Proceedings of the 3rd European Conference on Intellectual Capital

Tatiana Garanina and Yana Pavlova
To keep <strong>the</strong> data homogeneous, <strong>the</strong> sample does not include financial intermediaries (banks and
financial institutions).
Primary data <strong>of</strong> <strong>the</strong> companies’ market capitalization has been found on London Stock Exchange
(www.londonstockexchange.com) and Russian Trade System Website (www.rts.ru). Our analysis has
used weighted averages for <strong>the</strong> second quarter.
A major problem is to define <strong>the</strong> weighted-average costs <strong>of</strong> capital (kW). Our research has taken
average RONA value for each industry as kW. This is also one <strong>of</strong> <strong>the</strong> assumptions and one <strong>of</strong> <strong>the</strong>
limitations <strong>of</strong> <strong>the</strong> study.
General statistical characteristics <strong>of</strong> <strong>the</strong> Russian sample are represented in Table 1.
Table 1: General statistical characteristics <strong>of</strong> <strong>the</strong> Russian sample
№ Name <strong>of</strong> <strong>the</strong> variables/characteristic Mean Mediana Standard deviation
1 Market-value <strong>of</strong> <strong>the</strong> assets
(mln.rub)
103 244 24 864 16 130
2 Fundamental value <strong>of</strong> tangible
assets (mln.rub.)
77 193 22 792 11 753
3 Fundamental value <strong>of</strong> intangible
assets (mln. rub.)
2 374 - 925 7 044
General statistical characteristics <strong>of</strong> <strong>the</strong> UK sample are represented in Table 2.
Table 2: General statistical characteristics <strong>of</strong> <strong>the</strong> UK sample
№ Name <strong>of</strong> <strong>the</strong> variables/characteristic Mean Mediana Standard deviation
1 Market-value <strong>of</strong> <strong>the</strong> assets (mln.
GBP)
10 696
452
29 140
2 Fundamental value <strong>of</strong> tangible
assets (mln. GBP)
4 089
14
66 825
3 Fundamental value <strong>of</strong> intangible
assets (mln. GBP)
1 556 5
89 033
The authors suppose that <strong>the</strong> market value <strong>of</strong> assets in <strong>the</strong> analyzed year is influenced by
fundamental values and respectively RONA <strong>of</strong> <strong>the</strong> previous year. By this fact <strong>the</strong> dependence
between market value <strong>of</strong> assets <strong>of</strong> <strong>the</strong> current year and fundamental values <strong>of</strong> tangible and intangible
assets, based on <strong>the</strong> parameters <strong>of</strong> <strong>the</strong> previous year was analyzed in <strong>the</strong> introduced model.
3.3 The main results <strong>of</strong> <strong>the</strong> research
First <strong>the</strong> results concerning <strong>the</strong> Russian sample are presented.
The 1 st stage <strong>of</strong> <strong>the</strong> research is an estimation <strong>of</strong> <strong>the</strong> regression equation for <strong>the</strong> whole sample <strong>of</strong> <strong>the</strong>
analyzed companies-emitters.
T-test is used for <strong>the</strong> analysis <strong>of</strong> significance <strong>of</strong> explanatory variables (Student criterion), and F-test
(Fisher criterion) is used for testing <strong>the</strong> models for adequacy.
The analysis <strong>of</strong> <strong>the</strong> two-factor model allows drawing <strong>the</strong> conclusion, in what degree each <strong>of</strong> <strong>the</strong>
independent parameters influence <strong>the</strong> dependent one. As <strong>the</strong> result <strong>of</strong> <strong>the</strong> test <strong>the</strong> following
regression equation is obtained for <strong>the</strong> period 2001 – 2006:
ˆ M
P = 3971,
695 + 1,0677×
V + 0,
1610×
V .
(7)
A
T
I
In this case <strong>the</strong> value <strong>of</strong> <strong>the</strong> coefficient <strong>of</strong> determination and adjusted coefficient <strong>of</strong> determination have
high values (0,7504 and 0,7369 respectively), what says about <strong>the</strong> tight relationship between <strong>the</strong>
analyzed variables. That means that in Russian conditions <strong>the</strong> market value <strong>of</strong> assets <strong>of</strong> companies
for 75,04% depends on <strong>the</strong> fundamental value <strong>of</strong> its tangible and intangible assets.
The following hypo<strong>the</strong>ses are formulated in order to test <strong>the</strong> significance <strong>of</strong> <strong>the</strong> explanatory variables,
which <strong>the</strong> model contains:
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