Value Creation of Knowledge-Intensive Companies
Total Page：16
File Type：pdf, Size：1020Kb
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Corvinus University of Budapest - Ph.D. dissertations Miklós György Stocker Value Creation of Knowledge-intensive Companies Corvinus University of Budapest Department of Business Studies Supervisor: Dr. György Boda Ph.D, associate professor © Miklós Stocker, 2012 2 Corvinus University of Budapest Management and Business Administration Doctoral School Value Creation of Knowledge-intensive Companies Ph.D. dissertation Miklós György Stocker Assistant professor Institute of Business Economics Department of Business Studies Supervisor: dr. György Boda Ph.D. – Budapest, 2012 – 3 4 Miklós Stocker: Value Creation of Knowledge-intensive Companies Table of Contents Table of Contents......................................................................................................5 List of Figures...........................................................................................................7 List of Tables............................................................................................................8 Acknowledgement ....................................................................................................9 Introduction ............................................................................................................11 1. Firm, Knowledge-intensive Firm, Professional Sport Business........................20 1.1 Firm ........................................................................................................20 1.2 Knowledge-intensive Firm ......................................................................21 1.3 From Sport Companies to Professional Sport Businesses.........................23 2. Tangible and Intangible Resources..................................................................27 2.1 Resource-Based View of the Firm ...........................................................27 2.1.1 Definition of Firm Resources...........................................................27 2.1.2 Classification of Resources..............................................................29 2.1.3 Core or Distinctive Capabilities or Competences .............................30 2.1.4 Dynamic Capabilities.......................................................................31 2.1.5 The Goal of the Resource-Based View of the Firm: the Competitive Advantage.......................................................................................................34 2.1.6 Appropriability ................................................................................37 2.1.7 Critiques and Responses of the Resource-Based View of the Firm...38 2.1.8 Summary of the Resource-Based View of the Firm..........................40 2.2 The Knowledge-Based Theory of the Firm – Intangible Resources in the Focus 41 2.2.1 Edvinsson’s and Malone’s classification - the Skandia Model..........43 2.2.2 Intellectual Capital Concepts of the RICARDIS Report ...................44 2.2.3 Sveiby - The Invisible Balance Sheet...............................................44 2.2.4 The 4-Leaf Model............................................................................46 2.2.5 Chosen concept................................................................................47 2.2.6 The Ability to Own Intangible Resources.........................................48 3. Value Creation................................................................................................51 3.1 Value Creation and the Value ..................................................................51 3.2 The Value Creation Process and its Configurations..................................56 3.2.1 Value Chain.....................................................................................59 3.2.2 The Value Shop...............................................................................62 3.2.3 Value Network and Co-Creation of Value........................................65 3.2.3.1 Co-creation of Value....................................................................68 3.2.3.2 Managing the Personalized Experience ........................................70 3.2.3.3 The Concepts of Value Network and Co-Creation Applied to Professional Sport Businesses .....................................................................73 3.3 The Target Audience of Value Creation...................................................76 3.4 Perception, Realization and Monetization of Value..................................81 3.5 Value Creation and Integration of Resources ...........................................83 4. Research Methodology....................................................................................86 4.1 Aim of the research .................................................................................86 4.2 Assumptions............................................................................................86 4.3 The research model and its logic..............................................................87 4.4 Research questions and hypotheses..........................................................90 4.5 Selection of research method...................................................................90 4.6 Population and sampling..........................................................................91 5 Miklós Stocker: Value Creation of Knowledge-intensive Companies 5. Professional sport businesses in Hungary........................................................97 5.1 Introduction of branches of spectacle team sports....................................97 5.1.1 Football...........................................................................................97 5.1.2 Basketball .....................................................................................103 5.1.3 Handball........................................................................................108 5.1.4 Ice-hockey.....................................................................................112 5.1.5 Water-polo....................................................................................115 5.1.6 Effects of TAO allowance that can be forecasted.......................... 115 5.2 Hypotheses and their verifications about the characteristics of the research population ........................................................................................................ 118 5.2.1 Homogenity of professional Hungarian sport businesses ............... 118 5.2.2 Profitability of professional Hungarian sport businesses ................ 121 5.2.3 Intangible value creation of Hungarian sport businesses ................ 123 5.3 Relationships between sporting results and economic performance ....... 126 5.3.1 Effects of sporting results on itself in time..................................... 127 5.3.2 Relation between sporting results and economic performance........ 128 5.3.3 Relation between sport success and other economic indicators ...... 131 6. Features of value creation in professional sport............................................. 137 6.1 Relevant stakeholders of professional Hungarian sport businesses......... 137 6.2 Value creation process of professional Hungarian sport businesses ....... 143 6.3 Resource structure of professional Hungarian sport businesses.............. 148 Summary.............................................................................................................. 156 References............................................................................................................ 164 Appendix.............................................................................................................. 172 A1. The net future value of professional Hungarian sport businesses’ net incomes in the research period........................................................................................ 172 A2. Dendogram of hierarchical clustering.........................................................175 A3. Net property plant and equipment of professional Hungarian sport businesses in 2010 ............................................................................................................. 176 6 Miklós Stocker: Value Creation of Knowledge-intensive Companies List of Figures Figure 1.: The business model..........................................................................12 Figure 2.: Theoretical concepts of the dissertation............................................14 Figure 3.: Companies in the focus of this study................................................26 Figure 4.: Resources in the business model ......................................................27 Figure 5.: Classification of resources ...............................................................29 Figure 6.: Relation between Strategic Industry Factors (SIF) and Organization's Resources and Capabilities and Strategic Assets (SA) .....................39 Figure 7.: Comparison of different concepts of intellectual capital ...................42 Figure 8.: The Skandia model ..........................................................................43 Figure 9.: The invisible balance sheet of the firm.............................................45 Figure 10.: The 4-Leaf Model............................................................................47 Figure 11.: Created value side of the business model .........................................51 Figure 12.: Value categories ..............................................................................55