the company, information about which acts as a kind of indicator reflecting the future potential of the company

Summary

Introduction

Growing level of intangible assets recognition in the economic processes development, as well as an understanding of intellectual resources role in shaping the competitive advantage of companies and national economies as a whole, has led to crystallization of a holistic and complex intellectual capital concept, which is one of the most promising areas in modern management theory [1,2]. Intellectual capital in the modern world is perceived as a strategic resource, which requires significant focus of efforts of managers and company’s employees. Intellectual resources are created by business through training, experience accumulation, research and implementation of technological practically significant developments.

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Conclusion