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

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  • H.S.M. Deghles
  • N.R. Kelchevskaya

Abstract

Historically, the growth of intellectual capital has been associated with the trend of an increasing market capitalization of firms, but in practice the consequences of investing in companies that use intellectual capital are often not clear. Studying the relationship between intellectual capital and the ability of companies to generate a stable revenue as an indicator of investment attractiveness is becoming a relevant area of research. The purpose of this article is to study the influence of the intellectual capital of companies on their performance, and, consequently, on possible decisions of investors. The main hypothesis was an assumption about positive significant impact of the dynamic and static structural, relational and human capital of companies on the company's ability to generate revenue and retain a certain market share throughout the year, and, consequently, demonstrate its attractiveness to potential investors. Research method: regression analysis using logistic models, based on proposed models. The likelihood of the high performance of companies is determined under the influence of intellectual capital components, which would determine potential positive decisions made by investors using financial indicators, such as revenue and market share. In contrast to previous studies, we distinguish between static and dynamic elements of intellectual capital in the models to assess the likelihood of high performance. The hypotheses about the influence of the elements of intellectual capital on the company's revenue and their ability to retain market share, which together are indicators of performance reflecting the investment attractiveness of companies, were confirmed. The results show a moderate positive relationship between revenue, market share and quality metrics for static and dynamic intellectual capital. Elements of relational and structural capital play a key role in achieving performance. From the practical point of view, managers can rely on the results of the study when developing investment strategies and revealing the drivers of investment attractiveness growth in companies that intensively use intellectual capital

Suggested Citation

  • H.S.M. Deghles & N.R. Kelchevskaya, 2021. "The Impact of Intellectual Capital on Performance and Investment Attractiveness of Russian Companies," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 20(1), pages 110-132.
    • Handle: RePEc:aiy:jnjaer:v:20:y:2021:i:1:p:110-132
    DOI: http://dx.doi.org/10.15826/vestnik.2021.20.1.005
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    References listed on IDEAS

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    Cited by:

    1. Mohammed Shakib, 2023. "Innovation-Export Diversification Nexus in Russian Regions: Does Trade Globalization, Business Potential and Geopolitics Matter?," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 22(4), pages 932-974.

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    More about this item

    Keywords

    intellectual capital; effectiveness; investments; investment decision;
    All these keywords.

    JEL classification:

    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital

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