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

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.