Intellectual Capital as a Factor of Financial Performance of Consulting Companies in Russia

Angi Y. Shvediani 1, Diana A. Maximenko 2, Valeria S. Arteeva 1, Zakhar A. Saranin 1

1 Peter the Great St. Petersburg Polytechnic University, Saint-Petersburg, Russia
2 National Research University Higher School of Economics, Moscow, Russia

Abstract

With the transition to a post-industrial economy, knowledge has emerged as a critical driver of economic activity. Consequently, the accumulated intellectual capital of a consulting company is the main factor determining its market position and operational effectiveness. Amid the growing influence of intellectual capital on the profitability of consulting companies and its essential role in creating sustainable competitive advantages within the knowledge economy, developing a methodology for assessing the relationship between intellectual capital efficiency and profitability in Russian consulting firms has become increasingly relevant. The study proposes a methodology based on the application of an econometric modeling apparatus using a multiple regression model. The simulation analysis utilizes a dataset including 730 observations for the period from 2015 to 2021 for Russian consulting companies. The dependent variable is net return on sales, while intellectual capital efficiency is measured by the coefficient of added value of intellectual capital and its components: human capital efficiency, structural capital efficiency and capital employed efficiency. The model also includes control variables that reflect company-specific and region-specific differences. The simulation was carried out using a fixed-effects model. The results reveal that there is a positive relationship between the coefficient of added value of intellectual capital and the coefficient of net return on sales. Additionally, the human capital efficiency indicator exhibits a predominantly positive but gradually decreasing marginal effect of on the net return on sales. It was noted that there is a positive relationship between the efficiency ratio of capital employed and the coefficient of net return on sales. The findings highlight the importance for managers of Russian consulting companies to pay attention to knowledge management practices in order to enhance the effective utilization of intellectual capital and improve financial performance.

Keywords

intellectual capital; knowledge-based business services; knowledge management; profitability; consulting companies.

JEL classification

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Acknowledgements

The research was financed as part of the project “Development of a methodology for instrumental base formation for analysis and modelling of the spatial socio-economic

development of systems based on internal reserves in the context of digitalization” (FSEG–2023–0008)

About Authors

Angi Erastievich Skhvediani

Candidate of Economic Sciences, Head of Scientific Research Laboratory «System Dynamics», Associate Professor, Higher School of Engineering and Economics, Institute of Industrial Management of Economics and Trade, Peter the Great St. Petersburg Polytechnic University, Saint-Petersburg, Russia (195251, Saint-Petersburg, Polytechnicheskaya street, 29); ORCID https://orcid.org/0000-0001-7171-7357 e-mail: shvediani_ae@spbstu.ru

Diana Alexandrovna Maximenko

Master Student, Faculty of Economics, National Research University Higher School of Economics, Moscow, Russia (101000, Moscow, Myasnitskaya street, 20); ORCID https://orcid.org/0000-0003-2046-3304 e-mail: maksimenko_da@spbstu.ru

Valeria Semenovna Arteeva

Candidate of Economic Sciences, Senior Researcher of Scientific Research Laboratory «System Dynamics», Associate Professor, Higher School of Engineering and Economics, Institute of Industrial Management of Economics and Trade, Peter the Great St. Petersburg Polytechnic University, Saint-Petersburg, Russia (195251, Saint-Petersburg, Polytechnicheskaya street, 29); ORCID https://orcid.org/0000-0002-7516-825X e-mail: arteeva_vs@spbstu.ru

Zakhar Alekseevich Saranin

Master Student, Higher School of Engineering and Economics, Institute of Industrial Management of Economics and Trade, Peter the Great St. Petersburg Polytechnic University, Saint-Petersburg, Russia (195251, Saint-Petersburg, Polytechnicheskaya street, 29); ORCID https://orcid.org/0009-0007-8187-7347 e-mail: midway_ht@mail.ru

For citation

Skhvediani, A.E., Maximenko, D.A., Arteeva, V.S., Saranin, Z.A. (2025). Intellectual Capital as a Factor of Financial Performance of Consulting Companies in Russia. Journal of Applied Economic Research, Vol. 24, No. 3, 1065-1092. https://doi.org/10.15826/vestnik.2025.24.3.035

Article info

Received December 12, 2024; Revised May 3, 2025; Accepted May 14, 2025.

DOI: https://doi.org/10.15826/vestnik.2025.24.3.035

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