THE PHENOMENON OF MANAGERIAL CAPITAL IN FINANCIAL THEORY

Abstract

In this paper we propose to look at the «capital» category from the standpoint of the changes that have affected the evolution of the role of capital in production. It implies the emerging shift from an industrial to a financial economy, the decline of critical importance of level of capital intensity and the growing influence of the human factor on the efficiency of production and the development of innovative economy. The growing influence of human factor on the achievement of business goals, the cash flows and profitability of invested capital that is taking place in the second half of the twentieth century is caused by the fact that all these results largely depend on the professional and personal characteristics of a manager. In management theory a great attention is paid to such influence and the role of managerial capital in risk reduction and in growth of return on capital are explored. In our opinion, modern views about the role of the managerial capital in the company functioning create a basis for inclusion of the category of the managerial capital in the totality of the basic concepts of financial theory. Therefore, this article attempts to identify this basis, and to introduce and justify the possible approaches to the managerial capital within the financial theory.

Keywords

• управленческий капитал
• финансовый капитал
• механизм использования управленческого капитала
• человеческий капитал
• managerial capital
• financial capital
• mechanism for the use of managerial capital
• human capital