The Contribution of Intellectual Capital to Value Creation

Contemporary Economics, Vol. 7, No. 4, pp. 41-56, 2013

16 Pages Posted: 16 Jan 2014 Last revised: 9 May 2014

See all articles by Elena Shakina

Elena Shakina

National Research University Higher School of Economics

Ángel Barajas

National Research University Higher School of Economics, SPB; National Research University Higher School of Economics - International Laboratory of Intangible-driven Economy

Date Written: December 30, 2013

Abstract

This paper studies the marginal contribution of intellectual capital (IC) components to company value using a hedonic pricing framework. The ANOVA is used to identify group differences among different national markets and industries. Two models have been developed to reflect the time effect: one related to the immediate creation of value and another for the long term.

As could be expected, the contribution of IC to companies’ value creation differs significantly between countries and industries. Both models, short- and long-term, are significant and with a normal explanatory power. We have found both positive and negative coefficients. Human capital plays a critical positive role in value creation in the short term. Structural and relational capital becomes more relevant in the long term. However, in the long term, the results obtained regarding the effect of human capital are unclear.

Keywords: intellectual capital, hedonic price, contribution, value creation, EVA©, FGV©

JEL Classification: O12, L20, M21, J24

Suggested Citation

Shakina, Elena and Barajas Alonso, Ángel, The Contribution of Intellectual Capital to Value Creation (December 30, 2013). Contemporary Economics, Vol. 7, No. 4, pp. 41-56, 2013 , Available at SSRN: https://ssrn.com/abstract=2379338

Elena Shakina (Contact Author)

National Research University Higher School of Economics ( email )

Studencheskaya str., 38
Perm, Perm krai 614070
Russia

Ángel Barajas Alonso

National Research University Higher School of Economics, SPB ( email )

3A Kantemiroskaya
Saint Petersburg, 194100
Russia

HOME PAGE: http://www.hse.ru/en/staff/barajas

National Research University Higher School of Economics - International Laboratory of Intangible-driven Economy ( email )

Lebedeva,27
Perm, Perm 614070
Russia

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