financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2022-26-1-66-78finance-1501Research ArticleМЕЖДУНАРОДНЫЕ ФИНАНСЫINTERNATIONAL FINANCEИсследование интеллектуального капитала в фармацевтической промышленности Индии: использование анализа панельных данныхStudy of intellectual capital on drugs and pharmaceutical industry of India: Using panel data analysishttps://orcid.org/0000-0003-1861-3748СингхалС.SinghalS.

Сумья Сингхал — научный сотрудник Колледжа торговли и финансов Амити

Нойда, Уттар-Прадеш

Soumya Singhal — Research Scholar, Amity College of Commerce and Finance

Noida, Uttar Pradesh

soumya_singhal@yahoo.comhttps://orcid.org/0000-0001-9862-5612ГуптаС.GuptaS.

Сима Гупта — доктор экономических наук, профессор Колледжа торговли и финансов Амити

Нойда, Уттар-Прадеш

Seema Gupta — PhD in finance, Professor, Amity College of Commerce and Finance

Noida, Uttar Pradesh

sgupta18@amity.eduhttps://orcid.org/0000-0001-6557-1697ГуптаВ. К.GuptaV. K.

Виджай Кумар Гупта — доктор экономических наук, профессор

Индор, Мадхья-Прадеш

Vijay K. Gupta — PhD, Professor

Indore, Madhya Pradesh

vkgupta@iimidr.ac.inУниверситет АмитиИндияAmity UniversityIndiaИндийский институт менеджментаИндияIndian Institute of ManagementIndia2022260220222616678Copyright © Сингхал С., Гупта С., Гупта В.К., 20222022Сингхал С., Гупта С., Гупта В.К.Singhal S., Gupta S., Gupta V.K.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1501

Интеллектуальный капитал приобретает все большее значение в финансовых решениях, принимаемых менеджерами в условиях информационной среды. Однако лишь небольшая часть общих активов компании представлена нематериальными активами (такими как концессии, лицензии, патенты и торговые марки). В данном исследовании авторы изучают взаимосвязь между интеллектуальным капиталом организации и ее финансовым здоровьем. Предложена новая модель — модифицированный расширенный коэффициент интеллектуального капитала с добавленной стоимостью. Полученные результаты авторы сравнили с двумя существующими моделями, а именно, коэффициентом интеллектуального капитала с добавленной стоимостью и модифицированным коэффициентом интеллектуального капитала с добавленной стоимостью. Регрессия панельных данных использована для оценки эффективности деятельности 25 индийских фармацевтических компаний за период 2010–2019 гг. Доказано, что эффективность человеческого, структурного и реляционного капитала имеет существенную положительную корреляцию с рентабельностью активов (ROA). Кроме того, существует отрицательная, но значимая связь между эффективностью организационного капитала и прибыльностью компании. Согласно интеллектуальному коэффициенту добавленной стоимости эффективность человеческого и структурного капитала не влияет на соотношение рыночной и балансовой стоимости. С другой стороны, на соотношение рыночной и балансовой стоимости положительно влияет эффективность используемого капитала.

Intellectual capital is becoming increasingly important in financial decisions made by managers in the information-based environment. However, only a small portion of a company’s total assets is represented by intangible assets (such as concessions, licenses, patents, and trademarks). The current research investigates the relationship between an organization’s Intellectual capital and its health. A new model — Modified Extended Value-added Intellectual Capital Coefficient — was also proposed. The findings were compared with the two existing models, namely, Value Added Intellectual Coefficient and Modified Value Added Intellectual Coefficient. Panel data regression is used to assess the performance of 25 Indian pharmaceutical and drug companies throughout the period 2010–2019. Human capital efficiency, structural capital efficiency, and relational capital efficiency have been proven to have a substantial positive correlation with return on assets (ROA). In addition, a negative yet significant link exists between organizational capital efficiency and a company’s profitability. Under the Value Added Intellectual Coefficient, human capital and structural capital efficiency do not affect the market value to book value. The market value-to-book value, on the other hand, is positively impacted by capital employed efficiency.

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The authors declare that there are no conflicts of interest present.