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.

The importance of value creation in small and medium-sized business companies has always been in focus. The changing environment makes a strong impact on all companies all over the world. Nowadays, the value added, which is created by the company, not only depends on tangible but also on intangible assets. It is not enough just to manage internal resources to be efficient or generate high value added. Knowledge and information as an important tool for the management of the external environment have become a new factor of a company. Since elements of the intellectual capital system are intangible and hardly measurable in company’s value added, this paper aims to create a model for the analysis of the creation of a company’s value added through intellectual capital. Subsequent to the review of literature on value creation and management, the authors proposed a model for value creation through intermediate, which presented three main elements of value added creation.

Abstract. Innovation is essential for economic growth in developed countries. One of the most important sources of innovation is human capital. In this article, state of human capital in EU countries is investigated in order to show the relationship between human capital and national innovation performance. In the first part, theoretical assumptions of human capital importance for innovation processes are analysed. Secondly, measures of human capital are analysed and a measurement model is presented. This model is applied for investigation of state of human capital in 26 EU countries during 2002-2012. Results showed that quality of human capital is the most important factor for innovation performance. Quality indicators have even higher correlation with innovation in countries with low share of innovative enterprises (enterprises with high-level of new technology acceptance and usage). The aim of research is to analyse the theoretical importance of human capital investment for national innovation capability in EU countries, and to determine human capital aspects that foster innovation performance. Therefore, objectives are as follows: to analyse theoretical assumptions of human capital importance for innovation processes and to present the current state of research; to analyse available human capital measures and create a human capital measurement model; and to analyse state of human capital in EU countries as well as its relationship with national innovation capability.

abstract. The importance of small and medium-sized business companies has always been indisputable. Governments are trying to facilitate the entrance into a marketplace; the activity itself and managers are able to administer their companies in their best manner. Despite these facts, the changing environment has made a strong impact on all companies all over the world. In addition to this, nowadays it is not enough just to have a sack of tangible assets in order to have huge company's value added. The modern century of new technologies, the importance of knowledge and information brought a new attitude to the company. The value added, which is created by the company, depends not only on tangible assets but also on intangible assets, which, by the way, are among the most important in a new modern company. Intellectual capital is intangible, hardly measurable, but plays a vital role in every company's value added. This paper is aimed at analysing this company's value added and its intellectual capital coherence, and the model of new company's value added and its intellectual capital coherence is proposed.Keywords: company's value added, intellectual capital, human capital, structural capital, customer capital, people as technology. 2010-11-18; priimta 2011-02-26 santrauka. Smulkiojo ir vidutinio verslo įmonių svarba visada buvo nenuginčijama. Vyriausybės stengiasi palengvinti šių įmonių įėjimą į rinką ir pačią jų veiklą, o vadovai stengiasi valdyti savo įmones pačiu efektyviausiu ir geriausiu būdu. Nepaisant šių pastangų, besikeičianti aplinka padarė didžiulę įtaką įmonėms visame pasaulyje. Taip pat šiais laikais jau neužtenka turėti "maišo materialaus turto", kad įmonės pridėtinė vertė būtų didelė. Modernus naujų technologijų amžius, žinių ir informacijos svarba suteikė naują požiūrį į įmonę. Pridėtinė vertė, sukurta įmonės, dabar jau priklauso ne tik nuo materialaus turto, bet ir nuo nematerialaus turto, ir nematerialių vertybių, kurios šiuolaikinei įmonei yra pačios svarbios. Intelektinis kapitalas yra nematerialus, neapčiuopiamas, sunkiai apskaičiuojamas, tačiau yra gyvybiškai svarbus kuriant įmonės pridėtinę vertę. Šiame straipsnyje ištirtas įmonės intelektinis kapitalas ir jos pridėtinės vertės sąsaja, pristatytas įmonės intelektinis kapitalas ir pridė-tinės vertės modelis.reikšminiai žodžiai: įmonės pridėtinė vertė, intelektinis kapitalas, žmogiškasis kapitalas, struktūrinis kapitalas, klientų kapitalas, žmonės kaip technologija.

Abstract. The evaluation of intellectual capital factors is an essential part for the management of jointstock companies. Many authors indicate that successful intellectual capital management increases value added in jointstock companies. Nevertheless, intellectual capital is a complex and challenging concept as there is still no clear guidance, what the intellectual capital features and its structural parts are. Theoretical research revealed that scientists accentuate various intellectual capital parts depending basically on the type of their research, on the level of the research (micro, mezzo, macro), variables they selected to investigate and similar. This research paper gives an insight what drivers can be increasing value added in jointstock companies.Keywords: intellectual capital, human capital, structural capital, relational capital, jointstock companies, value added.JEL Classification: D24, D92, G32, M21. Santrauka. Intelektinio kapitalo veiksnių įvertinimas yra esminis akcinių bendrovių vadovybės tikslas, siekiant padidinti ati tinkamos akcinės bendrovės pridėtinę vertę. Daugumoje mokslinių straipsnių autoriai akcentuoja, kad pagrindinis modernių akcinių bendrovių pridėtinės vertės didinimo veiksnys -intelektinis kapitalas. Vis tik nors daugelio tyrinėtas, intelektinis kapi talas dar neturi aiškiai apibrėžtos sąvokos, struktūrinių dalių, visuotinai priimtų bruožų. Literatūros šaltinių analizė atskleidė, kad įvairūs mokslininkai skirtingai nagrinėja intelektinį kapitalą dėl to, kad tai priklauso nuo jų tyrimo srities: ar intelektinis kapitalas nagrinėjamas mikro, mezo ar makro lygmeniu, kokius kintamuosius pasirenka ir pan. Šiame straipsnyje nagrinėjama, kokie intelektinio kapitalo veiksniai daro didžiausią įtaką akcinių bendrovių pridėtinės vertės didėjimui. INTELEKTINIO KAPITALO įVERTINIMAS AKCINĖSE BENDROVĖSEReikšminiai žodžiai: intelektinis kapitalas, žmogiškasis kapitalas, struktūrinis kapitalas, ryšių kapitalas, akcinė bendrovė, pri dėtinė vertė.