Intellectual Capital (IC) has been argued to be the key element of value creation in contemporary economies, and this argument has been widely supported by empirical research, based on data from developed markets. Yet, despite strong interest in the topic and growing body of research focused on it, neither academics nor practitioners have come to one single conclusion concerning which elements of intellectual capital – human, relational or organizational – play a more important role in value creation of a company and how they influence different aspects of organizational performance. It also remains unclear whether it is important for a firm to have all elements of intellectual capital – human, relational and structural capital – well-developed, or managers can focus just only on one or two of them, if they have limited resources. These questions are particularly burning for emerging markets’ firms. Does IC matter much in this context? Based on previous research one can also question whether IC matters at all, and, more importantly, whether investing in all elements of intellectual capital would not be too heavy a burden for a company that would deteriorate its’ performance. This study aims to explore this question by analyzing the joint effects of human, relational and organizational capital on organizational performance in an emerging Russian market. The data for the research was collected in January-March 2015. The sample comprises 240 Russian companies. The findings of the paper suggest that having several elements of intellectual capital well-developed simultaneously does not bring additional value in enhancing organizational performance of Russian companies. Therefore, managers can focus on developing only those elements of intellectual capital that matter most – that is structural capital, according to our findings. This brings us to the conclusion of the specifics of the Russian market. The findings contribute to further development of IC theory by providing a more fine-grained understanding of how different elements interact in the particular emerging economy context. The core managerial implication of this study is that building structural capital, providing employees with efficient and relevant information systems and tools to support cooperation between employees, as well as carefully documenting organizational knowledge and making it easily accessible for employees, should be a management focus for manufacturing companies.