Members:
Irina Ivashkovskaya, PhD, CFC leader, leader
Elvina Bayburina, member
Description: From a strategic point of view intellectual capital creates company value and provides its sustainability in the long run. Nowadays those who tend to create value in a long run could succeed only by focusing on using and constructing effective intellectual capital measurement models, in which financial measurers are connected with non-financials. Such measurement models are the most important basis and prerequisites for intellectual capital management that is a key strategic issue in value creation. The aim of our project is to investigate major concepts of intellectual capital valuation to develop valuation model for emerging market environment.
We are going to contribute to the conceptual framework by developing the valuation approach from the residual income capitalization and stakeholders’ value standpoint. Empirical part of the research is based on specific variables – Occurrences for IC –, which we consider the necessary components of IC creation.
We classify companies according to their life cycle. The main hypothesis is the more value for its stakeholders the company created, the better its future performance. By future performance we assume the stock price, because it reflects the main overall market expectations and understanding of the focus of the Long Run strategy. At the next stage of our research we propose to apply this approach to other emerging markets.
Status: analysis of Russian large companies Capital Structure choice is accomplished, the article describing the results of the study is under editing
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