The Valuation of Traditional Sectors Enterprises and Knowledge-Based Enterprises in The Context of Intellectual Capital Value

In the conditions of globalization and growing competition on the world markets enterprises are forced to seek the most optimal sources of creating values, including intellectual capital. The aim of the study is to identify the role of intellectual capital in the process of valuation of a company. The study concerns the public enterprises of an active status registered in Iceland, Norway, Switzerland, Great Britain and the European Union, whose results were assigned to the sectors according to Bureau van Dijk classification (BvD Sectors). In order to explain the relation between the market value index to the book value (MV/BV) and the components of the structure of intellectual value added index (VAIC) the multiple regression models were developed. The best statistical results of the analyzed correlations were achieved in the following three sectors: Public Administration, Education and Health Social Services, as well as in the Waste Management & Treatment and Computer Software sectors, which suggests that conducting further studies on the impact of intellectual capital on valuation may lead to the identification of phenomena and characteristics that are not present in other sectors. The intellectual capital values may support the valuation of company’s market value, however the effectiveness of full explanation is not mainly dependent on the indicated measurement.