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The Impact of Innovation Capital on Firm Values

Author

Listed:
  • Gareeva Yuliya

    (National Research University Higher School of Economics)

  • Dranev Yury

    (National Research University Higher School of Economics)

  • Kucherov Alexander

    (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

Suggested Citation

  • Gareeva Yuliya & Dranev Yury & Kucherov Alexander, 2018. "The Impact of Innovation Capital on Firm Values," HSE Working papers WP BRP 79/STI/2018, National Research University Higher School of Economics.
    • Handle: RePEc:hig:wpaper:79sti2018
    as

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    File URL: https://wp.hse.ru/data/2018/01/26/1163237845/79STI2018.pdf
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    References listed on IDEAS

    as
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    8. Lauren Cohen & Karl Diether & Christopher Malloy, 2013. "Misvaluing Innovation," The Review of Financial Studies, Society for Financial Studies, vol. 26(3), pages 635-666.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    innovation capital; intellectual capital; cost of equity; asset pricing; emerging markets;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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