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The relevance of intangible assets for financial performance is getting more widely accepted. There is also some convergence about the conceptual structure of intangibles. What has not been underlined enough yet is the synergic nature of different types of intangibles. In this paper, it is argued, in the light of a case study of nine Finnish companies, that the intangibles form a value chain of generative and commercially exploitable intangibles. Furthermore, it is argued that each company at each time has an emphasis on a certain type of intangibles, sometimes even neglecting others. The paper seeks to propose that it is important to identify the primary intangibles and their current relationships with other forms of intangibles. The management of intangibles is hence a matter of integration and delicate balance.

PurposeThe purpose of this paper is to elaborate the feasibility of market based estimations of the value of human capital in firms.Design/methodology/approachThe concept of intangible assets and market‐based valuation of human capital is presented. Cases of extreme estimates of human capital values are presented. The possibility of extremely low or even negative human capital values is examined.FindingsIt is demonstrated that odd human capital values can be explained by referring to principles of valuating fixed assets and intangible liability.Practical implicationsThe paper demonstrates that market‐based methods for estimating the value of human capital of the firm can be feasible despite the existence of very odd human capital values.Originality/valueThe findings of the paper adds to the discussion of how to valuate human capital in intellectual capital accounts in general and human capital accounts in particular.

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Purpose -The purpose of this paper is to construct a strategy model based on Intellectual Capital (IC) theory and to demonstrate that it is not purely resource-based (RBV), but includes many elements that are rooted in the market based view (MBV). The authors' analysis indicates that only strategies which lead to both tangible and intangible revenues are sustainable in a knowledge-based economy. Design/methodology/approach -The paper takes the form of an extensive review of IC and strategy literature, and in-depth comparative analysis of IC concept and the strategy management frameworks, particularly Porter's framework. Findings -It is found that the IC-based view (ICBV) is much closer to the MBV than what one would expect and the ICBV is more appropriate for a knowledge-based economy than both the MBV and the RBV in general. Originality/value -It is widely assumed that IC theory is strongly related to resource-based strategy. The authors question this simple view and maintain that the IC-based view relates to both MBV and RBV.