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 Issue
Volume 11 Issue 2 / May 2013  pp116‑182

Editor: Ken Grant

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Editorial for EJKM Volume 11 Issue 2  pp116‑117

Ken Grant

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In Search for a Theoretically Firmer Epistemological Foundation for the Relationship Between Tacit and Explicit Knowledge  pp118‑126

Ilkka Virtanen

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Governing Frameworks for Sharing Actionable Knowledge  pp127‑138

David Johnson

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From Information Gatherers to Knowledge Creators: the Evolution of the Post‑Graduate Student  pp139‑149

Elaiza Benitez, David Pauleen, Tony Hooper

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A Form to Collect Incident Reports: Learning From Incidents in the Swedish Armed Forces  pp150‑157

Ulrica Pettersson

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The Search for External Knowledge  pp158‑167

Rebecca Purcell, Fergal McGrath

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Real Options in the Valuation of Intangibles: Managers’ Perception  pp168‑182

Belén Vallejo-Alonso, Gerardo Arregui-Ayastuy, Arturo Rodriguez-Castellanos, Domingo García-Merino

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Abstract

Abstract: The aim of the present is to verify the degree of applicability of the financial valuation method developed by Rodríguez‑Castellanos et al. (2006a, 2007) for the valuation of real option‑based intangibles in the Spanish region of the Basque Country. The field study consisted on a telephone survey of CFOs in a random sample of Basque Country’s firms, selected using segmentation criteria based on size and business sector. Considering the 517 replies received it is stated that, despite three of every four CFOs answering that options were included in their intangibles, approximately one of every five is actually capable of identifying such options. When we consider the difficulties encountered in estimating the model’s parameters, the conclusion is that less than 10% of the region’s firms are likely to be in a position to directly apply the method proposed for the valuation of real option‑based intangibles, which means a preliminary phase of analysis and diagnosis is required before the method can actually be applied in practice. The present paper makes a substantial contribution because it’s the first study that tries to verify the utility of a method for the financial valuation of intangible resources to take into account the associated real options. It could be useful from an academic and managerial point of view. 

 

Keywords: real options, intangible resources, core competencies, financial valuation, intellectual capital, intangibles’ valuation

 

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