Article2008

Creating value from intellectual assets

168 citations0/0 files storedJournal of Intellectual Capital

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Intellectual Capital and Performance Analysis Accounting Theory and Financial Reporting Corporate Social Responsibility Reporting

Abstract

Purpose The purpose of this paper is to identify and discuss the key policy challenges for OECD countries both at macro and micro level to develop and use their intellectual assets in order to obtain economic returns. Design/methodology/approach The paper takes the approach of econometrics studies to gauge the impact of intellectual assets on national accounts and a stocktake of all existing initiatives, frameworks and guidelines relating to extra‐financial corporate reporting on intellectual assets. Findings The paper provides macro data on the contribution of investments in intellectual assets to productivity and economic growth in OECD countries and presents the challenges in terms of corporate reporting and corporate governance that result from the increasing importance of intellectual assets for growth and competitiveness. It then provides a stock‐take of existing guidelines and frameworks in OECD countries that encourage companies to report on their intellectual assets and their strategies to create value. Practical implications The paper provides policy recommendations to better understand the role of intellectual assets, improve their contribution to economic growth, and to enhance information on intellectual assets and the diffusion of good practices. Originality/value The value of the paper is that it contributes to mitigating the difficulties to assess the contribution of intellectual assets on national accounts that is crucial to obtain an accurate picture of economic growth, downturns and investments. It also contributes to the debate on how to overcome the limits of accounting standards to recognize intellectual assets so as to improve companies' valuation and lower their cost of capital.

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References

1992The balanced scorecard : measures that drive performance 1992The balanced scorecard--measures that drive performance.2005Education At A Glance 2001The Patent Paradox Revisited: An Empirical Study of Patenting in the U.S. Semiconductor Industry, 1979-1995 2001Intangibles: Management, Measurement, and Reporting 1999Citation Frequency and the Value of Patented Inventions 2001How to Compete: The Impact of Workplace Practices and Information Technology on Productivity 1997The Intangible Assets Monitor

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2011Disclosure of non‐financial information in the annual report 2019Intellectual capital efficiency and organisational performance 2017Involuntary disclosure of intellectual capital: is it relevant?2011The accounting treatment of intangibles – A critical review of the literature 2010Importance and contribution of intangible assets: SME managers' perceptions 2016Intellectual capital and bank productivity in emerging markets: evidence from Ghana

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