The Impact of Innovation Capital on Firm Values

Yuliya Gareeva (), Yury Dranev and Alexander Kucherov ()
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Yuliya Gareeva: National Research University Higher School of Economics
Alexander Kucherov: National Research University Higher School of Economics

HSE Working papers from National Research University Higher School of Economics

Abstract: The current worldwide tendency to transform the global economy into a knowledge economy indicates that there is a need to analyze intellectual capital and approaches to its measurement, management and influence on company value. Taking into account the intangible nature of intellectual capital its measurement is an unconventional task for researchers with tough choices of adequate proxies. In this paper, we differentiate between components of intellectual capital and focus on innovation capital. We propose a methodology to measure intellectual capital and we analyze how intellectual capital influences company value in emerging markets. For this purpose, we investigate the relation between intellectual capital and the cost of equity influencing a company’s value through a discount rate

Keywords: innovation capital; intellectual capital; cost of equity; asset pricing; emerging markets (search for similar items in EconPapers)
JEL-codes: G32 O3 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2018
New Economics Papers: this item is included in nep-acc, nep-cfn, nep-ino and nep-knm
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Published in WP BRP Series: Science, Technology and Innovation / STI, January 2018, pages 1-21

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Persistent link: https://EconPapers.repec.org/RePEc:hig:wpaper:79sti2018

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