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Volume 5 Issue 4
Barcelona 2007
Intangible Assets: Importance in the Knowledge-Based Economy and the Role in Value Creation of a Company
Dmitry Volkov and Tatiana Garanina
School of Management,Saint-Petersburg State University, Russia
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In the last decades the new conditions for business development have led to the lack of success of those companies, mainly relying on traditional tangible assets such as properties, financial capital and other physical resources. Such companies are now unable to cope with the new markets rules, and this has shown the importance of Intangible Assets (IA) as value drivers and sources of companies’ competitive advantage. Consequently, these assets have been identified as key assets to properly identify, estimate, manage and disclose in order to create value. The latest surveys show that the value of the leading companies is now mostly generated by Intangible Assets, and not by “traditional” assets having the tangible form. The main research objective is to define the impact of fundamental value of both tangible and intangible assets on the market value of assets of Russian companies. As a general approach used herein for IA evaluation, the method of calculated intangible value offered by T. Stewart was chosen. Developed econometric models are tested on the data of Russian stock market from 2001 to 2005 year. In the focus of the research there is both the analysis of the sampled companies (43 companies) as a whole as well as divided into five aggregated fields: mechanical engineering, extractive industry, engineering, communication services, and metallurgy. Some suggestions for managing IA in Russian companies are presented in the paper. In conclusion, the main directions for further research in this field are outlined.
Keywords:
knowledge-based economy, intangible assets, intellectual capital, valuation, calculated intangible value
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