Intangibles as Drivers of Value Creation for Russian and European Companies

Intangible resources mean more, than tangibles in the modern economy: they take the bigger part of the Human Wealth. In addition, the creation of an organization's value is also based on intangible resources and capabilities. However, intangibles are not homogeneous and their value for the company is different. These differences can be due to both macroeconomic and industry factors. The purpose of this study is to investigate the impact of intangible resources on the creation of value by Russian and European companies. The study is a comparison of the degree of "return" of various types of intangible resources on the value of Russian and European companies in the period from 2004 to 2014. The study found that different types of intangible resources have different degrees of "return" for Russian and European companies. It also revealed and proved the influence of industry specificity and macroeconomic factors on the creation of value through human, structural and relational capital.