Purpose-The purpose of this paper is to present a framework that is developed for analysis of intellectual capital transformation into companies' value, including an identification of the key factors of this process. Design/methodology/approach-The paper employs intellectual capital on the intersection of value-based management (VBM) and the resource-based view (RBV). Starting from a review of the results provided in the literature regarding intellectual capital (IC) evaluation and its link with firm performance, a system of proxy indicators related to IC transformation in both concepts has been designed. The evaluation ability of the developed model was justified using regression analyses. Findings-A detailed algorithm for intellectual capital evaluation in terms of input-outcome transformation. The intellectual capital transformation evaluating model (ICTEM) provides a holistic view of intellectual resources as companies' strategic investments. Research limitations/implications-The paper emphasizes that the ICTEM framework could be mostly applied for the analysis of a firm as a typical representative of the industry or the country. In that sense it is not applicable for specific feature analysis of a company. Practical implications-The paper highlights the ICTEM as a tool of investment decisions, mostly taking into account common trends, the prospects of industries, and economies' development. Originality/value-The ICTEM provides the ostensive framework of intellectual capital transformation analysis using a statistical approach.

Purpose The purpose of this paper is to present a comparative analysis of the contribution made by intellectual capital (IC) to company performance at company and industry levels in the Russian context. It examines the performance effect of IC using a multilevel approach. Design/methodology/approach The study combines the resource- and industry-based view. It decomposes performance determinants into two levels of analysis in such a way that it is assumed that IC at industry and company levels has a significant simultaneous impact on company performance. The empirical part of the study uses a database of 1,096 Russian public companies, covering the period of 2004–2014 and divided into 19 industries. The econometric methodology uses hierarchical linear models to estimate the effect of IC in the different levels of analysis. Findings The study confirms that the strength of the performance effect of IC is contingent on the industry. Furthermore, the study reveals that industry-level endowment with regard to intangibles contributes more to company performance in comparison with a company-level endowment, in the context of the transitional economy. Originality/value The study proposes a novel methodological approach to the performance effect of IC in the Russian context, studying the differences between industry and company effect. The study provides insights to better understand the importance of the politics of IC at the different levels (industry and company) and presents a new empirical enquiry into strategic behaviour regarding IC in Russia.

Using Major League Soccer as a unique dataset, this study examines the direct and indirect role of coaches' experience in determining team performance. Inspired by labor market studies, we applied traditional indicators of team salary structure and, unlike previous studies, empirically test the hypothesis that coach experience affects the way in which team salary distribution influences performance. Our results suggest that coaches with experience as professional soccer players improve team performance directly but worsen the negative effect of a skewed salary distribution. Moreover, experience as a player is more important than coaching experience. (JEL D3, J3, M5)

Purpose The purpose of this paper is to examine the relationship between export activity and firm performance for a positive impact of foreign direct investments (FDIs). The authors also analyze two possible causes of the effect: technology transfer and financial support. The theoretical background is rooted in the resource-based approach taking into account multinational companies’ perspective and the specifics of emerging markets. Design/methodology/approach The authors propose testable hypotheses based on a review of the theory. To test the hypotheses, the authors build a sample of over 500 Russian public manufacturing firms covering the period from 2004 to 2014 and estimate regression models. Given concerns about endogeneity, the instrumental variable approach for panel data, using the GMM-estimator, is implemented. Findings Consistent with the view that FDIs generate spillover effects, the results support the positive impact of foreign ownership on the link between exports and firms’ performance. The results underline the importance of foreign ownership: shareholders from developed countries can provide benefits to exporting companies through transferring advanced technologies and loosening financial constraints by lowering interest and raising availability of bank loans. Originality/value The authors provide new insights on the relationship between exports and firm performance. Given our focus on Russia, a market with high potential to draw foreign investments, the research sheds some light on how emerging country firms can benefit from having foreign shareholders with paying attention to geographical distribution of such investments. Specifically, through the overcoming of technological barriers and loosening of financial constraints, the authors show empirically that foreign capital can make up for weak local institutional infrastructure and enhance the company’s returns from internationalization.

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