The Impact of Intellectual Capital on the Profitability of Russian Agricultural Firms

Economic efficiency is a function of two types resources: those that are presented in financial statements and not. Non-balance sheet resources referred as to intellectual capital (IC). The purpose the paper investigate relationship between IC, its components level profitability. To conduct analysis, we used system generalized method moments for broad sample Russian firms operate agribusiness industry. We employed approaches IC estimation. first one Value Added Intellectual Coefficient (VAIC). second own-created approach supposed respond criticism regarding VAIC. Comparison VAIC estimation revealed latter more appropriate due advantages. Our unlike allows measuring both ratios stocks IC. results showed structural usage stock human have biggest impact on profitability agricultural businesses among measures