An Accounting Perspective on Intellectual Capital

Lev, Baruch; Calvo, Leandro Cañibano; Marr, Bernard

doi:10.1016/b978-0-7506-7799-8.50008-5

Cited by 47 publications

(39 citation statements)

References 28 publications

(17 reference statements)

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“…Intellectual capital (IC) is commonly referred to as intangible assets (IA), and takes the form of knowledge, brands, patents and trademarks, customer relationships, human capital, and research and development (Lev et al, 2005;Sonnier et al, 2009;Dženopoljac et al, 2016). In this new economy, IC is considered as the preeminent resource for generating economic wealth and growth (Guthrie and Petty, 2000;Bontis, 2003;Siboni et al,by computing the market to book (MTB) ratio (Kok, 2007).…”

Section: Introductionmentioning

confidence: 99%

“…Over the decades, the world economy has moved from an industrial to a knowledge economy (Guthrie and Petty, 2000;Marr et al, 2004;Lev et al, 2005;Dženopoljac et al, 2016), within which firms pursuing value creation and competitive advantage have focused their attention on developing their intangible and knowledge assets as critical factors to success (Li et al, 2008;Sonnier et al, 2009;Yi and Davey, 2010). Intellectual capital (IC) is commonly referred to as intangible assets (IA), and takes the form of knowledge, brands, patents and trademarks, customer relationships, human capital, and research and development (Lev et al, 2005;Sonnier et al, 2009;Dženopoljac et al, 2016).…”

Section: Introductionmentioning

confidence: 99%

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Measuring the intellectual capital of Italian listed companies

Forte

Tucker

Matonti

et al. 2017

JIC

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Purpose -This paper investigates the relationship between Intellectual Capital (IC), measured in terms of the Market to Book (MTB) ratio, and potential key determinants of IC value such as intangible assets (IA) and a range of other factors. Design/methodology/approach -The study is conducted for a sample of 140 Italian corporations over the period [2009][2010][2011][2012][2013]. Applying a holistic market-based approach, the relationship between IC value and selected determinants from the extant literature is tested. Five hypotheses are tested using a pooled OLS regression model, while controlling for time. ROE is employed as a useful firm profitability indicator from the perspective of an equity investor. Moreover, four robustness tests are undertaken. Findings -The results show that IA, profitability, leverage, industry type, auditor type, and family ownership positively affect IC value, whereas SIZE and AGE negatively affect IC value. Moreover, the findings of the robustness tests suggest that all firms, and not just KIBS industry firms, manage knowledge.Research limitations/implications -The validity of the findings is limited to the Italian context, as the study focuses on a sample of companies listed on the Milan Stock Exchange, all of which prepare their individual financial statements according to IFRS. Further limitations are related to the use of market value in the short term, as it is influenced by market volatility. The study may allow academic researchers to investigate the impact of other non-accounting sources of information on market value within a multidisciplinary perspective. Practical implications -This paper also has implications for managers and practitioners. The findings suggest that managers should not take for granted that firm growth (an increase in SIZE) alone will lead to an increase in IC value, in the absence of a consistent IC-oriented investment strategy. Managers should also avoid smoothing their IC investment as the company grows, in order to maintain a stable MTB ratio. Further, standard setters should seek to explore better means of disclosing non-accounting information relating to IC value. Originality/value -This paper contributes to the IC literature as it is the first study which applies the Market Capitalization approach to analyze IC value determinants in the Italian context, within the framework of IFRS. The findings reveal some interesting relationships between the MTB ratio and recognized intangible investments, which are found to be insignificant in previous studies, confirming that, through the holistic effect, the MTB ratio may be a good proxy for IC. 2 Measuring the Intellectual Capital of Italian Listed Companies ABSTRACTPurpose -The purpose of this paper is to investigate the relationship between Intellectual Capital (IC), measured in terms of the Market to Book (MTB) ratio, and potential key determinants of IC value such as intangible assets (IA) and a range of other factors. Design/methodology/approach -The study is conducted for a sample of 140 It...

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Measuring the intellectual capital of Italian listed companies

Forte

Tucker

Matonti

et al. 2017

JIC

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show abstract

“…Da mesma forma, a atualização das normativas relativas ao reconhecimento de ativos intangíveis, especialmente aquela originada da convergência dos padrões contábeis brasileiros aos aceitos internacionalmente, caracterizou um avanço na metodologia dos procedimentos e a uniformização das práticas aplicadas a este processo. A adoção da normativa IAS 38 trouxe novos parâmetros à questão contábil desses elementos, pois até então ocorria a aplicação de diferentes práticas tanto no Brasil como internacionalmente (LEV;CAÑIBANO;MARR, 2005;PETKOV, 2011).…”

Section: Introductionunclassified

Conformidade no reconhecimento de ativos intangíveis: um estudo na perspectiva da teoria institucional

Liszbinski¹,

Kronbauer²,

Macagnan³

et al. 2014

R. Contemp. Contab.

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“…There is a recent body of literature that can be linked to the discussion of emerging soft instruments for innovation policy; that is the case of literature on knowledge management and intellectual capital, which deals with the importance of intangible capital of the firm [23,24], and the need for companies to manage and report on this capital [25]. With a few exceptions [26,27] this literature is not sufficiently linked to innovation studies and this is damaging innovation measurements [28] which, in turn, hampers the design of an appropriate innovation policy.…”

Section: Conceptual Frameworkmentioning

confidence: 99%

A Non-Parametric Delphi Approach to Foster Innovation Policy Debate in Spain

2016

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Abstract:The aim of this paper is to identify some changes needed in Spain's innovation policy to fill the gap between its innovation results and those of other European countries in lieu of sustainable leadership. To do this we apply the Delphi methodology to experts from academia, business, and government. To overcome the shortcomings of traditional descriptive methods, we develop an inferential analysis by following a non-parametric bootstrap method which enables us to identify important changes that should be implemented. Particularly interesting is the support found for improving the interconnections among the relevant agents of the innovation system (instead of focusing exclusively in the provision of knowledge and technological inputs through R and D activities), or the support found for "soft" policy instruments aimed at providing a homogeneous framework to assess the innovation capabilities of firms (e.g., for funding purposes). Attention to potential innovators among small and medium enterprises (SMEs) and traditional industries is particularly encouraged by experts.Keywords: innovation policy; Delphi; bootstrap; intangibles; intellectual capital; Spain Conceptual FrameworkInnovation is a complex process where agents produce knowledge based on other pieces of disperse and fragmented knowledge. As a consequence, we can reasonably expect that agents will almost never go through this process in isolation, but interact with other agents to acquire and exchange knowledge, information, and other resources [1]. Social and technological changes in past decades induced more complexity on the innovation process, increasing the potential connections among actors [2]. Indeed, it has been argued that innovation increasingly depends on external knowledge sources [3].The theoretical approaches to assess innovation have reacted to such changes, shifting from a "linear" and autonomous perspective on the production of knowledge [4] to a comprehensive approach where the innovation process is the result of the co-evolution of society and technology, where agents do not innovate in isolation but within a "system", and where interactions and feedback processes are key to explaining innovation paths [5][6][7][8]. This holistic vision of the innovation process gave rise to new research agendas, such as "open innovation", in which the discussion is centered at acknowledging the value of using external knowledge [9][10][11]. There has been an increasing interest in the research of empirical evidence relating open innovation and innovation performance [12], but its implications for public policy-making have not yet been analyzed in detail (with few exceptions [13]).These changes in innovation practice and theory also induced changes in innovation policy [14,15]. For example, they showed the increasing need to manage interfaces between users and producers of innovations beyond the pure transfer of knowledge and technologies (e.g., stimulating demand articulation and bridging gaps between actors). These changes also urged policy-m...

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An Accounting Perspective on Intellectual Capital

Cited by 47 publications

References 28 publications

Measuring the intellectual capital of Italian listed companies

Measuring the intellectual capital of Italian listed companies

Conformidade no reconhecimento de ativos intangíveis: um estudo na perspectiva da teoria institucional

A Non-Parametric Delphi Approach to Foster Innovation Policy Debate in Spain

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