ИНТЕЛЕКТУАЛНИОТ КАПИТАЛ КАКО ДЕТЕРМИНАНТА НА ВРЕДНОСТА НА ФИРМАТА
INTELLECTUAL CAPITAL AS A DETERMINANT OF A FIRM VALUE

Summary/Abstract: The development of knowledge, that is its embodiment in intellectual capital, today is a condition for economic, technological and any other form of progress in the knowledge economy. The new way of creating values in the knowledge economy, through the management of intellectual capital and the continuous investment in it, points to the fact that for a modern firm is far more important the ability of employees to create value than the value of its tangible assets per se. Recognition and use of intellectual capital enables firms to make optimal use of their potentials, creatively to overcome the obstacles imposed by the dynamic external environment, to achieve their economic goals easier, faster and better, as well as to increase their market value. Still, in many firms the equity is considered to be only what the accounting reports show. Hence, the purpose of this paper is to present the hidden value of a firm which is in the form of intellectual capital, because it is intellectual capital that is the most important determinant of its market value.

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