Slide 3. WELCOME! Jashapara, Knowledge Management: An Integrated Approach, 2 nd Edition, Pearson Education Limited Şubat 14 Çarşamba
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1 WELCOME!
2 WELCOME! Chapter 3
3 WELCOME! Chapter 3
4 WELCOME! Chapter 3 INTELLECTUAL
5 WELCOME! Chapter 3 INTELLECTUAL CAPITAL
6 LEARNING OBJECTIVES To describe the development of the concept of intellectual capital from a historic perspective To discuss commonalities between different intellectual frameworks as a mixture of human capital, social capital, organisational capital and customer capital To outline issues related to the notion of intellectual capital as a narrative
7 BUZZ GROUPS If you were asked to articulate your own personal capital in a job interview, how would you go about doing it? How would you describe your personal capital? How would you place a value on your personal capital?
8 BUZZ GROUP
9 BUZZ GROUP What is intellectual capital?
10 BUZZ GROUP What is intellectual capital? Why do businesses think intellectual capital is important at present?
11 BUZZ GROUP What is intellectual capital? Why do businesses think intellectual capital is important at present? How do you develop it?
12 IS INTELLECTUAL CAPITAL THE MARKET TO BOOK RATIO?
13 IS INTELLECTUAL CAPITAL THE MARKET TO BOOK RATIO? the difference between the market value of a publicly held company and its official net book value is the value of its intangible assets (Svieby, 1997)
14 IS INTELLECTUAL CAPITAL THE MARKET TO BOOK RATIO? the difference between the market value of a publicly held company and its official net book value is the value of its intangible assets (Svieby, 1997) intellectual material knowledge, information, intellectual property, experience that can be put to create wealth (Stewart, 1997)
15 IS INTELLECTUAL CAPITAL THE MARKET TO BOOK RATIO? the difference between the market value of a publicly held company and its official net book value is the value of its intangible assets (Svieby, 1997) intellectual material knowledge, information, intellectual property, experience that can be put to create wealth (Stewart, 1997) the economic value of two categories of intangible assets of a company: organisational ( structural ) capital and human capital (OECD, 1999)
16 IS INTELLECTUAL CAPITAL THE MARKET TO BOOK RATIO? the difference between the market value of a publicly held company and its official net book value is the value of its intangible assets (Svieby, 1997) intellectual material knowledge, information, intellectual property, experience that can be put to create wealth (Stewart, 1997) the economic value of two categories of intangible assets of a company: organisational ( structural ) capital and human capital (OECD, 1999) Tobin s q ratio
17 WHY DO WE WANT TO MEASURE INTELLECTUAL CAPITAL?
18 WHY DO WE WANT TO MEASURE INTELLECTUAL CAPITAL? To improve management practices?
19 WHY DO WE WANT TO MEASURE INTELLECTUAL CAPITAL? To improve management practices? For external analysts, bankers, brokers, customers, etc.?
20 WHY DO WE WANT TO MEASURE INTELLECTUAL CAPITAL? To improve management practices? For external analysts, bankers, brokers, customers, etc.? Can we measure the tacit know how?
21 WHY DO WE WANT TO MEASURE INTELLECTUAL CAPITAL? To improve management practices? For external analysts, bankers, brokers, customers, etc.? Can we measure the tacit know how? Are snapshots meaningful?
22 WHY DO WE WANT TO MEASURE INTELLECTUAL CAPITAL? To improve management practices? For external analysts, bankers, brokers, customers, etc.? Can we measure the tacit know how? Are snapshots meaningful? Fluctuations in capital markets?
23 WHY DO WE WANT TO MEASURE INTELLECTUAL CAPITAL? To improve management practices? For external analysts, bankers, brokers, customers, etc.? Can we measure the tacit know how? Are snapshots meaningful? Fluctuations in capital markets? Dangers of benchmarking?
24 CONCEPTUAL ROOTS OF INTELLECTUAL CAPITAL (Roos et al., 1997) Figure 3.1 Conceptual roots of intellectual capital (Roos et al. 1997)
25 HISTORICAL HIGHLIGHTS OF INTELLECTUAL CAPITAL Table 3.1 History of intellectual capital
26 HISTORICAL HIGHLIGHTS OF INTELLECTUAL CAPITAL Table 3.1 History of intellectual capital (Continued)
27 HOW DO WE MEASURE ORGANISATIONAL PERFORMANCE?
28 HOW DO WE MEASURE ORGANISATIONAL PERFORMANCE? ROI, ROCE etc.?
29 HOW DO WE MEASURE ORGANISATIONAL PERFORMANCE? ROI, ROCE etc.? Financial engineering undervaluation of assets, provisions, capitalization of costs, depreciation, goodwill, brands, off-balance sheet finance?
30 HOW DO WE MEASURE ORGANISATIONAL PERFORMANCE? ROI, ROCE etc.? Financial engineering undervaluation of assets, provisions, capitalization of costs, depreciation, goodwill, brands, off-balance sheet finance? EFQM leading European companies include non-financial indicators
31 HOW DO WE MEASURE ORGANISATIONAL PERFORMANCE? ROI, ROCE etc.? Financial engineering undervaluation of assets, provisions, capitalization of costs, depreciation, goodwill, brands, off-balance sheet finance? EFQM leading European companies include non-financial indicators Balanced Scorecard?
32 EFQM EXCELLENCE MODEL Figure 3.2 EFQM excellence model
33 THE BALANCED SCORECARD (Kaplan and Norton, 1992) Figure 3.3 The balanced scorecard (from Kaplan and Norton 1992)
34 HOW DO WE COMPARE IC FRAMEWORKS?
35 HOW DO WE COMPARE IC FRAMEWORKS? Is the goal for management to extract value from the organisational know how or to create value through developmental and cultural relationships?
36 HOW DO WE COMPARE IC FRAMEWORKS? Is the goal for management to extract value from the organisational know how or to create value through developmental and cultural relationships? Human capital and social capital are common threads
37 HOW DO WE COMPARE IC FRAMEWORKS? Is the goal for management to extract value from the organisational know how or to create value through developmental and cultural relationships? Human capital and social capital are common threads Organisational capital
38 HUMAN AND SOCIAL CAPITAL
39 HUMAN AND SOCIAL CAPITAL Hamel & Prahalad (1994) success linked with development and utilisation of core competences
40 HUMAN AND SOCIAL CAPITAL Hamel & Prahalad (1994) success linked with development and utilisation of core competences Human capital human embodied knowledge
41 HUMAN AND SOCIAL CAPITAL Hamel & Prahalad (1994) success linked with development and utilisation of core competences Human capital human embodied knowledge Social capital nature of relationships in a cooperative entity
42 SOCIAL CAPITAL
43 SOCIAL CAPITAL Structural dimension showing the linkages and connections between actors such as the density and hierarchy of networks
44 SOCIAL CAPITAL Structural dimension showing the linkages and connections between actors such as the density and hierarchy of networks Relational dimension that provides the history of interactions between individuals resulting in certain levels of trust, norms and expectations
45 SOCIAL CAPITAL Structural dimension showing the linkages and connections between actors such as the density and hierarchy of networks Relational dimension that provides the history of interactions between individuals resulting in certain levels of trust, norms and expectations Cognitive dimension that leads to shared meanings, interpretations, mental models and alignment of views
46 ORGANISATIONAL CAPITAL
47 ORGANISATIONAL CAPITAL Pure form such as organisational structure
48 ORGANISATIONAL CAPITAL Pure form such as organisational structure Hybrid form embodied in individuals through socialisation
49 ORGANISATIONAL CAPITAL Pure form such as organisational structure Hybrid form embodied in individuals through socialisation Investments will lead to greater worker productivity?
50 ORGANISATIONAL CAPITAL Pure form such as organisational structure Hybrid form embodied in individuals through socialisation Investments will lead to greater worker productivity? Differences between structural, human and organisational capital?
51 INTELLECTUAL PROPERTY
52 INTELLECTUAL PROPERTY Intellectual assets documents, drawings, software programs, data, inventions and processes
53 INTELLECTUAL PROPERTY Intellectual assets documents, drawings, software programs, data, inventions and processes Intellectual property claim ownership to patents, copyrights, trademarks and trade secrets
54 INTELLECTUAL PROPERTY Intellectual assets documents, drawings, software programs, data, inventions and processes Intellectual property claim ownership to patents, copyrights, trademarks and trade secrets In knowledge based economy, do we need to manage intellectual property strategically?
55 PATENTS
56 PATENTS Offer greatest level of protection
57 PATENTS Offer greatest level of protection Gather revenue from licensing agreements
58 PATENTS Offer greatest level of protection Gather revenue from licensing agreements 1998 method of doing business patents in US
59 PATENTS Offer greatest level of protection Gather revenue from licensing agreements 1998 method of doing business patents in US Smart patents extend the life by using continuation patents
60 PATENTS Offer greatest level of protection Gather revenue from licensing agreements 1998 method of doing business patents in US Smart patents extend the life by using continuation patents File patent application at Patent Office undergoes few years of examination period
61 PATENTS Offer greatest level of protection Gather revenue from licensing agreements 1998 method of doing business patents in US Smart patents extend the life by using continuation patents File patent application at Patent Office undergoes few years of examination period Normal life 20 years
62 PATENTS Offer greatest level of protection Gather revenue from licensing agreements 1998 method of doing business patents in US Smart patents extend the life by using continuation patents File patent application at Patent Office undergoes few years of examination period Normal life 20 years WTO Agreement on Trade Related Aspects of Intellectual Property Rights in 1995
63 SMART PATENTS Figure 3.5 Smart patents: using patents and continual patents
64 COPYRIGHT
65 COPYRIGHT Prevent infringements on copying, distributing, performing or displaying material
66 COPYRIGHT Prevent infringements on copying, distributing, performing or displaying material Protect the original works for a longer period of 100 years
67 COPYRIGHT Prevent infringements on copying, distributing, performing or displaying material Protect the original works for a longer period of 100 years Problems of copyright in the digital age and the potential need for encryption
68 KODAK POLAROID
69 KODAK POLAROID 1975 Kodak ignored vast patent barriers Polaroid had erected in the high growth instant camera market
70 KODAK POLAROID 1975 Kodak ignored vast patent barriers Polaroid had erected in the high growth instant camera market Kodak was found to have infringed Polaroid s patents
71 KODAK POLAROID 1975 Kodak ignored vast patent barriers Polaroid had erected in the high growth instant camera market Kodak was found to have infringed Polaroid s patents Ordered to pay $925 million in damages
72 KODAK POLAROID 1975 Kodak ignored vast patent barriers Polaroid had erected in the high growth instant camera market Kodak was found to have infringed Polaroid s patents Ordered to pay $925 million in damages Shut down its manufacturing plant
73 KODAK POLAROID 1975 Kodak ignored vast patent barriers Polaroid had erected in the high growth instant camera market Kodak was found to have infringed Polaroid s patents Ordered to pay $925 million in damages Shut down its manufacturing plant Retrieve the 16 million cameras sold
74 FINANCIAL REPORTING OF IC?
75 FINANCIAL REPORTING OF IC? Use notion of fair value
76 FINANCIAL REPORTING OF IC? Use notion of fair value FASB (1999): an estimate of the price an entity would have realized if it had sold an asset or paid if it had been relieved of a liability on the reporting date in an arm s-length exchange motivated by normal business conditions
77 FINANCIAL REPORTING OF IC? Use notion of fair value FASB (1999): an estimate of the price an entity would have realized if it had sold an asset or paid if it had been relieved of a liability on the reporting date in an arm s-length exchange motivated by normal business conditions EU (2000): 1. A market value, for those items for which a reliable market can readily be identified. Where a market value is not readily identifiable for an item but can be identified for its components, the market value of that item may be derived from that of its components; or
78 FINANCIAL REPORTING OF IC? Use notion of fair value FASB (1999): an estimate of the price an entity would have realized if it had sold an asset or paid if it had been relieved of a liability on the reporting date in an arm s-length exchange motivated by normal business conditions EU (2000): 1. A market value, for those items for which a reliable market can readily be identified. Where a market value is not readily identifiable for an item but can be identified for its components, the market value of that item may be derived from that of its components; or 2. The value resulting from establishing valuation models and techniques, for those items for which a reliable market cannot be readily identified. Such valuation models and techniques should ensure a reasonable approximation of the market value
79 INTELLECTUAL CAPITAL AS A NARRATIVE
80 INTELLECTUAL CAPITAL AS A NARRATIVE Found knowledge as a narrative was most useful when centred around value-to-a-user
81 INTELLECTUAL CAPITAL AS A NARRATIVE Found knowledge as a narrative was most useful when centred around value-to-a-user Needs to highlight positive aspects as well as problems and pitfalls for it to succeed
82 INTELLECTUAL CAPITAL AS A NARRATIVE Found knowledge as a narrative was most useful when centred around value-to-a-user Needs to highlight positive aspects as well as problems and pitfalls for it to succeed Provides real life examples of trials and tribulations
83 INTELLECTUAL CAPITAL AS A NARRATIVE Found knowledge as a narrative was most useful when centred around value-to-a-user Needs to highlight positive aspects as well as problems and pitfalls for it to succeed Provides real life examples of trials and tribulations Reliability of narrative?
84 Mouritsen et al. (2002) Figure 3.6 Example illustrating framework for key components of an intellectual capital statement (adapted from Mouritsen et al. 2002)
85 KNOWLEDGE AUDIT VALUE- BASED PERSPECTIVE (Truch, 2001) Figure 3.7 Process of knowledge auditing (adapted from Truch 2001)
86 BUZZ GROUP
87 BUZZ GROUP David Bowie has undergone several transformations from Ziggy Stardust to the White Prince over three decades in the music industry. The capital markets have seen considerable value in his talents. He became the first person in the music industry to float a bond issue for a total cost of $50 million. The entire issue was sold within one hour. Can we consider David Bowie s talents as intellectual capital? How would you have reliably valued his talents earlier in his life when he was Ziggy Stardust?
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