Proceedings of the 3rd European Conference on Intellectual Capital

H
H
0
0
: μ =
1
: μ =
2
0,
0,
H
H
1
1
: μ ≠ 0
1
: μ ≠ 0
2
Tatiana Garanina and Yana Pavlova
As <strong>the</strong> test shows, null hypo<strong>the</strong>ses can be rejected on both explanatory variables and that means that
<strong>the</strong> market value <strong>of</strong> assets <strong>of</strong> Russian companies depends on fundamental value <strong>of</strong> both tangible and
intangible assets. The results <strong>of</strong> <strong>the</strong> analysis concerning <strong>the</strong> model are represented in Table 3.
Table 3: The results <strong>of</strong> testing <strong>the</strong> model (M1) for <strong>the</strong> Russian sample
№ Characteristic
The sample as
a whole
Mechanical
engineering
1 2 3 4
Model (М1)/VT; VI
5 6 7 8
*
1 Intercept
3 971,7
27
266,31
38
393,15
22
567,04
649,8642
12
388,19
2 Coefficient before <strong>the</strong> first
independent variable **
1,0677
(18,80)
0,7662
(2,98)
0,9756
(7,53)
1,8104
(16,61)
1,0654
(8,35)
1,2531
(8,35)
3 Coefficient before <strong>the</strong> second
independent variable **
0,1610
(20,02)
0,6469
(0,57)
0,0150
(2,07)
0,0675
(2,09)
0,3142
(4,64)
0,1855
(2,96)
4 t-critical 1,971 2,8073 2,0167 2,0017 2,0167 2,8073
5 F-statistics 55,49 1,44 13,15 76,27 26,48 16,57
6 Coefficients <strong>of</strong> determination
R 2
–R 2 0,850 0,327 0,675 0,950 0,828 0,847
–R 2 adj 0,837 0,310 0,634 0,945 0,801 0,816
After testing <strong>the</strong> two-factor model (M1) for <strong>the</strong> researched period in all <strong>the</strong> industries, except
mechanical engineering, a very close relationship between <strong>the</strong> analyzed variables was found.
Coefficient <strong>of</strong> determination in all <strong>the</strong> cases is more than 0,675. Null hypo<strong>the</strong>sis is rejected in all <strong>the</strong>
industries, again except mechanical engineering, that means that <strong>the</strong> market value <strong>of</strong> assets depends
on <strong>the</strong> fundamental value <strong>of</strong> tangible and intangible assets in all <strong>the</strong> researched branches.
We can make a conclusion that on <strong>the</strong> Russian market <strong>the</strong> influence <strong>of</strong> fundamental value <strong>of</strong> tangible
assets on <strong>the</strong> market value <strong>of</strong> assets <strong>of</strong> a company surpasses <strong>the</strong> influence <strong>of</strong> fundamental value <strong>of</strong>
intangible assets upon <strong>the</strong> same parameter.
Now <strong>the</strong> results concerning <strong>the</strong> UK sample will be presented.
The analysis <strong>of</strong> <strong>the</strong> two-factor model allows making <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:
ˆ M
P = 9815 + 0 ,20763×
V + 0,
02024×
V .
(8)
A
T
I
The coefficient <strong>of</strong> determination equals 0,197. It is small enough, that is primarily due to <strong>the</strong> fact that
this indicator is <strong>the</strong> average one for <strong>the</strong> industry. It means that for UK companies fundamental value
<strong>of</strong> tangible and intangible assets explains <strong>the</strong> market value for 20% (to compare with <strong>the</strong> Russian
market where this figure is nearly 75,04%). Fur<strong>the</strong>r regression analysis for each industry displays
more detailed information.
* Tested at 5% significance level
** t-statistics is shown in paren<strong>the</strong>ses
** t-statistics is shown in paren<strong>the</strong>ses
171
Extractive industry
Power engineering
Telecommunications
Metallurgy