The Intellectual Capital Role in Market Growth of Companies in Developed and Emerging Markets

Abstract

The modern economy became increasingly dependent on intellectual capital, whose role is steadily growing in comparison with other types of capital. On the one hand it happens due to the objective trend of the world economy innovative development on the eve of the sixth technological mode beginning; on the other hand, to increased competition between companies from different countries in an increasingly globalized world market. The growing importance in the overall system of companies' competitiveness factors in the new century is played by specific knowledge and information, which is commonly understood as intellectual capital. However, accounting systems used in the modern economy practically ignore the components of intellectual capital. Another problem that hinders the accounting assessment of intellectual capital is the multiplicity of approaches to its quantitative measurement. The growing interest of researchers in further development of the intellectual capital concept is explained by the fact that the developed intellectual capital of the company leads to more effective management, to more stable relations with contractors, and in generalto a competitive advantage, which immanently affects the financial, economic and market results of the company.The article presents the results of the intellectual capital impact study on the companies performance in developed and emerging markets. They confirm the existence of common regularities, expressed in the presence of the innovative development advantages of any country companies in any market, and also determine the effectiveness of organizational, social and cultural transformation of developing countries in the context of modern globalism. Keywords-intellectual capital of companies; VAIC; developed and emerging markets.

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