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In December 2009, the White House released a paper outlining their manufacturing policy, A Framework for Revitalizing American Manufacturing. The Framework makes an excellent case that the federal government has a strong role to play in reinvigorating this important sector of the U.S. economy. It outlines the challenges facing manufacturing while describing the opportunities in new product areas. However, the ongoing transformation in manufacturing to a knowledge-intensive activity will require attention to all the inputs to the production process -- technology, worker skills, and organizational structures. The Framework recognizes that the nature of the economy has changed and implicitly accepts this basic premise. "Intellectual capital, such as patents from research and development as well as managerial know-how," the document states, "is a vital component in determining costs, growth rates and the creation of new industries." But while patents and managerial know-how are important components, a successful manufacturing framework must embrace the full range of intellectual capital and intangible assets. This Policy Brief makes a number of recommendations to directly incorporate intellectual capital into a manufacturing strategy and best position the United States for accelerated job, productivity, and economic growth in the coming years

A single embedded case study design was applied to evaluate the intellectual capital of 13 hotels in the Radisson SAS Hotels and Resorts hotel chain. By using the ICAP methodology and multiple source data the study investigated the knowledge and data produced by an intellectual capital evaluation, and explored the potential relationship between intellectual capital and business performance. The results conclude that it is possible to evaluate intellectual capital in a hotel chain, and the knowledge and data from the intellectual capital evaluation provide useful information regarding the areas of identifying focal areas, resource allocation, strengths and weaknesses, benchmarking, and managing the future. In addition, the findings indicate that it is useful to evaluate a hotel's intellectual capital due to its potential relationship with business performance.

Purpose
The purpose of this paper is to explore whether intellectual capital affects the probability that a particular firm will default. The authors also test whether including intellectual capital performance in bankruptcy prediction models improves their predictive ability.


Design/methodology/approach
Using a sample of US public companies from the period stretching from 1985 to 2015, the authors test whether intellectual capital performance reduces the probability of bankruptcy. The authors use the VAIC as an aggregate measure of corporate intellectual capital performance.


Findings
The findings show that the intellectual capital performance is negatively associated with the probability of default. The findings also indicate that the bankruptcy prediction models that include intellectual capital have a superior predictive ability over the standard models.


Research limitations/implications
This paper contributes to prior research on intellectual capital and firm performance. To the best of the knowledge, this is the first study to show that the benefits of intellectual capital extend from superior performance to long-term financial stability. The research can also contribute to bankruptcy studies. By using a time frame covering decades, the findings suggest that intellectual capital performance measures can be included in bankruptcy prediction models and can effectively complement traditional performance measures.


Originality/value
This paper highlights that intellectual capital is associated with long-term financial stability and a lower bankruptcy risk. Firms realising the potential of their intellectual capital can produce a virtuous circle between higher performance and greater financial stability.

PurposeThe purpose of this paper is to demonstrate how the ICS intellectual capital methodology was developed starting from the underpinning academic theory.Design/methodology/approachThe approach is founded upon a number of theoretical strands. The basic intellectual capital approach is based on a development of the resource based theory of the firm. Most intellectual capital approaches have problems with meaningful measurement. ICS addresses the valuation of intellectual capital resources by using axiology and multi‐attribute value theory to produce a valuation framework and measurement theory to ensure that the results are reliable.FindingsThe ICS intellectual capital approach generates navigators (maps) of how resources are used in companies which have proven to be very useful. It has also demonstrated the value of deeper analysis of the intellectual capital resources. The measurement part, which is often used independently (known as the Conjoint Value Hierarchy (CVH), is shown as a powerful aid to decision making as well as to more straightforward valuation.Research limitations/implicationsThe limitations are that the navigator and its associated analyses are non‐rigorous while the CVH is rigorous, transparent and auditable. This mismatch can lead to problem and the challenge is to integrate them.Originality/valueWhile parts have been reported previously, this paper is the first integrated review of ICS' methodology.

PurposeThe purpose of this paper is to create a conceptual model that practically assists companies to produce an effective voluntary external intellectual capital disclosure (ICD) and valorises both the company's and the stakeholders' role. It illustrates the relationship among voluntary ICD mechanisms and it takes into consideration the feedback mechanism from external stakeholders.Design/methodology/approachNielsen and Madsen's (2009) study constitutes the framework of the conceptual model, as it refers to a "sender to receiver" model, which is particularly useful for the research.FindingsAn effective ICD may only be achieved through a combination of decisions taking into account each individual company's needs and those of stakeholders' ones. In addition, the dimensions on which the conceptual model is based are already in use in other widespread disclosure models, and this favours the company.Research limitations/implicationsLimitations concern design features, recipients and validity of the conceptual model. In terms of theoretical implications, the model emphasizes an "integrated ICD" approach; in addition, the model is based on some dimensions which characterize widespread and general communication models already in use.Practical implicationsFirst, this relates to the production of an effective ICD when considered as "one-way information", from the company to the stakeholders. Second, this relates to the interaction between the company and its stakeholders, within a dyadic exchange.Originality/valueThe conceptual model is based on some dimensions which characterize widespread and general communication models already in use, which in the model are applied to ICD. Therefore, companies may favour making an ICD, as they are already confident and familiar with these dimensions.

PurposeThe purpose of this paper is to contribute to the understanding of intellectual capital (IC) by adopting a temporal lens and emphasizing the role time plays in IC analysis.Design/methodology/approachAn action research case study (Alpha) related to a joint venture development process is conducted.FindingsIC is a complex and dynamic system which can be observed from several different perspectives, not only according to the point of view adopted by the observer, but also according to the moment in which IC is being observed. Thus, the time factor must also be considered in the whole IC issue.Research limitations/implicationsThe limitations of this study are related to the particular research methodology adopted (action research). The main implication of this paper is that the temporal context and the time dimension have to be considered as variables in IC analysis. How to explicitly consider time in the IC question represents future research opportunities.Originality/valueFirst, the paper applies, in the accounting field, a research lens that is mainly used in organizational studies. Second, it stresses the role played by time in IC, a factor that authors tend to underestimate in their studies.

PurposeThe purpose of this paper is to examine the points of convergence between intellectual capital and corporate responsibility reports with a focus on human capital issues.Design/methodology/approachTo investigate this degree of integration the paper analyzes the common elements between human capital accounting and the Global Reporting Initiative Guidelines 2002. The assessment methodology consists of a study of which indicators for employees proposed in GRI guidelines are frequently used in 20 international best practices for intellectual capital reports.FindingsResults show a large overlapping of indicators around three issues: the description of human capital, the reporting on diversity and opportunity, and the measurement of the quality and intensity of training.Research limitations/implicationsThe research is focused on human capital that is one of the three dimensions of intellectual capital. It could also be interesting to study the points of convergence between corporate responsibility and the remaining two dimensions of intellectual capital: network capital and organizational capital.Practical implicationsThe results demonstrate that the opportunity exists to integrate intellectual capital and corporate responsibility report in a global report, that will be useful to orient the sustainability practices in developing human capital.Originality/valueThis paper sustains the possibility that a correct management of corporate responsibility practices will be an opportunity to develop intellectual capital and a source of value creation.

PurposeThe purpose of this article is to trace the techniques and consulting methods developed and deployed by an Australian project team during an investigation of a client organisation's intellectual capital management, measurement and reporting (ICMMR) practices. The article aims to highlight the benefits of adopting an integrated approach to investigating intellectual capital (IC) and proposes the Intellectual Capital Value Creation (ICVC) framework as an analytical model for extending the breadth and depth of existing management consulting and research practices into ICMMR.Design/methodology/approachThe methods deployed by the project team during the consulting project included semi‐structured interviews and content analyses. Furthermore, the ICVC framework was developed and deployed as an analytical model to facilitate the investigation of the client organisation's ICMMR practices.FindingsTo the client organisation, the ICVC framework proved beneficial in that it enabled senior management to visualise their knowledge resources and how these contribute to organisational value creation. To the project team, the ICVC framework facilitated the identification of organisational knowledge management gaps, highlighting weaknesses in the client organisation's utilisation of its knowledge resources. The framework provides a structured approach for investigating organisations' ICMMR practices and locating and analysing these within a strategic context.Originality/valueThe paper highlights to management consultants and others the importance of investigating client organisations' ICMMR practices in an integrated manner and demonstrates to organisations the strategic significance of making "visible" their invisible sources of value creation.

PurposeThough intellectual capital (IC) has received much attention for more than a decade, there is a lack of consensus on its components and definition. IC is a multi‐disciplinary concept and the understanding of it varies across different business‐related disciplines. This paper seeks to propose a grouping of IC items based on empirical evidence in the form of managers' responses to questions about the availability of information about IC inside their companies.Design/methodology/approachA postal questionnaire was implemented across 520 companies listed on the main board of Bursa Malaysia. The empirical grouping of IC derived by factor analysis is compared with a priori groupings constructed from the IC literature.FindingsIt is found that the conventional three a priori categories – namely human capital, customer capital and structural capital – expand into eight facets. Nevertheless, there is remarkable consistency between literature‐based expectations and empirical groupings.Research limitations/implicationsThe paper takes a broad scope perspective and in this rapidly evolving field, is based on information in place in 2005. In addition, the usual limitations of postal questionnaire surveys apply. Extension of this research approach to other cultures may reveal a different set of groupings and such research is encouraged.Practical implicationsManagers and designers of information systems may use the findings as a benchmark against which to evaluate their own systems or proposals. More significantly, the eight‐factor model facilitates conceptualisation, measurement and management of IC and the preparation of IC reports.Originality/valueThis evidence‐based confirmation of the broad three‐category model, together with the empirical identification of more detailed facets, makes a contribution to the as yet largely normative literature on the classification of the components of intellectual capital.

The application of proper measurement to a company generating products, services, cash flow and reputation largely from intellectual capital (IC) assets is examined. The particular focus is to measure the organisation so that the contributions of intangibles to the business are measured in their own right. If the measurements are feasible in practice (they are), they will render the tangible as well as the intangible assets of a company to be managed explicitly. Then the contributions of the intangibles to cash flow become measurable, and thence on to estimates of business value, and shareholder value. Shows that the process view of an organisation deconstructs the "classical" structure of IC categories and formulations, and rearranges them in a form whose state and process variables are observable, measurable, and properly dimensioned for a multidimensional measuring space. Ends with a demonstration of the method applied to a hotel organisation that exemplifies many of the problems of measuring and optimising IC assets.

PurposeThe purpose of this paper is to investigate intellectual capital (IC) measurement critically so that the dynamics of intangible value creation can be better understood and to provide insights into how IC is constructed rather than what IC is.Design/methodology/approachThis paper presents a case study on how a division of a large Australian financial institution utilised an approach based on complexity theory to investigate IC in practice. The method utilises narrative, numbers and visualisations to make sense of IC at a particular point in time.FindingsIt is argued that trying to "fit" existing popular frameworks to gather IC measurements inside organisations has little relevance to understanding the value‐creation process. As a result of the investigation of IC in this paper, it is found that, to date, IC measurement has relied heavily on "accountingisation" and that alternate methods to understand IC need to be developed. The paper highlights that academics and practitioners need to develop new skills.Research limitations/implicationsThe case study is limited to the use of an alternate method to investigate IC in a particular organisational and cultural setting. The research opens the possibility of the benefits of changing thinking about both research into, and the practice of, measuring IC.Practical implicationsRather than being constrained by the traditional models of measuring intangibles, by way of contemporary IC reporting frameworks, a more open process is outlined that could improve the timeliness and use value of the information.Originality/valueThis paper has relevance to both IC academics and practitioners as it critically examines the contemporary IC frameworks and offers an alternate method for examining IC which has the potential to add to a discourse which focuses on additional understanding of IC.

PurposeThis study aims to examine the effect intellectual capital (IC) has on firm performance of Australian companies.Design/methodology/approachQuantitative data are collected for Australian companies listed between 2004 and 2008. IC is measured using Pulic's value added intellectual coefficient (VAIC) and its components (human, structural and capital employed efficiencies (HCE, SCE, CEE)). Direct and moderating relationships between VAIC, HCE, SCE, and CEE and four measures of performance are statistically analysed.FindingsThe results suggest that there is a direct relationship between VAIC and performance of Australian publicly listed firms, particularly with CEE and to a lesser extent with HCE. A positive relationship between HCE and SCE in the prior year and performance in the current year is also found. However evidence also suggests the possibility of an alternative moderating relationship between the IC components of HCE and SCE with physical and financial capital (CEE) which impacts on firm performance.Research limitations/implicationsThere are some missing data and some transgression of the assumptions of OLS regression.Originality/valueThis paper presents the first study of the IC relationship with firm performance in Australia. Inconclusive results from prior studies in developing countries suggested the need for a study from a developed country such as Australia. The paper is also the first to investigate whether IC moderates the relationship between CEE and firm performance.

This study investigated the relationship between intellectual capital and public sector performance in Malaysia. Findings revealed that there is a significant and positive relationship between two, and one way of increasing the level of public sector performance is to tie performance to intellectual capital.

PurposeThe purpose of this study is to examine the amount and the nature of the voluntary intellectual capital (IC) disclosure of UK universities, the relation between performance and amount of IC disclosed; and the opinion of UK universities on a mandatory disclosure of IC.Design/methodology/approachContent analysis was used to examine the amount and nature of IC disclosure of the annual reports of 30 UK universities. Directors of Finance were chosen as representatives to submit an online questionnaire about IC statements and the mandatory reporting of IC for universities.FindingsFindings suggest that the amount of IC information disclosed by UK universities in their annual reports is low. UK universities were identified as being over‐regulated and having low awareness of IC.Research limitations/implicationsIC framework used for the content analysis was specific to Austrian universities and the online questionnaire responses were limited. Few adaptations were made but it is necessary to perform a preliminary study to better understand the characteristics and functioning of UK universities.Practical implicationsFurther research and recommendations are provided. Introduction of mandatory disclosure of IC reports would contribute further to the increase of the burden. Therefore at the present time voluntary IC disclosure is the best option.Originality/valueNo previous research was conducted for UK universities. This brings new expertise regarding IC disclosure in higher education and forms a sound basis for future research. Universities could benefit in improving assessment of their intangible assets, performance measurements, allocation of resources and benchmarking exercise.