Purpose -The purpose of this study is to analyse the validity of the value added intellectual coefficient (VAIC) method as an indicator of intellectual capital. Design/methodology/approach -The paper describes VAIC through its calculation formulae and aims to establish what exactly it is that the method measures. It also looks in detail at how intellectual capital is understood in the method, and discusses its conceptual confusions. Furthermore, the paper tests the hypothesis according to which VAIC correlates with a company's stock market value, and reflects the contradictory results of earlier studies. Findings -The analyses show, first, that VAIC indicates the efficiency of the company's labour and capital investments, and has nothing to do with intellectual capital. Furthermore, the calculation method uses overlapping variables and has other serious validity problems. Second, the results do not lend support to the hypothesis that VAIC correlates with a company's stock market value. The main reasons behind the lack of consistency in earlier VAIC results lie in the confusion of capitalized and cash flow entities in the calculation of structural capital and in the misuse of intellectual capital concepts. Practical implications -The analyses show that VAIC is an invalid measure of intellectual capital. Originality/value -The result is important since the method has been widely used in micro and macro level analyses, but this is the first time it has been put to rigorous scientific analysis.
Purpose -The purpose of this paper is to investigate how physical spaces intersect with innovation and innovativeness, and what the most relevant attributes of physical space are for innovation.Design/methodology/approach -The paper reflects the changing nature of innovation, from technological advancements to services and meaning changes, and argues that the development of innovative spaces similarly embodies a diverse set of values such as collaboration, openness, and sustainability. Using a literature review, interviews, and benchmarking data, the paper examines the relationship between physical environment and innovation.Findings -The findings from both the literature review and the interviews underline innovation as a communicative and human-centred process. As a result five attributes of innovative space are presented: collaboration enabling, modifiability, smartness, attractiveness, and value reflecting.Originality/value -The results provide perspectives to the challenge of how to support innovation creation by developing physical spaces. The paper adds to the conceptual development of innovative space and outlines physical space as an innovative service.
Purpose – The purpose of this paper is to provide a review of the innovation literature, with special focus on studies applying a complexity perspective. As a contribution in its own right to the innovation literature, the review clarifies the concept of complexity, explores possible points of relevance and the “added value” gained from complexity theory (CT) to the study of innovation, and identifies some of the applications of the theory. Design/methodology/approach – A literature search was conducted which yielded 20 relevant articles. These articles were analyzed by focusing on the key concepts of complexity and studying their applications in the context of innovation research. Findings – Based on the approach adopted, the literature was divided into three categories, namely research focusing on microdynamics, macrodynamics, and leadership and management. The key complexity concepts identified in the innovation literature were “edge of chaos”, “phase shift”, “emergence and self-organization”, “(co)evolution”, and “complexity regulation”. The articles reviewed differed in terms of their perspectives on complexity and, accordingly, their operationalization of the complexity concepts. Key areas of development suggested by the authors include forging a stronger link with existing innovation theory and giving greater weight to empirical evidence. Research limitations/implications – While a systematic review strategy was adopted to identify all relevant research on “open innovation” and complexity, a selective snowball strategy was deemed the only feasible approach to cover research conducted on “innovation” and complexity. Practical implications – Practitioners can learn to put CT-based research in context and also learn to recognize the value of CT for innovation management. The authors distilled three important lessons for practice from the research done: embracing complexity, embracing ambidexterity, and embracing failure. Originality/value – To the best of the authors’ knowledge no review has as yet been undertaken to encapsulate the current state of applications of CT to innovation research.
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