Assessment of Intellectual Capital Influence on Corporate Value as a Field for Further Investigations in Corporate Finance

Аннотация

In this paper we are going to review both theoretical studies in the field of intellectual capital measurement and empirical research, devoted to analyses of intellectual capital influence on companies’ value and financial performance. As a result, potential areas for further investigations in this field were revealed.

Considering groups of intellectual capital measurement methods, we identified that direct intellectual capital methods and scorecard methods are the most appropriate for the purpose of IC components measurement. To obtain objective results of measurement it seems reasonable to develop system of proxy indicators for all intellectual capital components (human, structural and relational capitals) and subcomponents (process and innovation, client and network capitals). Basing on existing literature, we make an attempt to identify and systemize indicators, associated with intellectual capital and reveal that network capital metrics remain under-researched and deserve closer examination. It was also found that investigators should develop the system of intellectual capital indicators, taking into account industry specificity.

 As for empirical studies, in order to investigate the influence of intellectual capital on corporate value and financial performance, it seems reasonable to elaborate models, which include factors, associated with all intellectual capital components and subcomponents and, what is just as important, their interrelations. Furthermore, it is vital to investigate the relationships between the values of IC components for companies. The models should be adopted for both developed and developing countries. It is also important to analyze the influence of intellectual capital in various industries separately, taking into consideration phase of economic cycle.

Скачивания

Данные скачивания пока не доступны.

Биографии авторов

Natalia Feruleva, НИУ ВШЭ

преподаватель кафедры бухгалтерского учета, анализа и аудита,

Национальный исследовательский университет «Высшая школа экономики», Нижний Новгород

Irina Ivashkovskaya, НИУ ВШЭ

д. э.н., руководитель школы финансов факультета экономических наук; руководитель научно-исследовательской лаборатории корпоративных финансов

Национальный исследовательский университет «Высшая школа экономики»

Опубликован
2018-04-03
Как цитировать
Feruleva, N. и Ivashkovskaya, I. (2018) «Assessment of Intellectual Capital Influence on Corporate Value as a Field for Further Investigations in Corporate Finance», Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438, 12(1), сс. 64-76. doi: 10.17323/j.jcfr.2073-0438.12.1.2018.64-76.
Раздел
Новые исследования