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Economic Analysis: Theory and Practice
 

Econometric analysis of relationship between intellectual capital and gross profit margin of Russian IT companies from 2017 to 2020

Vol. 21, Iss. 12, DECEMBER 2022

Received: 22 September 2022

Received in revised form: 5 October 2022

Accepted: 17 October 2022

Available online: 28 December 2022

Subject Heading: ANALYSIS OF INTELLECTUAL CAPITAL

JEL Classification: C23, L86, O15, O32

Pages: 2272–2292

https://doi.org/10.24891/ea.21.12.2272

Angi E. SKHVEDIANI Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation
shvediani_ae@spbstu.ru

https://orcid.org/0000-0001-7171-7357

Diana A. MAKSIMENKO Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation
maximencko.diana@yandex.ru

https://orcid.org/0000-0003-2046-3304

Anastasiya A. MAIKOVA Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation
maykovanastya15@gmail.com

https://orcid.org/0000-0001-7083-7189

Subject. The article addresses relationship between intellectual capital and operating efficiency of IT companies.
Objectives. Our aim is to conduct econometric analysis of the impact of intellectual capital and its individual elements on the profit margin of Russian IT companies.
Methods. We employ methods of econometric analysis. The sample comprised 323 IT companies operating in Russia from 2016 to 2020.
Results. We built two blocks of linear regression models with random and fixed annual and panel effects. For models of the first block, were selected indicators of structural (SCE), human (HCE), relational (RCE) capital efficiency and capital employed efficiency (CEE) as exogenous variables. The regression analysis showed that CEE and SCE have a significant positive effect on profit marginality. For models of the second block, we used a complex indicator, combining SCE, HCE, and RCE. We established that intellectual capital in general is positively associated with gross profit marginality of Russian IT companies.
Conclusions. The study revealed that Russian IT companies effectively use the supporting intangible infrastructure and total assets. However, human capital, being the most significant resource of this industry, is used inefficiently and provides no potential for profit. Relationships with counterparties (consumers, suppliers, and other stakeholders), expressed in RCE, did not show a significant relationship with profitability either. Practical application of the findings may help improve business processes and management of intangible resources of IT companies.

Keywords: intellectual capital, Gross Profit Margin, MVAIC, information technology sector, company performance

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