For citation:
Kataev, M. V., & Molodchik, M. A. (2026). Intellectual Capital and Internationalization under External Shocks: Evidence from Russian Firms. AlterEconomics, 23(3), 719–740. https://doi.org/10.31063/AlterEconomics/2026.23-3.10
Abstract:
This study analyzes the relationship between companies’ intellectual capital and internationalization under external shocks. While prior research has largely focused on stable conditions, this study examines the effects of external shocks on the contribution of different components of intellectual capital to firms’ export performance. Using panel data from 46 Russian companies covering the period 2012–2021, the study tests whether external shocks strengthen the positive effect of intellectual capital on firms’ internationalization. Fixed-effects regression models are employed, with intellectual capital measured using the Value Added Intellectual Coefficient (VAIC™) and Days Payable Outstanding (DPO). The results show that human, structural, and relational capital are positively and significantly associated with the internationalization of Russian firms. These relationships, however, vary across periods of external shock, with the sanctions and pandemic shocks differentially affecting the contribution of intellectual capital to export revenue. The contribution of human and structural capital increased significantly during the 2018 sanctions period and the 2020 pandemic period. These findings suggest that investment in intellectual capital can support firms’ internationalization not only under stable conditions but also during periods of heightened external uncertainty. Given that the study period encompasses several episodes of economic uncertainty in Russia, the findings provide relevant insights into the role of intellectual capital in sustaining firms’ internationalization under conditions of external pressure.
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