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Article
Publication date: 20 November 2017

Petr Parshakov

Company intellectual capital (IC) is nowadays considered as a key resource that can transform a company’s value. For this reason, the efficiency of IC is crucial for all…

Abstract

Purpose

Company intellectual capital (IC) is nowadays considered as a key resource that can transform a company’s value. For this reason, the efficiency of IC is crucial for all stakeholders. Evaluating efficiency is difficult, because IC is partly unobservable and its efficiency varies across time. The aim of this study is to suggest a methodology for estimating the dynamic efficiency of a company’s intellectual resources.

Design/methodology/approach

The panel data model suggested by Kneip et al. (2012) is used to estimate dynamic efficiency. The main feature of this model is that the unobservable component has a multi-dimensional factor structure. Taking advantage of the ability of this model to control for unobserved complex heterogeneity, the authors use the results in further stochastic frontier analysis. A data set containing information about Russian companies for the period from 2001 to 2010 is used.

Findings

In this paper, the dynamic efficiency of Russian companies is estimated. It is shown that, using the traditional efficiency estimate, companies can be overestimated.

Research limitations/implications

The main limitation of the suggested methodology is that it is necessary to have a long panel data structure.

Practical implications

Taking advantage of time-varying efficiency, one can estimate the efficiency growth rate as a measure of performance, standard deviation as a measure of risk and autocorrelation as a measure of stability.

Originality/value

This is the first study to present clear evidence of the time-varying nature of IC efficiency. On the methodological side, the paper presents a fairly simple method capable of estimating various indicators of a company’s efficiency.

Details

Measuring Business Excellence, vol. 21 no. 4
Type: Research Article
ISSN: 1368-3047

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Article
Publication date: 8 January 2018

Petr Parshakov and Elena Anatolievna Shakina

The purpose of this paper is to address the issue of efficiency of corporate universities. An efficiency is defined in relative terms: as having relatively better…

Abstract

Purpose

The purpose of this paper is to address the issue of efficiency of corporate universities. An efficiency is defined in relative terms: as having relatively better performance in comparison to other companies. Different indicators of performance were employed in order to analyze short-term and long-term efficiency. A comparative analysis of European companies and emerging Russian companies is performed in order to understand if there are country differences in the efficiency of corporate universities.

Design/methodology/approach

To avoid potential omitted variable bias, fixed effect within estimator is employed. This estimator enables controlling for a firm-specific time-constant effect which conditions company’s performance and is responsible for other individual traits. The rest of the characteristics are controlled with a proxy, which are traditional for corporate finance studies.

Findings

There are contradictory results for the efficiency of a corporate university; for the European companies, a corporate university brings positive effect for the short-term performance, nevertheless, as the authors have found that it destructs value in long term. A company with a corporate university has 70 percent less market value added than an average company. There is a negative short-term synergy while the long-term synergy is positive. The results for the Russian sample are very consistent: corporate universities have negative or neutral effect on the performance.

Originality/value

This study contributes to the literature about strategic management and human resources management. It addresses the issue on efficiency of corporate universities in companies considering this as one of the key strategic investment in human resource policy. It appears that the corporate university is not a panacea for all companies to develop their human development policy.

Details

Journal of Intellectual Capital, vol. 19 no. 1
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 7 April 2020

Petr Parshakov and Elena Shakina

This study suggests an alternative to confirmatory content analysis (CA) and empirically demonstrates that explorative CA enables new insights into the mechanism of…

Abstract

Purpose

This study suggests an alternative to confirmatory content analysis (CA) and empirically demonstrates that explorative CA enables new insights into the mechanism of intellectual capital (IC) disclosure. In so doing, this research contributes to both methodological and empirical advancements in IC disclosure research.

Design/methodology/approach

Employing the assumptions of positive accounting theory and taking book value of intangible assets as a reference, our research design utilizes well-established text-mining (TM) tools based on a least absolute shrinkage and selection operator regression. We assume that the degree of cohesion between officially disclosed and evaluated intangible assets on balance sheets and those contextually delivered in narrative form may affect how IC is ultimately disclosed in annual reports.

Findings

Our main finding is in line with the results and criticism of previous studies. We show that companies do not extensively disclose IC in their annual reports. However, some narrative forms for IC disclosure are identified and confirmed by several robustness checks.

Research limitations/implications

First, the findings provide internal validity only for large US enterprises. These firms have similar, well-structured reporting requirements. This analysis might be enriched by an examination and a comparison of different institutional contexts, such as emerging countries. Second, following previous studies, annual reports serve as the source of data. Consequently, the findings are relevant only for mandatory and voluntary disclosure of IC, mitigating the relevance of this study for contexts of involuntary disclosure.

Originality/value

This study makes two contributions. First, we add to the empirical literature by offering one more piece of evidence on whether and, if so, the extent to which companies disclose IC in their annual reports. Second, we provide further examination of confirmatory CA by proposing a number of statistically validated codes and tokens that are indicators of IC communication by companies.

Details

Journal of Intellectual Capital, vol. 21 no. 6
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 30 July 2018

Mariia Molodchik, Sofiia Paklina and Petr Parshakov

This paper aims to examine how a company can build and develop its relational capital in a digital environment. It searches for proxy-indicators for digital relational…

Abstract

Purpose

This paper aims to examine how a company can build and develop its relational capital in a digital environment. It searches for proxy-indicators for digital relational capital and explores their impact on company performance.

Design/methodology/approach

The paper is designed to sit in the cross-section of two concepts – Big Data and Intellectual Capital. We analyze eight metrics of digital relational capital (SEMrush rank, Trust flow, Domain authority, MozRank, Number of pages indexed in Yandex and Google, Thematic Citation Index by Yandex, Alexa Rank) and examine their impact on company performance by conducting a two-stage fixed-effect regression. The empirical part of the paper is based on a database of more than 1,000 Russian public companies from 2010-2016.

Findings

The study justifies eight Big Data-based metrics that enable the estimation of the digital relational capital of a company. Empirical evidence of a significant impact on corporate performance is provided. Moreover, a U-shaped configuration of obtained relationships allows for a better understanding of the phenomenon of digital relational capital and has managerial implications.

Originality/value

Companies can indirectly influence the proposed metrics. The study gives specific recommendations regarding these metrics to allow companies to optimize their performance. In addition, to the best of the authors’ knowledge, this is the first empirical research on relational capital through Big Data in Russia.

Details

Meditari Accountancy Research, vol. 26 no. 3
Type: Research Article
ISSN: 2049-372X

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Article
Publication date: 11 September 2020

Petr Parshakov, Sofiia Paklina, Dennis Coates and Aleksei Chadov

Video games are considered as a leisure activity that makes being unemployed more attractive than before. In this study, the authors use eSports prizes as a proxy for the…

Abstract

Purpose

Video games are considered as a leisure activity that makes being unemployed more attractive than before. In this study, the authors use eSports prizes as a proxy for the popularity of video games to analyze its influence on total and youth unemployment.

Design/methodology/approach

The authors develop a theoretical model and empirically test it using the total prize money won by representatives of a country in a given season in eSports tournaments, via a panel regression model with the country-year as a unit of observation. The data set includes information about 191 countries between 2000 and 2015.

Findings

The authors’ results of regression analysis show a positive influence of the popularity of video games on the unemployment rate. In addition, the authors analyze this effect for countries with different levels of income and labor productivity. The authors found a significant inverse relationship between income level and the effect of the popularity of video games on total and youth unemployment.

Originality/value

While previous studies rely mostly on self-reported data, the authors suggest a new approach to measure video game popularity. This paper contributes to existing knowledge with empirical evidence on how leisure activities affect unemployment at the country level.

Details

Journal of Economic Studies, vol. 48 no. 4
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 9 January 2017

Elena Shakina, Angel Barajas, Petr Parshakov and Aleksei Chadov

This study explores company strategies for intangibles. The authors investigate whether it is reasonable for companies to intensify intangibles when the current strategy…

Abstract

Purpose

This study explores company strategies for intangibles. The authors investigate whether it is reasonable for companies to intensify intangibles when the current strategy is not intangible-intensive. The purpose of this paper is to elaborate a theoretical model to describe the strategic decision making in companies.

Design/methodology/approach

The authors use the Bellman-equation framework to find the conditions under which a change in strategy for intangibles is reasonable.

Findings

The results determine the parameters of returns on intangibles in different strategies, the optimal intangible stock and the influence of external economic shocks. The findings of the study demonstrate that many requirements have to be met to make intangible-intensive strategy beneficial for a company. Moreover negative shocks of crises force a company to postpone a new strategy on intangibles.

Practical implications

This research provides an insight into strategic behavior of companies under uncertainty. The theoretical findings demonstrate under which conditions companies should decide to switch to a strategy more intangible-intensive. This model can be used to empirically test parameters of different investment strategies of companies using structural estimation techniques.

Originality/value

This work contributes to the theory of managerial economics giving closed form solutions for the dynamic optimization of company behavior. The findings also show how this behavior might change when economic crises are faced or expected.

Details

Journal of Economic Studies, vol. 44 no. 1
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 21 October 2013

Iuliia Naidenova and Petr Parshakov

Investments in intellectual capital (IC) are often linked to competitive advantages that improve economic profit and increase the value of a company. However, this effect…

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Abstract

Purpose

Investments in intellectual capital (IC) are often linked to competitive advantages that improve economic profit and increase the value of a company. However, this effect is reciprocal: companies that generate higher cash flow can invest more in IC. The purpose of this paper is to analyze a dynamic relationship between IC components and economic profit, with a special emphasis on industry specific effects in pharmaceutical, retail, steel, telecommunications, and service sectors.

Design/methodology/approach

Panel vector autoregression was used to deal with the mutual influence of IC components, the lag effect, and heterogeneity. The data were taken from Compustat database and covers the period from 2001 to 2010.

Findings

The paper proves that there is interaction between investments in the IC components and company performance. However, there are sectoral differences: there is a positive impact of economic profit on human capital in retail; in the steel industry a mutual influence is revealed. Moreover, interaction between different IC components is detected in telecommunication and steel industries.

Originality/value

This is the first study to present clear evidence of the effects of performance on IC investment decisions. The time lag in the effects of IC investments was estimated and compared for different industries. On the methodological side, the paper presents a rather simple method capable of yielding results consistent with other studies and yet rich enough to be applied to an analysis of sectoral differences in dynamic IC investment decisions.

Details

Journal of Intellectual Capital, vol. 14 no. 4
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 16 November 2015

Iuliia Naidenova, Petr Parshakov, Marina Zavertiaeva and Eduardo Tomé

– This paper aims to explore whether individual intellectual capital of a fund manager allows mutual fund to outperform market.

Abstract

Purpose

This paper aims to explore whether individual intellectual capital of a fund manager allows mutual fund to outperform market.

Design/methodology/approach

The sample includes 85 Russian equity funds for the period of 2013. First, Jensen’s alpha for each fund has been calculated, and then cross-sectional regression analysis has been used. While only a part of fund managers publish biographic sketches, the authors use the Heckman procedure to control for self-selection issues.

Findings

The results support the idea that the individual characteristics indicate the possibility to earn abnormal alpha. Managers with economic education and with Moscow education perform better than others. Relationship between both fund performance measures and manager’s experience has inverted U-shape. Jensen’s alpha reaches its highest level at the point of 9 years, whereas beta – at 10 years of manager’s experience.

Research limitations/implications

Investigation can be improved by including more variables that influence the disclosure of managers’ personal information, for example, by conducting surveys. Additionally, cross-sectional data restrict the analysis.

Practical implications

The discovered characteristics of managers’ intellectual capital can be used as additional screening tool for the investor who is deciding on mutual fund choice in Russia. While individual intellectual capital is observable and more persistent in time in comparison with the past fund performance, such tool allows better decision-making.

Originality/value

This is the first paper that explores which characteristics of Russian fund managers are connected with higher abnormal return (measured by Jensen’s alpha) and risk (beta) of mutual funds.

Details

Measuring Business Excellence, vol. 19 no. 4
Type: Research Article
ISSN: 1368-3047

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Article
Publication date: 11 July 2016

Marina Zavertiaeva

– The purpose of this paper is to present a tool to categorize companies as potentially profitable on the basis of an intellectual capital (IC) analysis.

Abstract

Purpose

The purpose of this paper is to present a tool to categorize companies as potentially profitable on the basis of an intellectual capital (IC) analysis.

Design/methodology/approach

The paper distinguishes two crucial attributions for picking shares: IC and capitalization of IC-based growth potential. Using these two attributions, the author creates a portfolio from a sample of European companies and annually rebalances it. To test its attractiveness, the author then compares the portfolio with benchmarks and random portfolios during the period from 2006 to 2013 using a Sharpe coefficient.

Findings

The comparison of the constructed portfolio with the benchmarks demonstrates the importance of IC for market investors and the validity of the proposed tool. The Sharpe ratio of the portfolio is significantly higher than the mean and median Sharpe ratios of random portfolios. In addition, the importance of IC for choosing proper investment goal increases in crisis.

Research limitations/implications

This investigation can be improved by analysing other IC such as the qualification of CEOs, participation of the company in business alliances, and a company’s innovation activity. In addition, the paper considers only European companies.

Practical implications

The proposed tool provides a method to construct investment-attractive portfolios on the basis of IC.

Originality/value

The paper contributes to the literature by identifying the underestimated shares on the basis of a company’s IC and by developing an algorithm to create an IC-based investment portfolio.

Details

Journal of Intellectual Capital, vol. 17 no. 3
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 10 January 2018

Thadeu Gasparetto, Angel Barajas and Carlos María Fernandez-Jardon

The purpose of this paper is to analyse the demand for tickets in the Brazilian State Championships focussing in the impact generated by the brand teams as well as the…

Abstract

Purpose

The purpose of this paper is to analyse the demand for tickets in the Brazilian State Championships focussing in the impact generated by the brand teams as well as the play-off matches in the demand for tickets and, consequently, in the match day revenues.

Design/methodology/approach

An equations system by three-stage least square estimator is employed. The data set comprises 1,114 matches from Mineiro, Carioca and Paulista Championships over the seasons 2013-2015.

Findings

All explanatory variables increase both attendance and match day revenues. However, the most important goal is the distribution of wealth found. The presence of brand teams in those championships provides a financial aid for smaller teams.

Practical implications

The proposals from the mass media to exclude the brand teams and design those championships exclusively in play-off stages should not be implemented by the policymakers. On the contrary, rearranging the design of the competition with more matches between small teams and brand teams may help to all of them.

Originality/value

The paper contributes to introduce the Brazilian State Championships in the sport economics literature as well as evidences the redistribution effect of wealth among clubs.

Details

Sport, Business and Management: An International Journal, vol. 8 no. 1
Type: Research Article
ISSN: 2042-678X

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