@article{Rudenko_Volkov_2010, title={Value-based approach in managing of international high-tech companies}, volume={3}, url={https://cfjournal.hse.ru/article/view/1670}, DOI={10.17323/j.jcfr.2073-0438.3.2.2009.5-27}, abstractNote={This paper presents a research dedicated to identification a model of fundamental value of equity estimation which can be applied for high-technology companies. The goal of the research is to develop a value estimation model within the framework of Value-Based Management and based on Residual Earnings model. The paper analyses main value creating characteristics of high-tech companies from the point of view of external investor; such characteristics are: value of intangible assets, growth rate, risks and uncertainty. Research sample is represented by international high-tech companies listed on NYSE and selected from 6 high-tech industries: Software, Hardware, Electronics, Semiconductors, Semiconductor equipment, Telecommunications. The research proved set hypotheses that intangible assets and growth rate significantly influence on market capitalization of high-tech companies; that equity is one of the most important financial indicator which influence on investors decision concerning purchase of shares, and finally that residual earnings become more important when investors decide whether to keep or sell companies’ shares. Also possible managerial application of research results was investigated.}, number={2}, journal={Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438}, author={Rudenko, Yuri and VolkovDmitriy Leonidovich}, year={2010}, month={дек.}, pages={5-27} }