Intellectual capital reporting practices in an Islamic bank: A case study

Given the nature and importance of Islamic banks in recent times, we can expect them to have significant intellectual capital anchored in their Sharia‐based knowledge and expertise. However, we know very little or nothing about how and why intellectual capital‐related information is provided in their corporate reports. We fill this gap in our existing knowledge of the field with a view to enhance relevant literature. As far as we know, this article is one of the earliest exploratory attempts to examine intellectual capital reporting practices of an Islamic bank. We have undertaken a longitudinal (2001–2015) case study related to the intellectual capital reporting practices of an Islamic bank. Key results include significant rise of intellectual capital reporting over time, dominance of internal capital‐related items in intellectual capital reporting profile and the dynamics of changes in intellectual capital reporting practices over time. Through an institutional theory lens, we explain that this is due to the changes in the external institutional environment and various intra‐organisational factors such as strong ethical culture, unique knowledge base (Sharia), and corporate governance regime.     

The Positive Effect of Green Intellectual Capital on Competitive Advantages of Firms

No research explored intellectual capital about green innovation or environmental management. This study wanted to fill this research gap, and proposed a novel construct – green intellectual capital – to explore the positive relationship between green intellectual capital and competitive advantages of firms. The empirical results of this study showed that the three types of green intellectual capital – green human capital, green structural capital, and green relational capital – had positive effects on competitive advantages of firms. Moreover, this study found that green relational capital was the most common among these three types of green intellectual capital, and the three types of green intellectual capital of Medium & Small Enterprises (SMEs) were all significantly less than those of large enterprises in the information and electronics industry in Taiwan. In sum, companies investing many resources and efforts in green intellectual capital could not only meet the trends of strict international environmental regulations and popular environmental consciousness of consumers, but also eventually obtain corporate competitive advantages. Dr. Chen is an assistant professor in the Department of Business Administration in National Yunlin University of Science & Technology in Taiwan. His research focused on management of technology, innovation management, corporate environmental management, and patent analysis.     

The role of top management team human capital in venture capital markets: Evidence from first-time funds

This paper examines whether the human capital of first-time venture capital fund management teams can predict fund performance and finds that it can. I find that fund management teams with more task-specific human capital, as measured by more managers having past experience as venture capitalists and by more managers having past experience as executives at start-up companies, manage funds with greater fractions of portfolio company exits. I also find that fund management teams with more industry-specific human capital in strategy and management consulting and, to a lesser extent, engineering and non-venture finance manage funds with greater fractions of portfolio company exits. Perhaps counter-intuitively, I find that fund management teams that have more general human capital in business administration, as measured by more managers having MBAs, manage funds with lower fractions of portfolio company exits. Overall, measures of task- and industry-specific human capital are stronger predictors of fund performance than are measures of general human capital.     

Knowledge-based human resource management practices,intellectual capital and innovation

This paper proposes a conceptual model in which a human resource management (HRM) system of explicitly knowledge-based HRM practices impacts a firm's intellectual capital, producing higher innovation performance. We have empirically tested this idea in a survey dataset of 180 Spanish companies using structural equation modelling (SEM) based on partial least squares (PLS). The results show that intellectual capital positively mediates the relationship between knowledge-based HRM practices and innovation performance and illustrate the pivotal role of human capital in this relationship: knowledge-based HRM practices impact structural and relational capital partially through human capital, and human capital affects innovation performance by enhancing structural and relational capital.     

Working capital management,corporate performance,and financial constraints

This paper examines the linkage between working capital management and corporate performance for a sample of non-financial UK companies. In contrast to previous studies, the findings provide strong support for an inverted U-shaped relation between investment in working capital and firm performance, which implies the existence of an optimal level of investment in working capital that balances costs and benefits and maximizes a firm's value. The results suggest that managers should avoid negative effects on firm performance because of lost sales and lost discounts for early payments or additional financing expenses. The paper also analyzes whether the optimal working capital level is sensitive to alternative measures of financial constraints. The findings show that this optimum is lower for firms more likely to be financially constrained.     

Intellectual capital and new product sale performance of the financial services industry in Taiwan

This research considers the financial services industry in Taiwan and investigates the effect of intellectual capital – namely human capital, organization capital and information capital – on new product sale performance based on cross-functional integration and co-production. The results indicate that intellectual capital, cross-functional integration and co-production have a positive effect on new product sale performance. Also, the results confirm the positive mediate effect of cross-functional integration and co-production on intellectual capital and new product sale performance.     

家族控制如何影响企业智力资本？--基于中国制造业民营上市公司的实证研究

家族控制是当前国内民营上市公司普遍存在的一个治理特征,本文研究“控制权和现金流权分离”及“家族成员涉入企业”这两类家族强化控制权方式对企业智力资本水平的影响。实证结果表明,控制权和现金流权分离降低了企业智力资本水平,而家族成员差序格局与企业智力资本水平呈正相关,并减弱了控制权和现金流权分离对企业智力资本水平的负面效应。这一研究结论对当前民营企业从治理结构的角度提升智力资本水平,进而实现可持续成长具有重要的启示意义。     

Cross-country comparison of intellectual capital performance of commercial banks in Asian economies

This study explores the intellectual capital performances of commercial banks in eight Asian economies by applying Pulic's value-added intellectual coefficient method (VAIC^?). The results show that after controlling for the influence of loan quality (LQ), fund utilisation (FU), and Asian financial crisis, both physical and human capitals (HCs) are the main factors creating value for banks. From 1996 to 2001, banks in Hong Kong on average had the best intellectual capital performance while those in Thailand improved the most. Further analysis shows that the value-creating efficiency of HC is the major driving force of performance.     

Integrated information and the cost of capital

The growing requirements for corporate transparency have encouraged companies to report their performance to shareholders, investors and society in general from the economic, social and environmental points of view. However, many reports involve difficulties at the moment of analysing the information. To help minimize this problem, the integrated report has arisen. This document integrates all the financial, social and environmental information, jointly disclosing the key performance statistics.Previous research has revealed that disclosing financial information gives important economic advantages to companies. This work aims to extend the existing empirical evidence, analysing the effect that the disclosure of integrated information has on the cost of capital. Accordingly, we used a sample of 995 companies in 27 countries and 3294 observations. The period in which the sample was taken was from 2009 to 2013. The results, after applying the panel data methodology, confirmed that a negative relationship exists between the cost of capital and the disclosure of an integrated report. The reduction of the cost of capital as a result of the disclosure of an integrated report is especially relevant to those companies that need to increase their basic funding. They have considerable problems with asymmetric information or they operate in markets with limited protection for investors.     

The role of intellectual capital and university technology transfer offices in university-based technology transfer

This study develops a theoretical model to explain the relationships among intellectual capital, research outcomes, and technology transfer (TT) performance, investigating the role of university TT offices (UTTOs) in the innovation process. The authors examined these relationships by sampling 49 Taiwanese universities within a 2-year period. It is concluded that universities with specialized UTTOs indeed promote TT performance (TTP) based on university–industry cooperation. Furthermore, the results indicate that human capital is positively associated with research outcomes and relational capital. The greater the amount of relational capital, which represents the degree of university–industry cooperation, the more significant is the positive effect on research outcomes and TTP. The more research outcomes are produced, the more academic research and patent technology will be transferred to industry.     

文化创意企业智力资本对企业绩效影响的实证分析

运用 VAIC法对文化创意企业的智力资本进行测量,基于平衡计分卡的思想构建文化创意企业绩效评价指标体系,运用主因子赋权和分析法计算文化创意企业绩效,并以文化创意企业绩效作为因变量,以文化创意企业智力资本作为自变量,构建线性回归模型对文化创意企业智力资本对企业绩效的影响进行实证分析。分析结果表明：智力资本对文化创意企业绩效的影响作用已经大于物质资本,是企业绩效的主要驱动因素;智力资本的构成要素人力资本和结构资本对文化企业绩效发挥的作用程度有所不同,结构资本对企业绩效发挥了积极的促进作用,人力资本影响作用不大;文化创意企业各类资本之间具有相关性。     

Intellectual capital and innovativeness in software development firms: the moderating role of firm size

Abstract

We examine the effect of intellectual capital on firms’ innovativeness and the moderating role of firm size in software development firms in Kenya. Using moderated regression analysis, we found support for the proposition that human and social capital enhance firms’ innovativeness. We did not, however, find any significant effect of organizational capital on firms’ innovativeness. The results from the moderated regression suggest that the smaller the firm, the stronger the influence of intellectual capital on firms’ innovativeness. The results therefore indicate that human and social capital are critical in the innovation process and so firms that neglect these capitals are unlikely to realize the potential to innovate particularly in software development firms.     

The impact structure of social capital on corporate performance: Empirical evidence from listed companies in China

Vertical relationships with the government, particular relational capital and organizational social network capital, constitute corporate social capital (CSC). Using the empirical data of 97 listed companies in China, this paper examines the impact of CSC on corporate performance, finds that CSC has a positive impact on sales revenue but an insignificant impact on the improvement of ROA. More specifically, when a firm enlarges its sales revenue, the function of organizational network capital is stronger than that of a particular relational capital and that of governmental connections. The paper also finds that state-owned enterprises (SOEs) have more advantages in using governmental connections, therefore leading to better social status than non-SOEs do, who have fewer advantages in using any particular relational capital. The article suggests that managers should appraise carefully the effectiveness of CSC, and combine it with other resources; firms should distinguish the structure of the impact of CSC on performance improvement in a dynamic way. With respect to the implication of this paper, it could help in analyzing firm behaviors in the transitional China. Translated from paper in International Symposium on Entrepreneur Research and Education, 2006, April (in Chinese)     

Human resource involvement in developing intellectual capital

This study examined the extent of a strategic approach to human resource (HR) management in small and medium professional service firms, and if it is used to develop intellectual capital (IC). Data were collected from 165 Australian professional service firms. Path analysis showed that HR involvement and the adoption of a collective set of strategic HR practices contributed positively to IC levels (particularly human, social and organizational capital). IC acts as a mediator between HR practices and firm performance. HR practices alone did not increase the performance of the firms studied. The findings are unique in the context of studies on small- and medium-sized professional service firms in that a holistic approach to assessing both HR practices and all IC components was taken rather than examining the individual construct relationships. In the context studied, HR influence is critical to increasing IC.     

经济严冬中广告业的破冰之道——广告公司参股企业发展路径探寻

经济严冬的到来,中国广告业欢喜困惑并存。面临国外广告集团本土扩张,本土广告产业化发展成为必由之路。通过对广告业作为创意产业的重新定位,对广告公司参股企业可行性分析和“捆绑式”商业模式进行探究,作者认为本土广告公司充分利用知识资本参股企业合作发展可以走上产业化、规模化、专业化之路,这无疑是经济危机严冬广告业的破冰之道。     

Closing the regional equity capital gap: The role of informal venture capital

There is evidence from a number of countries that small firms encounter a shortage of long-term investment finance, particularly at start-up and initial growth. Expansion of the institutional venture capital industry has done little to fill this equity gap on account of its preference for making large investments in established companies and management/leveraged buyouts. Moreover, the supply of venture capital exhibits a high level of spatial concentration. Initiatives by state/provincial and local governments, most notably in economically lagging regions, to increase the supply of risk capital for start-ups and early stage businesses have at best provided a very partial, and often costly, solution. A more appropriate approach to increasing the supply of start-up and early stage finance is to facilitate the more efficient operation of theinformal venture capital market. Informal investors, or business angels, are private investors who provide risk capital directly to new and growing businesses in which they have no family connection. Most business angels are unable to find sufficient investment opportunities and so have substantial uncommitted funds available. There is also considerable scope for expanding the population of business angels. The most cost-effective means of closing the equity gap is therefore for the public sector to underwrite the operating costs of business introduction services whose objective is to overcome the two main sources of inefficiency in the informal venture capital market, namely the invisibility of business angels and the high search costs of angels seeking investment opportunities and entrepreneurs seeking investors, by the provision of a channel of communication between informal investors and entrepreneurs seeking finance.     

Managerial learning from social capital during internationalization

This study explores managerial learning from social capital during internationalization. Its two research questions are these: (1) how different managers perceive, interpret, and respond to foreign-market institutions, and (2) how connections, relations, and cognition enhance managerial learning. Using an interpretive approach, the study analyzes patterns of internationalization and strategic decision-making in four contrasting Norwegian case companies that internationalize to the Russian oil and gas market. The findings show that the managers of the case companies hold similar perceptions about foreign-market institutions, but that they interpret and respond to those institutions from various levels of learning, resulting in different enactment on institutions. Managers learning at a “higher” level adapt patterns and decisions to ensure institutional conformity, while those at a “lower” level makes minor adjustments in patterns and behavior only when necessary and therefore maintain institutional conflict. Further, the findings show that all three dimensions of social capital have a vital role in enhancing managerial learning, but that the various forms that the dimensions can appear as, affects the learning process. Furthermore, the findings show that managers who share cognitive frame of reference with few embedded relationships are better equipped to interpret and respond to institutions. This study contributes fresh insight about managerial enactment on foreign-market institutions, and reconciles our understanding about social capital as embraced by the structural, relational, and cognitive dimensions. This study also contributes to a greater understanding about how the three dimensions of social capital ought to be formed to enhance managerial learning.     

上市公司资本结构对公司业绩的影响——基于电子信息产业的数据分析

近年来许多学者对我国上市公司的资本结构与公司业绩间的关系进行了研究,得出正相关与负相关两种对立的结论。本文采用截面分析法,以我国上市公司中的电子信息行业为例,考察了资本结构对公司业绩的影响,得出了"资本结构对公司业绩的影响是正向的"结论,并对这个结论进行了思考和分析,提出了优化我国上市公司资本结构并提高公司业绩的政策建议。     

How social capital and knowledge affect innovation

This research analyzes the effects of interorganizational links on radical innovation using a comprehensive framework that integrates three research streams: social capital, the knowledge-based view and innovation. Incorporating data from 143 companies of innovative manufacturing and service industries, our results show that while knowledge complexity per se exerts a clear influence on radical innovation, the effect of knowledge tacitness appears only in combination with social capital. Similarly, the mere existence of strong cooperation agreements (relational social capital) does not guarantee more radical innovations, only when combining high levels of social capital with tacit knowledge does this antecedent produce more radical innovation.     

前瞻型环境战略对企业绿色创新绩效的影响研究--绿色智力资本与吸收能力的链式中介作用

近年来,将环境问题置于企业战略层面已得到普遍认同,绿色创新是我国经济新常态下解决环境问题实现可持续发展的关键。基于自然资源基础观理论、知识管理理论和吸收能力理论,本文对长三角地区249家制造业企业进行实证研究,验证前瞻型环境战略对绿色创新绩效的作用过程与影响机理。实证结果表明,制定前瞻型环境战略的企业可以通过积累绿色智力资本和增强吸收能力来提高企业绿色创新绩效。通过Bootstrap检验发现,绿色智力资本对吸收能力有积极影响,二者在前瞻型环境战略与绿色创新绩效间有链式中介作用,并在对比中发现链式中介效应与单独中介效应具有显著差异。研究为企业制定环境战略和提高绿色创新绩效提供了理论指导与管理启示。