Econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible
Total Page：16
File Type：pdf, Size：1020Kb
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Palimąka, Karolina; Mierzejewski, Mateusz Article Measurement of intellectual capital as exemplified by methods of groups based on the ROA indicator and on market capitalization e-Finanse: Financial Internet Quarterly Provided in Cooperation with: University of Information Technology and Management, Rzeszów Suggested Citation: Palimąka, Karolina; Mierzejewski, Mateusz (2016) : Measurement of intellectual capital as exemplified by methods of groups based on the ROA indicator and on market capitalization, e-Finanse: Financial Internet Quarterly, ISSN 1734-039X, University of Information Technology and Management, Rzeszów, Vol. 12, Iss. 4, pp. 58-71, http://dx.doi.org/10.1515/fiqf-2016-0008 This Version is available at: http://hdl.handle.net/10419/197446 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Financial Internet Quarterly „e-Finanse” 2016, vol.12/ nr 4, s. 58-71 DOI: 10.1515/fi qf-2016-0008 MEASUREMENT OF INTELLECTUAL CAPITAL AS EXEMPLIFIED BY METHODS OF GROUPS BASED ON THE ROA INDICATOR AND ON MARKET CAPITALIZATION K P1, M M2 Abstract The concept of a knowledge-based economy is a rela� vely new topic, but it does not mean that the previous economies did not use knowledge. For many years, knowledge formed the basis of any economy, it was a factor that set the pace of each of them, but just nit is making a signifi cant impact on the entrepreneurial environment, and more. Inherent KBE is the concept of intellectual capital. The ar� cle raises both theore� cal approaches towards the concept of intellectual capital, and points to the importance (from the point of view of managing this intangible value in the com- pany) –of measuring intellectual capital. The process of good management of the value of intangi- ble assets must be supported by knowledge about, e. g.,its size, value, etc. The authors focus on presen� ng methods of measuring intellectual capital from two groups of methods by the classifi ca� on made by K. E. Sveiby, who is considered one of the fathers of the IC concept. The goal of the ar� cle is to compare methods from these two groups in terms of their fl aws and advantages as regards preparing business analysis. This is done through presenta� on of the topic, including the concept and methods of intellectual capital measurement, which was based on the review of the literature.Furthermore, based on fi nancial statements of companies from the WIG- oil&gas index and WIG- food industry indexwaysof interpre� ng the fi nal results are presented. JEL classifi ca� on: D24, E22, M49, O34 Keywords: intellectual capital, IC, knowledge based economy, measurement of IC, MV/BV,CIV, oil&gas industry, food industry, WIG - index Received: 10.11.2015 Accepted: 30.12.2016 1 University of Informa� on Technology and Management in Rzeszow, e-mail: [email protected]. 2 Warsaw School of Economics, e-mail: [email protected]. The ar� cle is an eff ect of the project –„Financializa� on- impact on the economy and society”- interna� onal conference, conducted by the University of Informa� on Technology and Management in Rzeszów with Narodowy Bank Polski under the scope of economic educa� on programme www.e- nanse.com University of Information Technology and Management in Rzeszów 58 Karolina Palimąka, Mateusz Mierzejewski „e-Finanse” 2016, vol. 12 / nr 4 Measurement of intellectual capital as exempli ed by methods of groups based on the ROA indicator and on market capitalization at the same � me in Sweden, from the ini� a� ve of K. E. I Sveiby, the “Konrad Group” was formed, which began In recent years, one can no� ce a shi� from tradi� onal work on iden� fying and measuring intellectual capital to more knowledge-based economies. While the fi rst (Hofman, 2011, p. 81). The fi rst signifi cant success of expected diligent bookkeeping based on the analysis of the aforemen� oned group is the 1989 publica� on of a capital owned, in the case of an informa� onal society, report in which the current fi nancial indicators and their which bases its development on knowledge, it is necessary validity for judging the fi rm’s condi� on are highlighted. to have a systema� c way of iden� fying, measuring and In the published document, the Konrad Group decided introducing to company reports data, concerning both to propose taking into considera� on intangible assets, the topic of tangible and more importantly intangible which form the know-how of the enterprise. Precursors assets, which currently are the motor of socio-economic in introducing new solu� ons connected with measuring development. It is precisely this last factor, knowledge, intellectual capital were two Swedish fi rms: the fi rst, WM which poses a signifi cant problem because of the lack Data, a� ached to its annual report (in 1989) the world’s of proper methods and tools for measuring intellectual fi rst appendix dedicated to the intellectual capital of its capital. This paper’s aim is an a� empt to defi ne intellectual organiza� on (Sopińska & Wachowaik, 2004). Two years value and to show certain chosen methods for measuring later (in 1991), a pioneer insurance fi rm, Skandia AFS, intellectual capital. included in its organiza� onal structures the posi� on of Director of Intellectual Capital, which was held by L. The main goal of this paper, which was wri� en using Edvinsson. The sector for which he was responsible was literature on the subject, is to present and compare certain to individualize and develop the intellectual capital of chosen methods of measuring the intellectual capital of the enterprise so as to complete the value stated in the an enterprise and to point out the fl aws and advantages fi nancial reports (Szałkowski, 2005, p. 36). which the proposed models contain. A real interest in the topic of intellectual capital For more clarity, presented are the ways of measuring was ini� ated by W. Wriston and H. Itami. It was these IC (using two of the easiest and most popular methods) two, who, at the beginning of the 1980s (just as the and the fl aws and advantages of those models exemplifi ed aforemen� oned J. K. Galbraith & K.E. Sveiby), started by companiesincluded in the WIG- oil&gas index and the developing the concept of intellectual capital (Sopińska, WIG- food industry index. 2010, p. 96). W. Wriston, the president of the then biggest bank in the United States, no� ced that enterprises (including banks), have unmeasured intellectual capital at T their disposal, which forms their value. However, H. Itami, The genesis of the concept of intellectual capital while conduc� ng his own research on fi nancial results of dates back to the 1980s. One of the sources states that Japanese fi rms, no� ced the diff erence between market the concept of intellectual capital fi rst appeared in 1958 value and book value of an enterprise. In the documents in the comments of fi nancial analysists regarding small, that he prepared, he stated that the visible diff erences informa� on enterprises (Sopińska, 2010, p. 95). They were caused by a conscious use of intangible assets owned were the result of observing the connec� ons between by some of the researched subjects (Sopińska, 2010, p. high ra� ngs of a company and the assets it owned; it was 96). As a result of his research, numerous conferences and then concluded that it is intellectual capital, which is the reports were organized; what followed was an a� empt to most important component of a fi rm (Sopińska, 2010, p. redefi ne the concept of intellectual capital as well as the 95). schemes in the bookkeeping prac� ce of that period. All of this was done in order to defi ne in a most precise way the The history of the concept of “intellectual capital”, value of that component of enterprise capital. as well as of the whole academic discipline of knowledge- based economies, has been gaining recogni� on only In order to place in � me the crea� on of an exis� ng since 1987, when a conference dedicated to the topic of distribu� on of assets, in this paper, a chronological order “knowledge asset management” was organized in the proposed by M. Mroziewski has been used. According to United States (Hofman, 2011, p. 81). In addi� on to that, it, defi ning concepts � ed to intellectual assets originated The ar� cle is an eff ect of the project –„Financializa� on- impact on the economy and society”- interna� onal conference, conducted by the University of Informa� on Technology and Management in Rzeszów with Narodowy Bank Polski under the scope of economic educa� on programme www.e- nanse.com 59 University of Information Technology and Management in Rzeszów Karolina Palimąka, Mateusz Mierzejewski „e-Finanse” 2016, vol.