Research background: Currently the topic of a company’s intellectual capital is being widely investigated by various researchers. Nevertheless, only a small number of studies on the company’s intellectual capital impact on its market value were conducted. What is more, the concept of a company’s intellectual capital itself is not unified. There are some discrepancies in defining a company’s intellectual capital, unifying structural model of the company’s intellectual capital, and harmonizing the research methods and models of how to evaluate a company’s intellectual capital. Purpose of the article: The aim of the article is to examine various scientific approaches of the company’s intellectual capital and its impact on the market value of a respective company; to prepare a model of company’s intellectual capital and its impact on the market value. What is more, the aim of this article is to check and test the model effectiveness using an example of the Baltic States listed companies. Methods: Data on 58 Baltic States’ companies that are listed in Nasdaq Baltic stock exchange were taken as the basis of the research. Based on four component model (human capital, structural capital, juridical capital, relational capital) a set of indicators for assessing company’s intellectual capital was formed. Expert evaluation was used in order to assign weights for different structural parts of intellectual capital. An exploratory factor analysis was conducted in order to find out what factors are the most significant for a company’s intellectual capital. In order to find out how specific elements affect company’s intellectual capital, a pair-wise multiple correlation and regression analysis were used. An average comparison method was used to reveal differences between companies of different countries. Findings & Value added: The study contributes to the Baltic States’ knowledge on intellectual capital. It was detected that it is appropriate to use human capital, structural capital, juridical capital, and relational capital structural parts as components of company’s intellectual capital while investigating its impact on market value of a respective company. According to the obtained results, the model of a company’s intellectual capital and its impact on the market value was created, optimized, and its validity checked using exploratory factor analysis. The model was used to test the Baltic States listed companies and how their intellectual capital affects the market value. It was identified that intellectual capital in the listed companies of the Baltic States has a positive impact on their market value. Nevertheless, the study revealed that intellectual capital structural parts do not equally affect the market value of listed companies. The findings support the conclusion that human capital and relational capital have the greatest influence on the market value of listed companies. Companies where structural capital comprises the largest proportion of intellectual capital had lower levels of intellectual capital aggregated index, which could be examined in future studies.

Research background: Importance of intangible resources for country’s economic growth is widely recognized. However, empirical evidence of this influence is hard to show due to measurement limitations of intangible resources. Majority of empirical studies concentrates on the analysis of a specific type of intangible resource’s influence on economic growth. National intellectual capital concept provides background for an integrated assessment of the country's intangible resources. This new approach enables the estimation of intangible resources’ influence to economic growth in a more complex way. Purpose of the article: a) To examine various scientific approaches of the national intellectual capital and its impact on the economic growth; b) to offer a measurement model of the national intellectual capital influence on economic growth; c) to evaluate the specific European Union countries’ intellectual capital’s effect on their economic growth. Methods: Econometric analysis; refined factor value computation method using the stand-ardized regression coefficients; the SAW method; expert evaluation, cluster analysis; corre-lation and regression analyses. Findings & Value added: A review of the economic growth theories showed that structural components of intellectual capital (human capital, structural capital, social capital, relational capital) in economic growth theories are analyzed as key determinants of economic growth. Our proposed research methodology consists time lag between variables and this let us evaluate casual relation. Empirical analysis of 25 European Union countries’ intellectual capital’s effect on their economic growth rate revealed that national intellectual capital and the countries’ level of economic development have statistically significant impact on economic growth rate. The analysis of intellectual capital components’ influence on economic growth rate of 25 European Union countries showed that only human capital and the level of economic development have statistically significant influence. A more comprehensive human capital’s influence on economic growth analysis revealed that 63.1 percent of the long-term economic growth rate in 25 European Union countries can be explained by differences in their economic development level and differences in educational achievement factor values. Moreover, analysis of national intellectual capital effect on economic growth in separate clusters allowed to identify influence differences in each group of countries.

This paper aims to present how social capital can benefit business processes of an enterprise, which uses its social networks for business purposes, and which of those benefits are the most important in this context. The first part of this article represents the theory of social capital. The main conceptual approaches to social capital were investigated. According to this, the conception of social capital and its dimensions were introduced. The second part of this paper seeks to evaluate the benefits of social capital to enterprise’s business activities by mentioning not only benefits, which create social capital but also risks, which can occur if social capital is used improperly. The last part of this essay introduced the model of social capital’s benefits to enterprise’s business processes and evaluated, which of them are the most relevant.

Abstract. National intellectual capital is regarded as an important factor of a country's ability to perform high value added func tions including the ability to create innovations. Measuring national intellectual capital is still a complicated task. In this article national intellectual capital concept and measurement models are analysed in order to show how national intellectual capital could be measured. The findings show that there are several weaknesses of measurement models validity. Those weaknesses in more recent measurement models are minimized by introducing advanced national intellectual capital structural models and more complex value approximation methods. Analysis of selected national intellectual capital measurement models has shown that there are not many similar indicators used (from 21% to 60% of matching indicators), though results obtained by using these evaluation models have high significant correlation.Keywords: national intellectual capital, knowledge capital, national intellectual capital measurement models, intangibles, human capital, structural capital. Santrauka. Valstybės gebėjimas kurti inovacijas ir atlikti aukštos pridėtinės vertės funkcijas priklauso nuo valstybės intelektinio kapitalo. Nustatyti valstybės intelektinio kapitalo vertę -vis dar sudėtinga užduotis. Šiame straipsnyje analizuojama valstybės intelektinio kapitalo koncepcija ir vertinimo metodai, siekiant parodyti būdus, kaip valstybės intelektinis kapitalas gali būti įvertintas. Tyrimo rezultatai atskleidžia taikomų vertinimo modelių validumo trūkumą. Šie trūkumai naujausiuose vertinimo modeliuose minimizuojami taikant sudėtingas valstybės intelektinio kapitalo klasifikacijos sistemas ir pažangius valstybės intelektinio kapitalo vertės apibendrinimo metodus. Pasirinktų valstybės intelektinio kapitalo modelių analizė atskleidė, kad jų vertinimo sistemoje tapačių rodiklių naudojama nedaug (nuo 21 iki 60 proc.), tačiau valstybės intelektinio kapitalo vertė, nustatyta taikant skirtingus vertinimo modelius, yra panaši (rezultatai yra aukšto statistiškai reikšmingo koreliacijos lygio).Reikšminiai žodžiai: valstybės intelektinis kapitalas, žinių kapitalas, valstybės intelektinio kapitalo vertinimo modeliai, nema terialusis turtas, žmogiškasis kapitalas, struktūrinis kapitalas.

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