Editorial. Intellectual Capital and Management Control: Human Capital Valuation and other challenges
Titolo Rivista: MANAGEMENT CONTROL 
Autori/Curatori: Meir Russ, Bino Catasùs 
Anno di pubblicazione:  2014 Fascicolo: Lingua: Inglese 
Numero pagine:  17 P. 5-21 Dimensione file:  102 KB
DOI:  10.3280/MACO2014-002001
Il DOI è il codice a barre della proprietà intellettuale: per saperne di più:  clicca qui   qui 

 

In this contribution, we start discussing the definitions of intellectual capital, management control, performance measurement management, and the intersection between the research areas, closing with the identification of a few challenges. Next, human capital valuation will be briefly discussed and three major challenges and four major dilemmas will be deliberated. Finally, the six papers in this special issue will be introduced.


Keywords: Intellectual Capital, Management Control, Performance Measurement Management, Human Capital Valuation, Challenges and Dilemmas.

  1. Abdulai M.S., Kwon Y., & Moon J. (2012), Intellectual capital and firm performance: An empirical study of software firms in West Africa, African Journal of Information Systems, 4(1), pp. 23-36.
  2. Ai H., Croce M.M., & Li K. (2013), Toward a quantitative general equilibrium asset pricing model with intangible capital, Review of Financial Studies, 26(2), pp. 491-530., 10.1093/rfs/hhs121DOI: 10.1093/rfs/hhs121
  3. Amit R., & Schoemaker P.J. (1993), Strategic assets and organizational rent, Strategic Management Journal, 14(1), pp. 33-46., 10.1002/smj.4250140105DOI: 10.1002/smj.4250140105
  4. Arrighetti A., Landini F., & Lasagni A. (2014), Intangible assets and firm heterogeneity: Evidence from Italy, Research Policy, 43(1), pp. 202-213., 10.1016/j.respol.2013.07.015DOI: 10.1016/j.respol.2013.07.015
  5. Autor D., & Dorn D. (2013), The growth of low-skill service jobs and the polarization in the United States, American Economic Review, 103(5), pp. 1553-1597., 10.1257/aer.103.5.1553DOI: 10.1257/aer.103.5.1553
  6. Baumol W.J. (2010), The microtheory of innovative entrepreneurship, Princeton, NJ, Princeton University Press.
  7. Becker G.S. (1962), Investment in human capital: A theoretical analysis, The Journal of Political Economy, 70(5), pp. 9-49., 10.1086/258724DOI: 10.1086/258724
  8. Becker G.S. (2009), Human capital: A theoretical and empirical analysis, with special reference to education, Chicago, IL, University of Chicago Press.
  9. Bereskin F.L., & Cicero D.C. (2013), CEO compensation contagion: Evidence from an exogenous shock, Journal of Financial Economics, 107(2), pp. 477-493.
  10. Berger D., Pukthuanthong K., & Roll R. (2013), On valuing human capital and relating it to macro-economic conditions. Available at SSRN 2373371.
  11. Berk J.B., Stanton R., & Zechner J. (2010), Human capital, bankruptcy, and capital structure, The Journal of Finance, 65(3), pp. 891-926., 10.1111/j.1540-6261.2010.01556.xDOI: 10.1111/j.1540-6261.2010.01556.x
  12. Bititci U., Garengo P., Dörfler V., & Nudurupati S. (2012), Performance measurement: Challenges for tomorrow, International Journal of Management Reviews, 14(3), pp. 305-327., 10.1111/j.1468-2370.2011.00318.xDOI: 10.1111/j.1468-2370.2011.00318.x
  13. Bontis N. (1998), Intellectual capital: An exploratory study that develops measures and models, Management Decision, 36(2), pp. 63-76., 10.1108/00251749810204142DOI: 10.1108/00251749810204142
  14. Bontis N., & Fitz-Enz J. (2002), Intellectual capital ROI: A causal map of human capital antecedents and consequents, Journal of Intellectual Capital, 3(3), pp. 223-247., 10.1108/14691930210435589DOI: 10.1108/14691930210435589
  15. Bontis N., & Serenko A. (2007), The moderating role of human capital management practices on employee capabilities, Journal of Knowledge Management, 11(3), pp. 31-51., 10.1108/13673270710752090DOI: 10.1108/13673270710752090
  16. Boudreau J.W., & Ramstad P.M. (2013), Beyond HR: The new science of human capital. Boston, MA, Harvard Business Press.
  17. Bullen M.L., & Eyler K.A. (2010), Human resource accounting and international developments: Implications for measurement of human capital, Journal of International Business & Cultural Studies, 3(3), pp. 1-16.
  18. Camuffo A. (2002), The changing nature of internal labor markets, Journal of Management and Governance, 6(4), pp. 281-294., 10.1023/A:1021230525924DOI: 10.1023/A:1021230525924
  19. Carlin B.I., Chowdhry B., & Garmaise M.J. (2012), Investment in organization capital, Journal of Financial Intermediation, 21(2), pp. 268-286., 10.1016/j.jfi.2011.08.001DOI: 10.1016/j.jfi.2011.08.001
  20. Catasús B., Ersson S., Gröjer J.E., & Wallentin, F.Y. (2007), What gets measured gets… on indicating, mobilizing and acting, Accounting, Auditing & Accountability Journal, 20(4), pp. 505-521., 10.1108/09513570710762566DOI: 10.1108/09513570710762566
  21. Celenza D., & Rossi F. (2012), The human capital valuation in IC paradigm: An empirical proposal, China-USA Business Review, 11(11), pp. 1517-1533.
  22. Chan K.H. (2009), Impact of intellectual capital on organisational performance: An empirical study of companies in the Hang Seng Index (Part 1), The Learning Organization, 16(1), pp. 4-21., 10.1108/09696470910927650DOI: 10.1108/09696470910927650
  23. Chen H.M. and Lin, K.J. (2004), The role of human capital cost in accounting, Journal of Intellectual Capital, 5(1), pp. 116-130., 10.1108/14691930410512950DOI: 10.1108/14691930410512950
  24. Cherian J., & Farouq S. (2013), A review of human resource accounting and organizational performance, International Journal of Economics & Finance, 5(8), pp. 74-83.
  25. Chesbrough H.W. (2003), Open innovation: The new imperative for creating and profiting from technology, Boston, MA, Harvard Business Press.
  26. CIMA (2001), Managing the intellectual capital within today’s knowledge based organizations. Technical Briefing, CIMA, London.
  27. Coff R., & Kryscynski D. (2011), Invited editorial: Drilling for micro-foundations of human capital-based competitive advantages, Journal of Management, 37(5), pp. 1429-1443., 10.1177/0149206310397772DOI: 10.1177/0149206310397772
  28. Corrado C., Hulten C., & Sichel D. (2009), Intangible capital and US economic growth, Review of Income and Wealth, 55(3), pp. 661-685., 10.1111/j.1475-4991.2009.00343.xDOI: 10.1111/j.1475-4991.2009.00343.x
  29. Crook T.R., Todd S.Y., Combs J.G., Woehr D.J., & Ketchen D.J. (2011), Does human capital matter? A meta-analysis of the relationship between human capital and firm performance, Journal of Applied Psychology, 96(3), pp. 443-456., 10.1037/a0022147DOI: 10.1037/a0022147
  30. Cuganesan S. & Dumay J.C. (2009), Reflecting on the production of intellectual capital visualisations, Accounting, Auditing & Accountability Journal, 22(8), pp. 1161-1186., 10.1108/09513570910999274DOI: 10.1108/09513570910999274
  31. Dobija M. (1998), How to place human resources into the balance sheet?, Journal of Human Resource Costing & Accounting, 3(1), pp. 83-92., 10.1108/eb029044DOI: 10.1108/eb029044
  32. Douglas B. (2014), Human capital assets on the balance sheet, Available at SSRN 2398575.
  33. Dumay J., & Garanina T. (2013), Intellectual capital research: A critical examination of the third stage, Journal of Intellectual Capital, 14(1), pp. 10-25., 10.1108/14691931311288995DOI: 10.1108/14691931311288995
  34. Edvinsson L. & Malone M.S. (1997), Intellectual capital: Realizing your company’s true value by finding its hidden brainpower, New York, NY, Harper Business.
  35. Eisfeldt A.L., & Papanikolaou D. (2013), Organization capital and the cross-section of expected returns, The Journal of Finance, 68(4), pp. 1365-1406., 10.1111/jofi.12034DOI: 10.1111/jofi.12034
  36. Ferreira A., & Otley D. (2009), The design and use of performance management systems: An extended framework for analysis, Management Accounting Research, 20(4), pp. 263-282., 10.1016/j.mar.2009.07.003DOI: 10.1016/j.mar.2009.07.003
  37. Folloni G., & Vittadini G. (2010), Human capital measurement: A survey, Journal of Economic Surveys, 24, pp. 248-279., 10.1111/j.1467-6419.2009.00614.xDOI: 10.1111/j.1467-6419.2009.00614.x
  38. Fulmer I.S., & Ployhart R.E. (2014), “Our most important Asset” A multidisciplinary/multilevel review of human capital valuation for research and practice, Journal of Management, 40(1), pp. 161-192., 10.1177/0149206313511271DOI: 10.1177/0149206313511271
  39. Gamerschlag R. (2013), Value relevance of human capital information, Journal of Intellectual Capital, 14(2), pp. 325-345., 10.1108/14691931311323913DOI: 10.1108/14691931311323913
  40. Gates S., & Langevin P. (2010), Human capital measures, strategy, and performance: HR managers’ perceptions, Accounting, Auditing & Accountability Journal, 23(1), pp. 111-132., 10.1108/09513571011010628DOI: 10.1108/09513571011010628
  41. Gavious I., Lahav Y, & Russ M. (2014), Does the value of company-specific human capital depend on the state of the economy? Paper submitted to the Journal of Contemporary Accounting & Economics.
  42. Greco G., Ferramosca S., & Allegrini M. (2014), Exploring intellectual capital in family firms, Journal of Learning and Intellectual Capital, forthcoming., 10.1504/IJLIC.2014.060802DOI: 10.1504/IJLIC.2014.060802
  43. Guthrie J., Petty R., & Ricceri F. (2006), The voluntary reporting of intellectual capital: Comparing evidence from Hong Kong and Australia, Journal of Intellectual Capital, 7(2), pp. 254-271., 10.1108/14691930610661890DOI: 10.1108/14691930610661890
  44. Hamilton K., & Liu G. (2013), Human capital, tangible wealth, and the intangible capital residual, World Bank Policy Research Working Paper, (6391).
  45. Hedberg B., & Jönsson S. (1978), Designing semi-confusing information systems for organizations in changing environments, Accounting, Organizations and Society, 3(1), pp. 47-64., 10.1016/0361-3682(78)90006-5DOI: 10.1016/0361-3682(78)90006-5
  46. Herremans I.M., & Isaac R.G. (2005), Management planning and control: Supporting knowledge-intensive organizations, The Learning Organization, 12(4), pp. 313-329., 10.1108/09696470510599109DOI: 10.1108/09696470510599109
  47. Hussi T. (2004), Reconfiguring knowledge management – Combining intellectual capital, intangible assets and knowledge creation, Journal of Knowledge Management, 8(2), pp. 36-52., 10.1108/13673270410529091DOI: 10.1108/13673270410529091
  48. Jaaskelainen A. (2011), How to measure and manage the risk of losing key employees?, International Journal of Learning and Intellectual Capital, 8(1), pp. 63-75., 10.1504/IJLIC.2011.037359DOI: 10.1504/IJLIC.2011.037359
  49. Joia L.A. (2000), Measuring intangible corporate assets: Linking business strategy with intellectual capital, Journal of Intellectual Capital, 1(1), pp. 68-84., 10.1108/14691930010371636DOI: 10.1108/14691930010371636
  50. Kaul I. (2013), Global public goods a concept for framing the post-2015 agenda? German Development Institute Discussion paper 2/2013, Bonn. Available at http://www.die-gdi.de/uploads/media/DP_2.2013.pdf.
  51. Kianto A. (2007), What do we really mean by the dynamic dimension of intellectual capital?, International Journal of Learning and Intellectual Capital, 4(4), pp. 342-356., 10.1504/IJLIC.2007.016332DOI: 10.1504/IJLIC.2007.016332
  52. Kim S.H., & Taylor D. (2014), Intellectual capital vs the book-value of assets: A value-relevance comparison based on productivity measures, Journal of Intellectual Capital, 15(1), pp. 65-82., 10.1108/JIC-04-2013-0048DOI: 10.1108/JIC-04-2013-0048
  53. Kotorov R., & Hsu E. (2002), A road-map for creating efficient corporate internal labor markets, Career Development International, 7(1), pp. 37-46., 10.1108/13620430210414865DOI: 10.1108/13620430210414865
  54. Kujansivu P., & Lönnqvist A. (2008), Business process management as a tool for Intellectual Capital Management, Knowledge and Process Management, 15(3), pp. 159-169., 10.1002/kpm.307DOI: 10.1002/kpm.307
  55. Lambrecht B.M., & Pawlina, G. (2013), A theory of net debt and transferable human capital, Review of Finance, 17(1), pp. 321-368., 10.1093/rof/rfs011DOI: 10.1093/rof/rfs011
  56. Lepak D.P., & Snell S.A. (1999), The human resource architecture: Toward a theory of human capital allocation and development, Academy of Management Review, 24(1), pp. 31-48., 10.5465/AMR.1999.1580439DOI: 10.5465/AMR.1999.1580439
  57. Lev B. (2001), Intangibles: Management, measurement, and reporting, Washington, DC, Brookings Institution Press.
  58. Lev B., & Schwartz A. (1971), On the use of the economic concept of human capital in financial statements, Accounting Review, 46(1), pp. 103-112.
  59. Mäenpää I., & Voutilainen R. (2012), Insurances for human capital risk management in SMEs, VINE, 42(1), pp. 52-66., 10.1108/03055721211207761DOI: 10.1108/03055721211207761
  60. Malul M., & Shoham A. (2013), The salaries of CEOs: Is it all about skills?, Journal of Economics and Business, 67, pp. 67-76., 10.1016/j.jeconbus.2013.03.003DOI: 10.1016/j.jeconbus.2013.03.003
  61. Mention A.L., & Bontis N. (2013), Intellectual capital and performance within the banking sector of Luxembourg and Belgium, Journal of Intellectual Capital, 14(2), pp. 286-309., 10.1108/14691931311323896DOI: 10.1108/14691931311323896
  62. Morrison A.M., White R.P., & Van Velsor E. (Eds.) (1992), Breaking the glass ceiling: Can women reach the top of America’s largest corporations?, Reading, MA, Addison-Wesley.
  63. Mouritsen J., & Larsen H.T. (2005), The 2nd wave of knowledge management: The management control of knowledge resources through intellectual capital information, Management Accounting Research, 16(3), pp. 371-394., 10.1016/j.mar.2005.06.006DOI: 10.1016/j.mar.2005.06.006
  64. Murphy K. (2012), Executive compensation: Where we are, and how we got there, in Harris M., Constantinides G.M. and Stulz R.M. (Eds.), Handbook of the Economics of Finance, forthcoming, Amsterdam, Elsevier.
  65. Nakamura L. (2001), What is the U.S. gross investment in intangibles? (At least) one trillion dollars a year!, Federal Reserve Bank of Philadelphia, Working Paper no. 01-15.
  66. Ostaszewski K. (2003), Is life insurance a human capital derivatives business?, Journal of Insurance Issues, 26(1), pp. 1-14.
  67. Otley D. (1999), Performance management: A framework for management control systems research, Management Accounting Research, 10(4), pp. 363-382., 10.1006/mare.1999.0115DOI: 10.1006/mare.1999.0115
  68. Petty R., & Guthrie J. (2000), Intellectual capital literature review: Measurement, reporting and management, Journal of Intellectual Capital, 1(2), pp. 155-176., 10.1108/14691930010348731DOI: 10.1108/14691930010348731
  69. Poutvaara P. (2008), On human capital formation with exit options: Comment and new results, Journal of Population Economics, 21(3), pp. 679-684., 10.1007/s00148-006-0129-0DOI: 10.1007/s00148-006-0129-0
  70. Russ M. (2013), Human capital valuations: The challenges and the dilemmas. Keynote presentation at the Controlling and Reporting for Intangibles workshop in Pisa, Italy, July 11-12.
  71. Russ M. (2014), Introduction - Is human capital an asset in more than one market?, in Russ M. (Ed.), Perspectives on human capital and assets: Building the foundation for a multi-disciplinary, multi-level theory. New York, NY, Palgrave-MacMillan. Forthcoming.
  72. Sánchez J.M., & Yurdagul E. (2013), Why are corporations holding so much cash?, Federal Reserve Bank of St. Louis’ The Regional Economist, 21(1), pp. 5-8.
  73. Savino D.M., McGuire K.S., & White K.M. (2012), Human asset measurement: A comparison of the artifact-based approach versus input methods, Journal of Management Policy & Practice, 13(1), pp. 39-45.
  74. Saxenian A. (2002), Silicon Valley’s new immigrant high-growth entrepreneurs, Economic Development Quarterly, 16(1), pp. 20-31., 10.1177/0891242402016001003DOI: 10.1177/0891242402016001003
  75. Serenko A., & Bontis N. (2013), Investigating the current state and impact of the intellectual capital academic discipline, Journal of Intellectual Capital, 14(4), pp. 476-500., 10.1108/JIC-11-2012-0099DOI: 10.1108/JIC-11-2012-0099
  76. Sherer P.D. (1994), Leveraging human assets in law firms: Human capital structures and organizational capabilities, Industrial and Labor Relations Review, 48, pp. 671-691., 10.2307/2524350DOI: 10.2307/2524350
  77. Simons R. (1995), Levers of control: How managers use innovative control systems to drive strategic renewal, Boston, MA, Harvard Business School Press.
  78. Spithoven A., Clarysse B., & Knockaert M. (2011), Building absorptive capacity to organise inbound open innovation in traditional industries, Technovation, 31(1), pp. 10-21., 10.1016/j.technovation.2010.10.003DOI: 10.1016/j.technovation.2010.10.003
  79. Subramaniam M., & Youndt M.A. (2005), The influence of intellectual capital on the types of innovative capabilities, Academy of Management Journal, 48(3), pp. 450-463., 10.5465/AMJ.2005.17407911DOI: 10.5465/AMJ.2005.17407911
  80. Vargas M.N., & Lloria M.B. (2014), Dynamizing intellectual capital through enablers and learning flows, Industrial Management & Data Systems, 114(1), pp. 2-20., 10.1108/IMDS-04-2013-0190DOI: 10.1108/IMDS-04-2013-0190
  81. Williamson O. E. (1975), Markets and hierarchies: Analysis and Antitrust Implications. New York, NY: Free Press.
  82. Wright P.M., & McMahan G.C. (2011), Exploring human capital: Putting human back into strategic human resource management, Human Resource Management Journal, 21(2), pp. 93-104., 10.1111/j.1748-8583.2010.00165.xDOI: 10.1111/j.1748-8583.2010.00165.x
  83. Yang C.C., & Lin C.Y.Y. (2009), Does intellectual capital mediate the relationship between HRM and organizational performance? Perspective of a healthcare industry in Taiwan, The International Journal of Human Resource Management, 20(9), pp. 1965-1984., 10.1080/09585190903142415DOI: 10.1080/09585190903142415
  84. Yu A., & Humphreys P. (2013), From measuring to learning? – Probing the evolutionary path of IC research and practice, Journal of Intellectual Capital, 14(1), pp. 26-47., 10.1108/14691931311289002DOI: 10.1108/14691931311289002



  1. Raffaele Trequattrini, Alessandra Lardo, Benedetta Cuozzo, Myriam Cano Rubio, Intellectual Capital as driver for controlling managers' performance. An innovative approach in MANAGEMENT CONTROL 3/2017 pp. 123, DOI: 10.3280/MACO2017-003008
  2. Romilda Mazzotta, Giovanni Bronzetti, Graziella Sicoli, Paolo Tenuta, La valutazione del CdA in contesti ad elevata concentrazione proprietaria: mero conformismo o reale strumento di valutazione? in MANAGEMENT CONTROL 2/2018 pp. 107, DOI: 10.3280/MACO2018-002006
  3. Francesca Francioli, Strategic performance management systems in Italian banks. A research note in MANAGEMENT CONTROL 2/2018 pp. 155, DOI: 10.3280/MACO2018-002008
  4. Giovanni Bronzetti, Romilda Mazzotta, Business succession and Intellectual Capital Management in family firms in MANAGEMENT CONTROL 1/2015 pp. 45, DOI: 10.3280/MACO2015-001003

Meir Russ, Bino Catasùs, in "MANAGEMENT CONTROL" 2/2014, pp. 5-21, DOI:10.3280/MACO2014-002001

   

FrancoAngeli è membro della Publishers International Linking Association associazione indipendente e no profit per facilitare l'accesso degli studiosi ai contenuti digitali nelle pubblicazioni professionali e scientifiche