Issue 1, 2008

Garanina T. A. Structure of Intellectual Capital: The Questions of Valuation and Empirical Analysis

The paper is devoted to the questions of Intangible Assets structure and the problem of valuation of the defined components. The author separates Intellectual Capital (IC) into three main categories: human, relational and structural capital. In order to value them the method of indicators is used. Two empirical models are tested in the paper. The first one shows the influence of three main components of IC on the fundamental value of Intangible Assets, the second one — the influence of the same variables on the market value of assets of a company. Developed econometric models are tested on the data of Russian stock market from 2001 to 2006 year. The author investigates the ana¬lysis of the sampled companies (43 companies) in the whole as well as divided into four aggregated fields: extractive industry, power engineering, communication services, and metallurgy. In the end, the main directions for further research are outlined.

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