Therefore it is possible to develop a tentative new balance sheet as shown in figure 2. An innovative model for measuring intellectual capital. Intellectual capital theory of entrepreneurship dr. More specifically, aggregated intellectual capital comprises10. Intellectual capital knowledgebased equity of a company harrison and sullivan 2000, p. It is posited that reporting on intellectual capital may attempt to resolve uncertainty about the firm, thereby improving the stock price edvinsson and malone, 1997. It is the chief ingredient of what we buy and sell, the raw material with which we work. Here, the intellectual capital is a debt item which is regarded in the same way as equity.
Stewart is a member of the board of editors of fortune magazine and has authored several articles on the subject of intellectual capital. To better understand this process, this article serves as an introduction to intellectual capital theory and research. Definitions in 1997, thomas stewart published intellectual capital and wrote, intellectual capital is the intellectual materialknowledge, information, intellectual property, experiencethat can be put to use to create wealth. Measuring intellectual capital became a main research area in the 1990s.
Stewart 1997 believes that intellectual capital is a set of knowledge, information, intellectual property, experience, competence and organizational learning that can be used to create wealth. It is the sum of everything everybody in a company knows that gives it a competitive edge. Among these, the threedimensional classification of intellectual capital, that is human capital, structural capital, and relational capital has achieved a certain degree of consensus among researchers such as bontis 2000, kavida and sivakumar 2009, roos and roos 1997, stewart 1997, and svieby 1997. According to stewart, intellectual capital is consisted of three interconnected parts, namely, human capital, structural capital and customer capital. Stewart is an awardwinning member of the board of editors of fortune magazine. Knowledge has become the most important fact of economic life.
Another way of measurement of intellectual capital belonging to synthetic methods is knowledge capital earnings kce. Jun 07, 2015 intellectual capital is the foundation of all thought leadership campaigns. However, stewart prefers to make an operational distinction between human capital and customer capital, suggesting that customer capital is the value of an organisations relationship with the. It should be the focus of strategic thinking and competitive advantage. Issue 2 2010 intellectual capital and nonprofit organizations in the knowledge economy. Sep 20, 2017 berikut ini beberapa pengertian intellectual capital menurut beberapa sumber buku. Stewart and others published the wealth of knowledge.
The influence of intellectual capital on knowledge sharing. Dzinkowski 2000 stated that the intellectual capital can be considered on the differences among both book values and market values. Stewart claims that the changes taking place are as significant as the industrial revolution. Issue 3 2014 managing intellectual capital dimensions for organizational value creation. Intellectual capital is the foundation of all thought leadership campaigns. For all other assets of a company, there exists standard criteria for expressing their value. European journal of business management, 21, 161180. Intellectual capital is intellectual materials knowledge, information, intellectual property, experience that can be put to use to create wealth stewart, t. Metaphorically speaking, this could even be compared with a tree trunk which shows a number of year rings. Measuring and reporting intellectual capital research team. Ces working papers volume vi, issue 4 57 intellectual capital.
How to manage your intellectual capital is designed to provide illustrative information with respect to the subject matter covered. Stewart demonstrates how knowledgenot natural resources, machinery, or financial capitalhas become the most important factor in economic life. This briefing will follow the approach adopted by the meritum guidelines for managing and reporting on intangibles and will use intangibles and intellectual capital interchangeably. Use features like bookmarks, note taking and highlighting while reading intellectual capital. The idea that competitive advantage is gained through the application of intellectual capital, is a main driver for enbridges participation. Intellectual capital human capital structural capital customer capital. Issue 1 20 beyond the crossroads the third stage of intellectual capital research. Issue 4 2014 intellectual capital, science parks and incubators. It is the chief ingredient of what we buy and sell, the raw material we work with. Intellectual capital not natural resources, machinery or even financial capital has. The term intellectual capital collectively refers to all resources that determine the value of an organization, and the competitiveness of an enterprise. Understandably, the term intellectual capital from a human resources perspective is not easily translatable into financial terms.
In 1997, thomas stewart published intellectual capital and wrote, intellectual. Pdf intellectual capital and intangible assets analysis and. Intellectual capital is defined as the organizational resources which comprise human capital, structural capital and relational capital bontis, 1998. The new wealth of organizations thomas stewart thomas a. Intellectual capital of the company is the sum of knowledge of its members and practical use of this knowledge roos et al. Intellectual capital has been defined by thomas stewart as. On intellectual capital and financial performances of. Intellectual capital is knowledge that can be converted into pro. Intellectual capital is the intangible value of a business, covering its people human capital, the value relating to its relationships relational capital, and everything that is left when the employees go home structural capital, of which intellectual property ip is but one component.
There is no commonly agreed definition of intangibles the. Stewart 1997, for one, has come to believe that knowledge is the most important factor in the modern economy and. The impact of intellectual capital on organizational. Intellectual capital has become the one indispensable asset of organizations. Intellectual capital the commitment and competence of workers is embedded in how each employee thinks about and does work and in how an organization creates policies and systems to get work done. Intellectual capital is quite simply the collection of intangible resources and their. Intellectual capital is the addition of the three main organizational elements, namely human capital, structural capital, and customer capital.
The importance of intellectual capital comes from the fact that traditional accounting systems do not reflect reality for managers or investors in such a way that they understand how their resources many of which are intangible create value in the future. Human capital intellectual capital theory defines human capital as the knowledge, talents and experience of employees stewart, 2001. The material contained in the management accounting guideline impacting future value. Measurement of intellectual capital in the indian banking. Thomas stewart claims that intellectual capital is the third big idea of the past 20 years of management theory the others being total quality management and reengineering.
Stewart, like saintonge 1996, divides intellectual capital into three broad categories. Of course, intellectual capital broadly defined as the intangible assets of a corporation, those that do not appear on its balance sheet remains a valid topic for. Intellectual capital has become the leading resource for creating economic value and there are an important number of publications focused on this area of research. Feb 17, 1997 visionary in scope, intellectual capital is the first book that shows how to turn the untapped knowledge of an organization into its greatest competitive weapon. The idea that competitive advantage is gained through the application of intellectual. Intellectual capital not natural resources, machinery, or even financial capital has become the one indispensable asset of corporations. Intellectual capital in the world of information economies neliti. For every year, the organization adds something beyond the staff. A very effective way to start unearthing the intellectual capital is to decide on the broadbased audience clients.
Brooking 1996 defined intellectual capital as the combination of intangible assets which enable the company to function. Intellectual capital a fundamental change in economy. Warren bennis, distinguished professor of business administration, usc calls intellectual capital the first to provide a framework, a practical guide, and a theory of the significance of intellectual capital. Intellectual capital ic is an important component of an organizations capital, being. Knowledge has become the most important factor in economic life. First, intellectual capital is a firms only appreciable asset. Intellectual capital is the sum of everything everybody in a company knowledge that gives it a competitive edge.
Introducing the intellectual capital interplay model eric. It consists of factors other than the physical ones that contribute to the value generating process of a firm. Stewart 1999 explains the value knowledge contributes to organizational worth through. Visionary in scope, intellectual capital is the first book that shows how to turn the untapped knowledge of an organization into its greatest competitive weapon. Intellectual capital an overview sciencedirect topics. Intellectual capital is a groundbreaking book, visionary in scope and immediately practical in application. For sullivan 2000, the concept defined similarly with stewart stewart which the intellectual capital was an important capital. Intellectual capital is defined as all knowledge within an organisation which has the potential to create value when applied in line with the mission, vision and goals of the organisation. Using the term intellectual capital for the first time is attributed to an economist called john kenneth anghel, 2008.
Relational capital is the external linkage of the company with suppliers and customers that enables it to procure and sell goods and services in an effortless manner. I highlighted these quotes, passages and paraphrases while reading thomas stewart s book, intellectual capital. Karanja ngugi department of accounting and finance kenyatta university kenya citation. Only owing to its implementation, productivity of material and financial resources grows. The new wealth of organization kindle edition by stewart, thomas a download it once and read it on your kindle device, pc, phones or tablets. Intellectual capital ic is intellectual material knowledge, information, intellectual property, experience that can be put to use to create wealth collective brainpower granstrand 1999 intellectual property ip is property directly related to the creativity, knowledge and the identity of an individual. It is based on the assumption that intellectual capital does not produce any value. In the new economy, intellectual capital not natural resources, machinery or even financial capital has become the one indispensable asset of corporations. The impact of human capital on organizational performance was. Intellectual capital can be located in its people, its structures and its customers stewart, 1997. Pengertian, komponen dan pengukuran intellectual capital. I consider this book a must read, not only for those in informationknowledge management but for anyone who finds value in good books discussing business trends. Houston has relied heavily on intellectual capital to leverage their makeover. Characteristics of intellectual capital although intellectual capital is similar to tangible assets in its potential for generating future cash.
Stewart is a member of the board of editors of fortune. Definitions in 1997, thomas stewart published intellectual capital and wrote, intellectual. Intellectual capital is intellectual materialknowledge, information, intellectual property, experience can be put to use to create wealth. Thomas stewart stewart published intellectual capital and wrote, intellectual capital is the intellectual materialknowledge, information, intellectual property, experiencethat can be put to use to create wealth. Intellectual capital and knowledge management are two arms of the same concept. He pioneered the field of intellectual capital in a series of landmark articles that earned him an international reputation as the chief expert on the subject. Nursing intellectual capital theory is composed of two interdependent concepts, nursing human capital and nursing structural capital.
Stewart demonstrates how knowledgenot natural resources, machinery, or financial capital has become the most important factor in economic life. Stewart 2001 places intellectual capital in the current economic reality centre saying that intelligence and knowledge become the intellectual capital, when the power of intellectual freedom achieves certain financial benefits through careful processing of intangible assets. On intellectual capital and financial performances of banks. A critical approach on definitions and categorization diana gioacasi abstract. This paper examines intellectual capital and knowledge management within the. The final step discusses the reporting and disclosure of intellectual capital,and provides guidance on how to prepare such reports. Stewart demonstrates how knowledgenot natural resources, machinery, or financial capitalhas.
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