Value creation in Russian companies: The role of intangible assets

In today's changing economy managers of the leading companies understand that the key sources for value creation are Intangible Assets (IA). The latest surveys confirm the fact that nowadays these assets are the value drivers and not "traditional" assets having tangible form. The research held in the paper defines the impact of fundamental value of both tangible and intangible assets on the market value of assets of Russian companies. The influence of investing into tangible and intangible assets on the market value of a company's assets is shown. The main approach that is used in the paper is a method of calculated intangible value which was developed by T.Stewart. 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, energetic, communication services, and metallurgy. Conclusions about managing IA in Russian companies from the point of view of value creation are made in the paper. In the end, the main directions for further research in this field are outlined.