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Intangible-driven value creation: supporting and obstructing factors


  • Elena Shakina

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

  • Maria Molodchik

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


This study investigates the factors that support or obstruct market value creation through intangible capital. We explore the impact of intangibles and exogenous shocks on corporate attractiveness for investors measured by Market Value Added (MVA). Specifically we analyze relationship between intangible-driven outperforming of companies, measured by Economic Value Added (EVA) and a number of intangible drivers on macro, meso and micro level. We suppose that the process of value creation is confined not only by companies’ performance. It is established in our study that investment attractiveness is affected by intangibles. Our empirical research is conducted on more than 900 companies from Europe and US during the period of 2005-2009. We found out in this study that a company’s experience, size and innovative focus facilitate value creation. An unexpected result was revealed concerning countries’ education level, which appears to be an obstructive condition for intangible-driven value creation. Our findings extend the understanding of the phenomenon of intangible capital and enable the improvement of investment decision-making

Suggested Citation

  • Elena Shakina & Maria Molodchik, 2013. "Intangible-driven value creation: supporting and obstructing factors," HSE Working papers WP BRP 24/FE/2013, National Research University Higher School of Economics.
  • Handle: RePEc:hig:wpaper:24/fe/2013

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    References listed on IDEAS

    1. Kenneth Lehn & Anil K. Makhija, 1997. "Eva, Accounting Profits, And Ceo Turnover: An Empirical Examination, 1985-1994," Journal of Applied Corporate Finance, Morgan Stanley, vol. 10(2), pages 90-97.
    2. Isabelle Huault & V. Perret & S. Charreire-Petit, 2007. "Management," Post-Print halshs-00337676, HAL.
    3. Fernández, Pablo, 2002. "EVA, Economic profit and cash value added do NOT measure shareholder value creation," IESE Research Papers D/453, IESE Business School.
    4. Theo, Wai Lip & Lim, Jeng Shiun & Ho, Wai Shin & Hashim, Haslenda & Lee, Chew Tin & Muis, Zarina Abdul, 2017. "Optimisation of oil palm biomass and palm oil mill effluent (POME) utilisation pathway for palm oil mill cluster with consideration of BioCNG distribution network," Energy, Elsevier, vol. 121(C), pages 865-883.
    5. Chun-Yao Tseng, 2008. "Internal R&D effort, external imported technology and economic value added: empirical study of Taiwan's electronic industry," Applied Economics, Taylor & Francis Journals, vol. 40(8), pages 1073-1082.
    6. Angel Barajas & Elena Shakina, 2012. "The Relationship Between Intellectual Capital Quality And Corporate Performances: An Empirical Study Of Russian And European Companies," Economic Annals, Faculty of Economics, University of Belgrade, vol. 57(192), pages 79-98, January –.
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    More about this item


    intangibles; economic value added; market value; empirical study.;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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