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The Empirical Research of the Intellectual Value of the Large Russian Companies and the Factors of its Growth

русская версия

Опубликовано на портале: 31-12-2010
Корпоративные финансы. 2008.  № 2 (6). С. 5-19. 
The value based management (VBM) principles seem to be very popular in Russia recently. The main aim of the VBM concept is to create the shareholders value, according to the strategic goals of the company. To achieve these shareholders targets top-management have to split the whole value creation process to the stages and set the key performance indicators (KPI) to every divided stage. By this way, the “principal – agency” problem seems to be solved. Those who manage to achieve desired KPIs, have an opportunity to create additional value or value added (VA) in comparison with the competitors. However, we need to admit that usually different shareholders tend to have the different, and even the opposite goals towards the organization development and competitive advantage. Also it is important to specify, that there are different groups of the management and the key personnel, and those groups should be investigated separately from each other. So, by implementing the new specified key groups of the stakeholders into the “principal – agency problem” we obtain the complicated method of VBM process analysis. The strategic changes models of large companies tend to be the context items, i. e. depending from the various key components. The value as the result of constant strategic changes becomes the complicated intellectual parameter, which is managed and defined by the multi-level combination of interactions of different groups of stakeholders. Accordingly the authors of the article make an attempt to consider the newly specified Intellectual Value Based Management concept. At a whole this article covers the results of the research of the intellectual value of the large Russian companies. Particularly the authors use the panel data to investigate the different growth factors of the intellectual value.
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