Issue 2, 2010

Garanina T. A. Intangible Assents and Intellectual Capital: The Role in Value.

The article is devoted to the questions of definition, structure and valuation of Intellectual Capital and its three elements: human, relational and structural. A balance approach is applied to definitions of Intellectual Capital and Intangible Assets. A model which shows the influence of tangible and intangible assets (latter divided into three elements) on the market share price of Russian companies is tested in the paper. The econometric analysis is held on the data of Russian market for the period from 2001 to 2006. The author applies the developed model both to the sample as a whole and to four different industries: extractive industry, energy, telecommunication and metallurgy. The main research directions are highlighted at the end of the paper. Keywords: Intangible Assets, Intellectual Capital, Fundamental Value, Resource- Based Concept.

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