The Electronic Journal of Knowledge Management aims to publish perspectives on topics relevant to the study, implementation and management of knowledge management
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Journal Article

A New Insight into the Valuation of Start‑ups: Bridging the Intellectual Capital Gap in Venture Capital Appraisals  pp75-88

Blanca María Martins Rodríguez

© Nov 2003 Volume 1 Issue 2, Editor: Fergal McGrath, pp1 - 226

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Abstract

The emergence of a New Economy has brought consensus to the idea that innovation skills and capabilities are the main drivers of a firm's wealth generation capacity. The principal role that venture capital played in boosting American economic productivity and growth during the 1990s, fuelling innovation and the creation of new firms is well known. However, the huge number of bankruptcies among high‑tech companies in 2000 generated general distrust in financial markets worldwide. In particular, it caused great reluctance to invest in start‑up companies and led investors and academics to question and take an in‑depth look at existing valuation procedures. Building upon the concept of competitiveness of Man et al. (2002) and the premise that a firm's success is the result of appropriate strategy formulation and implementation (Grant, 2002), the present paper develops the start‑up general valuation model (SGVM) as a first step to improving the investment appraisal of start‑up companies and promoting a more effective allocation of resources in the economy.

 

Keywords: start-ups, valuation, venture capital, business model, top management team, intellectual capital

 

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Journal Article

The New Business Models in the Knowledge Economy: the Strategic Way to Value Creation  pp159-168

Ilídio Lopes, Maria do Rosário Martins

© Apr 2006 Volume 4 Issue 2, ICICKM 2005, Editor: Charles Despres, pp91 - 216

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Abstract

Over the last decade we have seen the emergence of an economy in which the digital component has become a constant presence in all areas of knowledge. In the digital world, characterised and dominated by a complex connectivity, value assumes a complex meaning, which is strongly distinct from that used in the traditional economy. There are new business concepts, new strategies based on innovation, new mechanisms to create value, and a new need — to build methodologies and metrics that can measure and reflect it.

 

Keywords: Digital economy, knowledge economy, intellectual capital, business models, and value networks

 

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Journal Article

Intellectual Capital Management as Part of Knowledge Management Initiatives at Institutions of Higher Learning  pp181-190

Andrew Kok

© May 2007 Volume 5 Issue 2, ICICKM 2006, Editor: Dan Remenyi, pp131 - 254

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Abstract

Aspects such as human capital, structural capital and customer capital are important variables of the whole intellectual capital management programme, which forms part of the knowledge management initiatives of institutes of higher learning. The skills and expertise of university staff as part of its human capital are discussed. Structural capital will encompass aspects such as the role of innovation and intellectual property rights. Customer capital of the university and the knowledge of stakeholders in the field of tertiary education are becoming more important. The results of a study done at a South African university are used to indicate which of these aspects needs to be measured and a new framework for measurement and management of IC is discussed.

 

Keywords: knowledge management, intellectual capital management, higher education

 

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Journal Article

Intangible Assets Identification and Valuation — a Theoretical Framework Approach to the Portuguese Airlines Companies  pp191-200

Ilídio Tomás Lopes, Ana Maria Gomes Rodrigues

© May 2007 Volume 5 Issue 2, ICICKM 2006, Editor: Dan Remenyi, pp131 - 254

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Abstract

Intangibles have emerged in the last decade as an important issue among companies' accounting theories. Companies have implemented strategies based on the robustness of their own intellectual capital. Competitive advantage is based on the capacity to anticipate, innovate and make shared use of opportunities. In the air transportation sector, strong changes have also occurred — traditional value chains based on linear activities alignment, were replaced by a new perspective: the innovation cycle (specific intangibles recognition associated with new business models) and its impact on the operational cycle. This paper presents a theoretical framework approach about intangible assets identification and valuation in the air transportation sector as a whole. The first step of this empirical evidence is based on the Portuguese Airlines companies.

 

Keywords: intangible, knowledge, intellectual capital, valuation, air transportation

 

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Journal Article

A Consistent Assessment of Intellectual Capital in SMEs InCaS: Intellectual Capital Statement — Made in Europe  pp427-436

Kai Mertins, Markus Will

© Jan 2008 Volume 5 Issue 4, Editor: Charles Despres, pp347 - 550

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Abstract

Globalisation and the accompanying increasing international competition put considerable pressure on European small and medium‑sized enterprises (SME). The key to competitiveness increasingly appears to be the way people combine, master and commercialise their know‑how. Hence it is crucial for European SMEs to utilise and manage knowledge efficiently in order to obtain a competitive advantage. While different national approaches on the management of Intellectual Capital (IC) have been developed and tested, there is no European wide standard regarding the measurement of IC. The collective research project "Intellectual Capital Statement — Made in Europe" aims at harmonising these scattered approaches on a scientific as well as a practical level. Based on scientific consensus a first framework has been developed providing a common ground for the measurement of IC by introducing the Intellectual Capital Statement (ICS). The ICS is an instrument to assess, develop and report an organisation's IC, to monitor critical success factors systematically, and to support strategic management decisions. As InCaS puts emphasis on a practical approach suitable for SMEs, the framework is to be understood as a starting point for phase I of the project, providing the basis for further development of the method towards practicability and harmonisation. It will be expanded to the final "European ICS guideline" and supported by the "ICS toolbox" in subsequent project phases. Main focus of this paper is the InCaS project and the accompanying European approach on measuring IC. As a first result a brief overview on the existing approaches on measuring IC is provided. Furthermore, the InCaS project as well as the ICS method is described and preliminary results are discussed.

 

Keywords: Intellectual capital, intellectual capital statement, knowledge management, innovation, SME, european commissionresearch

 

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Journal Article

How to Ensure the Quality and Reliability of Intellectual Capital Statements?  pp437-448

Kai Mertins, Wen-Huan Wang, Markus Will

© Jan 2008 Volume 5 Issue 4, Editor: Charles Despres, pp347 - 550

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Abstract

To gain competitive advantage in Europe, it is vital for small and medium sized enterprises (SMEs) to utilise knowledge efficiently and to tap into full innovation potential. Reporting those intangible assets systematically to customers, partners, investors or creditors has become a critical success factor. Thus, managing "intellectual capital" (IC) becomes increasingly important for future‑oriented organisations. Conventional balance sheets and controlling instruments are not sufficient any more, because intangible assets are not considered. The collective research project "Intellectual Capital Statement — Made in Europe" considers national experiences and the current state‑of‑the‑art on measuring IC and will establish a European ICS guideline for implementing Intellectual Capital Statements (ICS). The ICS is an instrument to assess, develop and report an organisation's IC, to monitor critical success factors systematically, and to support strategic management decisions (cf. Mertins, Will 2007).For customers, investors and especially creditors, after receiving an ICS, one of the first things that usually comes into their mind is: Is this information "reliable"? To ensure a high quality level of ICS and to be accepted by, for instance, the financial market, it is important to have a neutral third party who certifies the reliability of the document. Learning from the experiences of ISO 9001 certification, assessment for the European Excellence Award and of financial audits, an ICS audit methodology has been developed. The ICS audit verifies the conformity with the European guideline respective ICS implementation process and the completeness of the ICS content. Furthermore, it will check whether the content is plausible, verifiable and representative for the company. To ensure sustainability, the auditor will get a picture of whether the ICS content is communicated and the stated actions for improvements are in progress or already realised. The main focus of this paper is to demonstrate how to ensure the quality and reliability of IC reporting and how to promote the sustainable realisation of actions by ICS audits.

 

Keywords: Intellectual capital, intellectual capital statement, quality management, audit methodology, knowledge management, SME European commissionresearch

 

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Journal Article

Intangible Assets: Importance in the Knowledge‑Based Economy and the Role in Value Creation of a Company  pp539-550

Dmitry Volkov, Tatiana Garanina

© Jan 2008 Volume 5 Issue 4, Editor: Charles Despres, pp347 - 550

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Abstract

The paper is devoted to the question of how important Intangible Assets (IA) are in today's knowledge‑based economy. The latest surveys show that the value of companies is now mostly generated by Intangible Assets, and not by "traditional" assets having a tangible form. The main research objective is to define the impact of fundamental value of both tangible and intangible assets on the market value of assets of Russian companies. As a general approach used herein for IA evaluation, the method of calculated intangible value offered by T. Stewart was chosen. Developed econometric models are tested on the data of Russian stock market from 2001 to 2005 year. In the focus of the research there is both the analysis of the sampled companies (43 companies) as a whole as well as divided into five aggregated fields: mechanical engineering, extractive industry, engineering, communication services, and metallurgy. Some suggestions for managing IA in Russian companies are presented in the paper. In conclusion, the main directions for further research in this field are outlined.

 

Keywords: knowledge-based economy, intangible assets, intellectual capital, valuation, calculated intangible value

 

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Journal Article

Value Creation in Russian Companies: the Role of Intangible Assets  pp49-60

Dmitry Volkov, Tatiana Garanina

© Jul 2008 Volume 6 Issue 1, Editor: Charles Despres, pp1 - 74

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Abstract

In today's changing economy managers of the leading companies understand that the key sources for value creation are Intangible Assets (IA). The latest surveys confirm the fact that nowadays these assets are the value drivers and not "traditional" assets having tangible form. The same surveys confirm the fact, that one third of all the effected investment solutions is based on the existing Intangible Assets, and that the decisions made on the basis of IA allow them to make a more accurate prediction of income and profitability of a company in the future, and, hence, the company's value for the shareholders. The research held in the paper defines the impact of fundamental value of both tangible and intangible assets on the market value of assets of Russian companies. As a general approach used herein for IA evaluation, the method of Calculated Intangible Value (CIV) offered by T. Stewart was chosen. According to CIV the evaluation of Intangible Assets is based on residual operating income (REOI) model as a variant fundamental value of equity model. The problem of Intangible Assets composition and structure is also covered in the paper. Developed econometric models are tested on the data of Russian stock market for two periods: from 2001 to 2005 year and from 2001 to 2006. In the focus of the research there is both the analysis of the sampled companies (43 companies) as a whole as well as divided into five aggregated fields: mechanical engineering, extractive industry, power engineering, communication services, and metallurgy. At the end of the paper the authors highlight the main directions for further research in the field.

 

Keywords: value creation, intellectual capital, fundamental value of intangible assets, market value, calculated intangible value

 

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