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

Journal of Corporate Finance Research, Vol. 15, No. 1, pp. 64-76, 2018

13 Pages Posted: 1 Apr 2019

See all articles by Natalia Feruleva

Natalia Feruleva

National Research University Higher School of Economics, Students

Irina Ivashkovskaya

National Research University Higher School of Economics

Multiple version iconThere are 2 versions of this paper

Date Written: 2018

Abstract

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.

Keywords: intellectual capital, financial performance, market value, empirical studies, intellectual capital components

JEL Classification: G 32, O 34

Suggested Citation

Feruleva, Natalia and Ivashkovskaya, Irina, Assessment of Intellectual Capital Influence on Corporate Value as a Field for Further Investigations in Corporate Finance (2018). Journal of Corporate Finance Research, Vol. 15, No. 1, pp. 64-76, 2018, Available at SSRN: https://ssrn.com/abstract=3346290

Natalia Feruleva (Contact Author)

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

Russia

Irina Ivashkovskaya

National Research University Higher School of Economics ( email )

Myasnitskaya street, 20
Moscow, Moscow 119017
Russia

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