2019 (16), №1

Intellectual Capital of Russian Small Companies: Indirect and Direct Impact on Performance

For citation: 

Jardon, C. M., Molodchik, M. A., Vlasov, A. S., Luzina, E. K. & Shishkin, D. G. (2019). Intellectual Capital of Russian Small Companies: Indirect and Direct Impact on Performance. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 16(1), 75-90


The relevant expertise of both developed and developing countries demonstrates that the use of intellectual resources is critical for improving the performance of small businesses. However, previous research draws insufficient attention to the configuration which reflects the interaction of intellectual resources transforming into corporate operations results. This study focuses on identifying direct and indirect effects of individual types of intellectual resources on small business performance. According to Andreeva and Garanina (2017), Molodchik and Jardon (2017), Shakina et al. (2017), intellectual capital shows a significant potential to gain competitive advantages and improve financial results in Russian business environment. Given this consideration and the fact that small business plays a crucial role in the sustainable development of the economy, we put forward several hypotheses regarding the interaction between the intellectual capital components in the performance enhancement of Russian small businesses. Verification of the theoretical assumptions is based on the analysis of 126 small enterprises in Perm Krai. The empirical part of the study involves the use of principal component analysis and stepwise regression. The econometric analysis data suggests that values and attitudes of managers and employees, as well as the quality of interaction with other companies, create a direct impact on the performance of small companies in question. The indirect effect in this regard is demonstrated by other components of intellectual capital, namely the quality of business processes, information system, corporate culture, knowledge and skills of employees, cooperation with suppliers. The ultimate structure of intellectual capital which allows small companies to improve their performance is consistent with the previous studies and continues the line of research on intellectual capital, small companies, and emerging markets.

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Carlos Maria Jardon — PhD in Economics, Leading Research Associate, International Laboratory of Intangible-driven Economy, NRU HSE; University of Vigo (Perm, Russian Federation; e-mail: cjardon@uvigo.es).

Mariya Anatolyevna Molodchik — PhD in Economics, Senior Research Associate, International Laboratory of Intangible-driven Economy, NRU HSE, Associate Professor (Perm, Russia; e-mail: mmolodchik@hse.ru).

Anton Sergeevich Vlasov — Undergraduate Student, School of Economics and Finance, NRU HSE (Perm, Russia; e-mail: vlasov.anton@ya.ru).

Ekaterina Kirillovna Luzina — Graduate Student, School of Finance, NRU HSE (Perm, Russia; e-mail: katya.luzina@ icloud.com).

Dmitrii Gennadyevich Shishkin — PhD in Economics, Associate Professor, Department of Management and Marketing, Perm State Polytechnic University (Perm, Russia; e-mail: dgshishkin@yandex.ru).

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