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Economics and IC Research

This research program delves into the practice-based theory of the firm, exploring how human agency and economics intertwine to form capitalism's art. It emphasizes the implications of intellectual capital (IC) research methodologies and reasonable expectations around IC measurement and valuation. Addressing issues from transparency to risk management, the study investigates how managerial agency influences economic valuation, creating a bridge between asset costs and value streams. The focus on different IC types highlights their roles in entrepreneurship and economic growth, consolidating IC's significance in the modern economy. ###

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Economics and IC Research

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  1. Economics and IC Research JC Spender ESADE, LUSEM & Cranfield

  2. my research program • managing ? • practice-based theory of the firm / organization (KBV ?) • human agency - economics as capitalism’s art-form • how this plays into the IC agenda • IC research methodology implications • reasonable expectations of IC research • what else besides IC/IA measurement and valuation ? IFKAD 2010

  3. K-economy and IC ? • intangibles, skills, KIFs, pizza (Davenport) • capitalism’s evolution • science, applied & technology • luxury goods (Veblen) & roundaboutness (Böhm-Bawerk) • ‘social sciences’ & HC • private sector, public funding, regulation & risk-management • ??? IFKAD 2010

  4. IC analysis is about economic valuation • knowledge always grounded in effective practice • value streams (Rob McLean) & rents • investor = market / manager = use • intangible means un-priced • convergence ? • accounting issues - firm value FVac = f (TC + ICac) • where ICac = le (ICach + ICacs + ICacr) or iac (ICorg + ICnet + ICip) • investor issues: transparency, cost of capital, risk management, etc. (Lev) IFKAD 2010

  5. managerial IC valuation - based on a ToF/BM • FVRBV = r (rent-earning asset) ? • FVKBV = s (ICrent-earning) ? • integration ? • Adam Smith, PAT, TCE, TP, PR, etc. • managerial ToF ... g (TC*IC) • Penrosian / Austrian approach • separate TC and IC ? IFKAD 2010

  6. Knightian uncertainty U • U - impossible to separate (TC*IC), complementary assets • firm value - IC as bridge between asset cost and value stream • IC type 2: sense-making - interpretive (cognition + practice ) ... ICsm • methodological issues • projective / subjective ethnographic • FV2 = w (TC*ICsm) - where ICsm is less about K-assets and more a measure of management’s interpretative capability or ORs IFKAD 2010

  7. managerial agency • IC type 3: constructivist - making both world (market) and firm • Schumpeter versus Kirzner • FV3 = p (TC*ICag) - where ICag is a measure of management’s entrepreneurial / artistic ability (DCs perhaps) • methodological challenge • research not agency but the constraints to and context of managerial agency • ‘bounded rationality’ ≈ f (FVmax - FVmeasured) • where FVmax is unknowable IFKAD 2010

  8. IC research methods & findings IFKAD 2010

  9. IC-based value-creation ≈ entrepreneurship B A IFKAD 2010

  10. summary • different - actors, valuation models, ICs & processes • no convergence - absent certainty/equilibrium • U-based ToF/BM makes managerial IC central • historical trend of uncertainties engaged • is our economy K-intensive or U-intensive ? • agentic economy - firms as engines of U-economy growth • IC is not only about accounting/investing under U • economic focus is NOT on ICac or ICsm - it is on ICag IFKAD 2010

  11. the new economy IFKAD 2010

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