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Disclosing Intellectual Capital in Russian Companies

This paper presents a tool for intellectual capital (IC) disclosure (ICD) in Russian companies using metrics from publicly available data sources. The study employs the concept of ICD as a theoretical framework, while the methodological approach for the measurement of IC involves the application of index construction principles. The empirical part of the study investigates the level of ICD in Russian companies and justifies the metrics for four components of IC. The study uses a database of more than 1,000 Russian public companies covering the period 2004-2014 for econometric estimations. Among Russian companies, there is a limited information transparency, while ICD is a rare occurrence. The involuntary disclosure approach, however, appears to be relevant in the case of the Russian business environment. The study reveals several metrics based on publicly available data for human, innovation, process and relational capital. The presented IC index should improve decision-making processes among policymakers, investors and company managers. To the best of the author’s knowledge, this is the first study on ICD in Russian companies. The measurement approach contributes to the topic of involuntary ICD.