Impact of Intangible Factors on Business Value

Transcription

1 Impat of Intangible Fators on Business Value Inna Krasiuk PhD, Deputy head of the branh bank, PJSC CB PrivatBank, Ukraine Yelena Demidova Leturer of the Department of Soial Work, Belarusian State Pedagogial University named after Maxim Tank; Diretor of the State Institution Territorial Center of Publi Soial Servie of Minsk, Minsk, the Republi of Belarus Abstrat The global finanial and eonomi risis of has aused a signifiant drop in business effiieny. Today s management model of the overwhelming majority of ompanies is oriented towards satisfying the interests of owners and business groups, while the interests of lients, reditors, state and soiety are not suffiiently taken into aount. This reates barriers to the growth of business value, whih today has beome a generally reognized indiator of the suess, sustainability and investment attrativeness of ompanies. It is the reason for the introdution of the poliy of value-oriented management of a ompany aimed at preserving and inreasing the value of business, harmonizing the eonomi interests of all its stakeholders. Keywords: intangible fators, ost, business, management, human apital. JEL Classifiation: M21. The Authors, This artile is published with open aess at ARMG Publishing. Introdution Sine the 60s of the last entury, the onept of the enterprise value management has been born in the world. It was based on the understanding of the fat that for business owners the entral issue was the growth of their welfare, whih is measured not by the amount of resoures involved in prodution, but by the value of their business. This management approah is alled Value-Based Management. Value-Based Management is a management onept aimed at qualitative improving the strategi and operational deisions at all levels of the organization by onentrating efforts on key value fators (Modigliani et al., 1958). As shown in T. Copeland's work (Favaro, 2003), the ativity of value-oriented ompanies should be based on value-based thinking, whih in its turn is onditioned by the presene of two omponents: system of value measurement and value ideology. Measuring value requires awareness of the proess of reating value and maintaining the balane between long-term and short-term goals. Value ideology is based on the ativities of the top management of the ompany in reation of value, ability to take even unpopular solutions, if they promise to inrease value in the long-term prospets. Theoretial foundations and peuliarities of the pratial appliation of the onept of Value-Based Management of business are onsidered in works of suh foreign sientists as: G. Alexander, R. Brooks, R. Giammarino, A. Damodaran, T. Koller, T. Copeland, A. Marshall, F. Modigliani, S. Penman, P. Rose, J. Sinkey, J. Tobin, Zessin A., L. Edvinsson, J. Favaro, K. Bek, C. Kroeker, A. Millar, N. Rea, A. Davis and others. In our time, intangible fators make a signifiant ontribution to the investment attrativeness of the ompany. Among them the key plae is given to the human potential and potential of the firm management. As pratie shows, investing in human apital gives not only the effet mediated through the growth of material assets of the enterprise, but also diretly - in terms of enhaning the image of the ompany, its prestige and reputation. The basis of the model of evaluation and value management should be a system of management deisions, whih allows aurately determine the soure of hange, as well as the degree of influene of eah management deision, its ontribution to the reation of a new value. Under the management deision it is understood not only the deision of the manager, but also the deision of business owners in the framework of orporate governane and management of ageny relations (Millar, 2013). 64

2 Non-finanial fators ontributing to the growth of the ompany's value also inlude: the quality of management and quality of ustomer relationship, the ompany's ability to innovate, the full value of the tasks realization, relationships with reditors and investors. The ability to reate and justify the trust of investors, orret information interation with the market, ability to use profitably the market position is of great signifiane. Another fator affeting the ompany's value is its brand. Brand apital is a set of relationships, onditioned by the value nature of the brand, the main of whih are: affiliation to long-term assets - non-urrent assets in general and intangible assets in partiular; arising as a result the ability to generate ash flows, inome, value added and profit; the possibility and need for management to inrease market value; the potential for apitalization of urrent expenses to inrease the ompany's value within the frame work of the strategy of eonomi growth, value management, et. (Zessin, 1982). Methods and results Theoretial and methodologial basis of work is the fundamental positions of eonomi theory, theory of finane, investment and finanial management, money and redit, modern onepts of orporate management, as well as sientifi works devoted to the problems of formation and management of business value. The authors used the following methods of sientifi researh: analysis, synthesis, logial generalization, system and strutural analysis. Investigating the system of Value-Based Management of business, it an be divided into two parts: finanial omponent and non-finanial. The use of suh an approah to business management should inlude the following omponents: analysis of the market of the ompany on whih it operates; establishment of target benhmarks for the market value of business; finanial analysis of business, determination of its market value; development of a business poliy oriented to inreasing its value, orretion of all business proesses in order to inrease the market value of the ompany; information awareness of the personnel and its orientation to the growth of market value of the ompany, formation of the appropriate system of its material inentives. The analysis of the environment involves the study of a number of fators of maroeonomi impat: eonomi general eonomi situation in the ountry, inome level of the population, prospets of interation of the state with international finanial organizations, level of ompetition and profitability in business; politial level of politial relations in the ountry, politial regime, development of ivil soiety and freedom of speeh, membership in international politial blos; legal legal model of the state, level of intervention of the state on business ativity and the existing barriers to entry of new entrants to the market; soio-ultural development of soial onsiousness, pereption of standards of entrepreneurship by soiety, et. (Copeland et al., 1995; Zessin, 1982). We believe that the introdution of Value-Based Management of business requires the use of the eonomi value added model EVA. In aordane with this model, the value of business is its book value, adjusted for the present value of future added eonomi values. It is important to note that a number of studies have shown the orrelation between the EVA indiator and the market value of the ompany. By interpreting this indiator to the mathematial level, we an say that EVA is defined as operating profit after deduting taxes and expenditures from using apital. Mathematially, this an be written as follows (Favaro, 2003): EVA = NOPAT WACC*CE, (1) where NOPAT is Net Operating Profit After Taxes; WACC is Weighted Average Cost of Capital; CE is Capital Employed. 65

3 The main idea of the model EVA for business is that its main shareholders are shareholders who also at as investors for the institution, should reeive a ertain ompensation rate for the aepted risk that should be at the level of ompensation for similar investment risks. If this does not happen, the owners do not benefit from the investments made in this business. Figure 1. Model of formation of eonomi value added (Giammarino et al., 1989) To sum up, it should be noted that the additional value of EVA orresponds to the effiient use of owners apital. If this indiator is zero, then this means that the owners reeived the average level of ompensation for the risks inurred and did not reeive any additional benefits from their own investment in this business. Aordingly, the negative value of EVA indiates the low effiieny of the use of shareholders equity and the gradual loss in value that is at their disposal. However, it should be noted that not only material motives are present in the interest of management in the business ativities. In many developed ountries, suh a fator as reputation, image of the manager is equally important. By ahieving the highest results, the manager reates a reputation and image and thereby aquires ompetitive advantages in the labor market. Aordingly, the manager who has suessfully worked in a managerial position is more highly valued by its owners. Having a good business reputation, suh a leader an more easily find a new job in ase of dismissal, will be able to hoose a plae that suits him as muh as possible. Besides, it should be noted that trust plays an important role in the modern business. A signifiant number of deals are made on the basis of personal relationships, and therefore the high business reputation of management is, of ourse, a signifiant advantage for business and greatly failitates the work of suh management. It is important to note that the speifis of the business manager's work make the latter interat with a large number of groups that are interested in business ativities and take into aount, to a varying degree, their interests. By stakeholders we understand those who have an interest in business and the ability to influene it. Having investigated the interests of all interested groups, we now onsider it neessary to determine the possibility of the influene of stakeholders on the ompany's ativities. Aording to modern international studies, up to 80% of the value of orporate rights is not formed at the expense of their book value, but beause of the intangible assets of businesses that form a orresponding reputation, trust, demonstrate its integrity and responibility. These fators are partiularly important for the formation of business value, beause it is based on trust and reputation. Investigating the fators in the formation of business value, they an be divided into two groups: finanial and intangible ones. Finanial fators indiate the finanial position of the business, its 66

4 stability, the results of its ativities, the aggregate formed ash flow. Intangible fators haraterize the level of business relationships with its main stakeholders (Figure 2). Figure 2. System of intangible drivers of market value of business (made up by the author on the basis of (Khaustova et al., 2007)) Most researhers fous on the need to manage the material fators of the formation of business value, while the influene of intangible fators on the interests of stakeholders is mainly onsidered through the marketing hannel (reputation of business, quality of relations, brand popularity, et. as fators of inreasing the lient base of the business and, aordingly, inrease in profit). Considering the urrent features of doing business, we believe that today the key intangible fators of valuebased management of business are: 1. Managing relationships with lients, reditors and investors, sine in onditions of finanial fragility it provides ompensatory business opportunities and redues the negative extraversion of risis phenomena. 2. Inreasing the level of innovation of business, whih beomes espeially relevant in the ontext of inreased ompetition between ompanies, emergene of new business tehnologies and its virtualization, globalization of the world finanial market, whih makes servies more affordable, ommon and heap. An important aspet of the quality of value-based management of business is to manage its quality. In our opinion, it is neessary to form the system of indiators, the ontrol of whih will allow management to take them into aount when making managerial deisions, subordinating them to overall goal maximizing the market value of business. In our opinion, in order the developed tool for improving the quality of Value-Based Management of business to be effetive, it should meet the following requirements: it should provide reliable results in the ontext of individual fators of the formation of business value; this system of indiators should be based on data available for management; the result of the use of suh a system of indiators should be the deision-making aimed at inreasing the value of business; given tool should be reliable and dynami, and therefore inlude the most signifiant drivers of the formation of business value; the use of this tool should be effetive, that is, the benefits derived from its use should not exeed the ost of reating and maintaining suh a system of indiators. 67

5 The ompliane of suh a tool with the given requirements in many respets depends on the set of indiators that will be inluded in suh a system. In our opinion, the formation of suh a system of indiators should take plae in the ontext of ertain omponents of intelletual apital as a key indiator of the quality of value-based management of business: lient, organizational and human apital, and the indiators themselves should be relevant, that is, reflet the value of the intangible asset they haraterize. In addition, they should be suitable for omparison. It should be emphasized separately that before onstrution of the indiated tool, first of all, it is neessary to define the users for whom it should be useful. If the indiators of the formation of intelletual apital are intended for external users, then usually the volume of indiators is very limited. The problems of building suh an external-oriented system are due to the fat that despite the inreasing transpareny of domesti business and expanding the amount of information they reveal about themselves, there are still its very tight limits. In our opinion, the algorithm for onstruting the system of indiators to evaluate various omponents of the quality of value-based management of business should be as follows: 1) determination of key fators for the formation of business value; 2) determination of the relationship between the omponents of intelletual apital and key drivers of business value inrease; 3) identifiation of indiators in the ontext of eah omponent of intelletual apital that an inrease the value of business; 4) in the ontext of eah indiator, the formation of quantitative and qualitative harateristis that allow to assess its impat on the formation of the intelletual apital of business; 5) onstrution of rating sales and evaluation of the rating of eah indiator both for its quantitative and qualitative harateristis; 6) formation and adoption of managerial deisions based on the performed analysis; 7) assessment of the deisions made in terms of inreasing the business value. In the ontext of eah type of business intelletual apital it is possible to isolate its drivers and those harateristis that are able to form the value of business (see in Appendix). In the ontext of the driver data and the orresponding harateristis of ost formation it is neessary to lassify the indiators that haraterize: effetiveness of qualitative harateristis of drivers of intelletual apital of business, whih form its value; effetiveness of quantitative harateristis of intelletual apital drivers, that form its value; business development potential. The relevant harateristis may have no quantitative expression. Desribing the general approah to assessing the ontribution of eah driver to the value of the ompany, it is neessary to identify those harateristis whih evaluation should be used while managing and ontrolling the intelletual apital of business, as part of Value-Based Management of business. The first, in our opinion, should be a group of indiators that haraterize the lient's business apital. This group of fators inlude the following: loyalty of ustomers as a harateristi that points to the level of ustomer retention, level of ustomer affiliation with the institution as a whole and level of relations between the ustomers of the ompany and its employees; profitability of ustomers, whih an haraterize the quality of ustomer base of business and segment of the market of servies in whih the business operates; availability and speed of ustomer feedbak. The relevant indiators are given in Table 1. 68

6 69 Business Ethis and Leadership, Volume 1, Issue 3, 2017 Table 1. Indiators of estimation of the ompany value reation by the fators of ustomer equity (Khaustova et al., 2007) Fators of ompany value reation Customer loyalty Profitability of ustomers Customer feedbak Effetiveness of qualitative harateristis Level of ustomer satisfation aording to the feelings of the ompany's speialists, presene of personal relationships between the ompany's speialists and its ustomers - Pratiality and validity of the main offers of the ustomers Evaluation indiators Effetiveness of quantitative harateristis The share of lients who use the servies of this ompany only The level of expenses for attrating a new ustomer in the total additional profit of the ompany, the effiieny of marketing expenses The proportion of suessfully implemented ustomer offers in their total number Potential of ompany development The presene and share of ustomers ready to reommend the ompany to their partners, opportunities to expand their own market share Availability of opportunities for obtaining additional benefits from existing ustomers by expanding the range of ompany servies Possibilities for development of the system of interation with the ustomer in order to more fully meet his needs Determination of the indiators given in the Table 1, in our opinion, will enable business management to assess the ustomer's apital of the institution and reate the basis for managing this type of apital within the framework of value-based management. The formulas for determining the effetiveness of quantitative harateristis are given below. CL u Cl, (2) CLt where C l share of ustomers, who use the servies of only this ompany; CL u number of ustomers who do not use the servies of another ompany; CL t total number of ustomers of the ompany. RE where E, (3) P RE ost of attrating a new lient in the ompany's total additional profits; E average osts of attrating a new lient; P inrease in ompany profits. M ME ( NIR NCR TR), (4) where ME effiieny of marketing osts; M ompany osts for marketing in the urrent year; NIR net interest inome reeived by the ompany in the urrent period; NCR net ommission inome reeived by the ompany in the urrent period; TR trade inome reeived by the ompany in the urrent period. I RI, (5) P where RE proportion of suessfully implemented ustomer offers in their total number;

7 I suessfully implemented ustomer offers; P total number of ustomer offers of the ompany. The next omponent of the intelletual apital of the ompany, the management of whih may form its added value, is soial apital, whih, in the first plae, is built on the basis of: ompetitiveness of the ompany, its image, quality of its servies; reliability of the partners of the ompany whom it ooperates with and whom the quality of servies provided to ustomers depends on; relations with the main stakeholders, who haraterize the ompany's ativity in soiety, form opinions about it in soiety and in related eonomi spheres (Table 2). Table 2. Indiators of estimation of the ompany value reation by the fators of soial apital Fators of ompany value reation Competitiveness Reliability of the partners Establishment of relations with stakeholders Effiieny of qualitative harateristis Distribution of the ompany's brand, the main qualitative advantages of the ompany's produts ompared with the main ompetitors Reputation of the ompany and other partners of the ompany, their responsibility for failure to fulfill their obligations to the ompany The level of relations between representatives of the main stakeholders with the ompany, development of orporate and soial responsibility Evaluation indiators Effiieny of quantitative harateristis The market share of the ompany in eah segment of the market of servies, the dynamis of the market share of the ompany in relation to the main ompetitors The level of eonomi disbenefit as a result of failure of the ompany's partners to fulfill their obligations - Potential of ompany development The main quality defiienies of the ompany's produts ompared with the main ompetitors Availability of ooperation with alternative partners Prospets for the ompany to enter a prestigious group, assoiation, union, et. Use of the indiators shown in the Table 2, in our opinion, will reate the basis for the ompany to manage its intelletual apital assoiated with the onnetions that the firm has on finanial markets, and relationships with ompanies that an affet the value of business. Formulas for determining the effetiveness of quantitative harateristis are given below (Damodaran, 2009). R p MSH b, (6) RS where p MSH b ompany's share in the servie market segment; R turnover of the ompany in the servie market segment; RS system turnover of the ompany in the servie market segment. p I MSH b m, (7) MSH s where I m dynamis of the market share of the ompany in relation to the main ompetitors; MSH s market share of the ompetitor in the servie market segment. The next omponent of intelletual apital is its innovative apital. In our opinion, it should be evaluated by the effetiveness of the relevant innovation ativity of the ompany and its speialists and by the effetiveness of innovative produts implemented in the ompany ativity (Table 3). Study of the indiators shown in Table 3 within the framework of value-based management enables to manage the ompetitive prospets of the ompany and reates the basis for obtaining leading positions in the market of servies. 70

8 Table 3. Indiators of estimation of the ompany value reation by the fators of innovation apital Fators of ompany value reation Innovative ativity of the ompany Innovative produts of the ompany Effiieny of qualitative harateristis Level of development of innovative proesses in the ompany The suess of the implementation of innovative ideas (produts) into the ompany's ativity Evaluation indiators Effiieny of quantitative harateristis The share of osts for the development of innovations in net interest and ommission inome The share of ompany profit formed by innovative produts (ideas) in the ompany's total profit Potential of ompany development Availability of the material base and speialists for the development of the ompany's innovative proesses Possibilities of suessful implementation of all innovative ideas developed by the speialists of the ompany The formulas for determining the effetiveness of quantitative harateristis are given below. IE RIE, (8) ( NIR NCR) where RIE share of osts for the development of innovations in net interest and ommission inome; IE ompany osts for the development of innovations. RIn RIP, P (9) where RIP share of ompany profit formed by innovative produts (ideas) in the ompany's total profit; RIn ompany profit formed by innovative produts (ideas); R ompany's total profit. An important omponent of intelletual apital for the purpose of managing business value is its proess apital, whih makes it possible to understand the internal organization of business as an organization, sine the business is not a set of finanial resoures, but organized ativity to provide servies based on appropriate permissions. The following fators play an important role in the organization of business ativity (Brooks et al., 2004): establishment of information hannels within the organization, that is, its ability to ollet the neessary information in a timely manner and transfer this knowledge among speialists; establishment of business proesses, interation of strutural units, uniqueness of instrutions to be followed by the employee of the ompany, and speifi determination of the algorithm of his ations in any working situation; level of tehnologies used by business, their relevane (Table 4). Table 4. Indiators of estimation of the ompany value reation by the fators of proess apital Fators of ompany value reation Establishment of information hannels Establishment of business proesses Development of tehnologies in the ompany Effiieny of qualitative harateristis Speed and effiieny of business ommuniations, their regulation by internal instrutions Regulation of business proesses, their flexibility and speed of delivering produts of the ompany Implementation of modern tehnologies in the ompany Evaluation indiators Effiieny of quantitative harateristis The ompany share of osts for IT in total ompany osts The share of administrative osts of the ompany in the ompany's net inome - Potential of ompany development Possibilities of introdution of the latest information tehnologies The presene of dupliation of funtions and tasks Perspetive tehnologies that an be implemented in the ompany Use of indiators presented in Table 4 in the value-based management reates the basis for the aumulation of business value through the improvement of its internal organization. The formulas for determining the effetiveness of quantitative harateristis are given below. 71

9 F RF, (10) ( NIR NCR) where RF share of business osts for information tehnologies in net inome of the ompany; F ompany osts for information tehnologies. AE AEE ( NIR NCR TR), (11) where AEE share of administrative osts in the ompany's net inome; AE general administrative osts of the ompany in the urrent period; NIR net interest inome reeived by the ompany in the urrent period; NCR net ommission inome reeived by the ompany in the urrent period; TR trade inome reeived by the ompany in the urrent period. The last but not less important fator in the formation of intelletual apital of the ompany is its human apital. While managinig it, in our opinion, it is worth paying attention to suh indiators as: eduation of the ompany's speialists as the basis of their professional ativities and one of the omponents of the overall knowledge of any organization, and thus serves as the basis for the urrent results of the business and its future prospets; level of their experiene as a harateristi that indiates the ability to apply knowledge by the ompany's speialists in pratie; effiieny of human resoures of the ompany as the main indiator of the effiieny of their use; employee loyalty to the ompany (Table 5). Table 5. Indiators of estimation of the ompany value reation by the fators of human apital Fators of ompany value reation Eduation Experiene Effetiveness Loyalty of employees Evaluation indiators Effiieny of quantitative harateristis Effiieny of qualitative harateristis Suffiieny of the eduational level of speialists for their positions, awareness of the latest trends in the ompany Availability of knowledge about the ompany as a whole and a speifi branh, presene of experiene in other ompanies and eonomi entities New ideas offered by the ompany's speialists Quality of the relations between the employees, working atmosphere, loyalty of the ompany's speialists to the institution, their pereption of key management deisions and overall strategy of the ompany Fate of business professionals without higher eduation with the neessary speialization Average length of work in the ompany of speialists of different setors and levels Share of net inome per employee Level of personnel turnover Potential of ompany development Implementation of additional trainings by the ompany for its own speialists Presene of young professionals with potential for areer growth - Organization of events teambuilding The group of indiators presented in the Table 5 is an important part of the ativity of any ompany, espeially in the servies setor, and therefore human apital management based on the seleted indiators is a signifiant omponent of value-based management. Therefore, in our opinion, the alloation of hannels of influene of intangible fators of formation of the value of business on the quality of value-based management, whih is expressed through the growth of intelletual apital of business, will enable to optimize managerial osts and improve the quality of value-based management of business. On the basis of the seleted indiators, it makes sense to periodially determine the rating of the effiieny of using the ompany's intelletual apital, but for a more detailed understanding of the strengths and weaknesses of the intelletual apital of business and effetive management of it, it is neessary, based on the proposed indiators, to analyze the intelletual apital of business. 72

10 Conlusions Business Ethis and Leadership, Volume 1, Issue 3, 2017 In order to study the relationship between value-based management of business and stakeholders, the authors have ranked the guarantors of business in the diretion of its impat on the level of satisfation of their interests: stakeholders of diret influene (influene of value-based management on their welfare level is diret: due to rising wages, dividend payments, share pries, et.); stakeholders of indiret influene (influene of value-based management on their welfare level is indiret: due to the inrease in the level of reliability that ensures the fulfillment of their obligations); stakeholders of systemi influene (effetive value-based management in separate ompanies inreases the overall level of system stability, publi onfidene in firms and the effetiveness of eonomi interation between enterprises and other entities of the eonomy). Consequently, the study of intangible fators of growth of the ompany value enables to identify gaps in the pratie of ompany management. At the same time, onditions for the development of eonomi thinking of managers and employees of the ompany based on the analysis of key fators of value are provided. Referenes 1. Bek, K. (1999). Extreme Programming Explained: Embrae Change, Addison-Wesley. 2. Brooks, R., Gray, J. B. (2004). History of the foreasters. Journal of Portfolio Management, 31, Copeland, Tom, Koller, Tim, Murrin, Jak (1995). Valuation. Measuring and Managing the Value of Companies. 2nd ed. MKinsey & Company, In. Published by John Wiley & Sons, In., 128 p. 4. Damodaran, Aswath (2009). Valuing Companies with intangible assets. Retrieved from 5. Edvinsson, L., Malone, M.S. (1997). Intelletual Capital. Realizing Your Company's True Value by Finding Its Hidden Brainpower. New York, Harper Business, p Favaro, John (2003). Value-Based Management and Agile Methods. In Proeedings of 4th International Conferene on XP and Agile Methods. 7. Giammarino, R., Shwortz, E, Zeher, J. (1989). Market valuation of bank assets and deposit insurane in Canada. Canadian Journal of Eonomis, XXII(1), Khaustova, V. Ye., Kurohkina, I. H., Dulenko, A. L. (2007). Teoretyhni zasady otsinky vartosti biznesu korporatyvnykh struktur i rozpiznavannya yikh za rivnem kapitalizatsiyi [Theoretial priniples of estimating the value of business of orporate strutures and their reognition by level of apitalization]. In Corporations and integrated strutures: problems of siene and pratie: Monograph. Kharkiv.: VD INZHEK, pp Kroeker, Curtis, (2013). How To Boost Your Company's Value: Mind the Intangible Assets. Retrieved from Millar, Allan (2013). How To Calulate Intangible Assets In Company Valuation. Retrieved from Modigliani, F., Miller, M. (1958). The ost of apital, orporation finane, and the theory of investment. Amerian Eonomi Review, pp Rea, Nik, and Davis, Adrian (2009). Intangible assets: what are they worth and how should that value be ommuniated? PriewaterhouseCoopers, London. 13. Three approahes to valuing intangible assets (2012). Third Edition, by Amerian Institute of Certified Publi Aountants, In. 14. Timmerman, Jessia (2015). Valuing Intangible Assets. Quantive Business Valuations. Retrieved from Tobin, J. (1996). An Essays in Eonomis. Vol. 1: Maroeonomis. Amsterdam London. Introdution. P. XIII, 411 p. 16. Understanding Intangible Assets and Real Estate: A Guide for Real Property Valuation Professionals (2016). By IAAO Speial Committee on Intangibles. 17. Zessin, A. (1982). Unternehmensbewertung von Kreditinstituten, Gottinger Hefte zur Bankbetriebslehre und Unternehmensfinanzierung. Verlag Otto Shwarz, Gottingen, Germany, 435 р. 73

11 Appendix Figure 3. Drivers of formation of business value by inreasing its intelletual apital (Giammarino et al., 1989) 74