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Economics and IC Research

Economics and IC Research. JC Spender ESADE, LUSEM & Cranfield. my research program. managing ? practice-based theory of the firm / organization (KBV ?) human agency - economics as capitalism’s art-form how this plays into the IC agenda IC research methodology implications

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Economics and IC Research

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  1. Economics and IC Research JC Spender ESADE, LUSEM & Cranfield

  2. my research program • managing ? • practice-based theory of the firm / organization (KBV ?) • human agency - economics as capitalism’s art-form • how this plays into the IC agenda • IC research methodology implications • reasonable expectations of IC research • what else besides IC/IA measurement and valuation ? IFKAD 2010

  3. K-economy and IC ? • intangibles, skills, KIFs, pizza (Davenport) • capitalism’s evolution • science, applied & technology • luxury goods (Veblen) & roundaboutness (Böhm-Bawerk) • ‘social sciences’ & HC • private sector, public funding, regulation & risk-management • ??? IFKAD 2010

  4. IC analysis is about economic valuation • knowledge always grounded in effective practice • value streams (Rob McLean) & rents • investor = market / manager = use • intangible means un-priced • convergence ? • accounting issues - firm value FVac = f (TC + ICac) • where ICac = le (ICach + ICacs + ICacr) or iac (ICorg + ICnet + ICip) • investor issues: transparency, cost of capital, risk management, etc. (Lev) IFKAD 2010

  5. managerial IC valuation - based on a ToF/BM • FVRBV = r (rent-earning asset) ? • FVKBV = s (ICrent-earning) ? • integration ? • Adam Smith, PAT, TCE, TP, PR, etc. • managerial ToF ... g (TC*IC) • Penrosian / Austrian approach • separate TC and IC ? IFKAD 2010

  6. Knightian uncertainty U • U - impossible to separate (TC*IC), complementary assets • firm value - IC as bridge between asset cost and value stream • IC type 2: sense-making - interpretive (cognition + practice ) ... ICsm • methodological issues • projective / subjective ethnographic • FV2 = w (TC*ICsm) - where ICsm is less about K-assets and more a measure of management’s interpretative capability or ORs IFKAD 2010

  7. managerial agency • IC type 3: constructivist - making both world (market) and firm • Schumpeter versus Kirzner • FV3 = p (TC*ICag) - where ICag is a measure of management’s entrepreneurial / artistic ability (DCs perhaps) • methodological challenge • research not agency but the constraints to and context of managerial agency • ‘bounded rationality’ ≈ f (FVmax - FVmeasured) • where FVmax is unknowable IFKAD 2010

  8. IC research methods & findings IFKAD 2010

  9. IC-based value-creation ≈ entrepreneurship B A IFKAD 2010

  10. summary • different - actors, valuation models, ICs & processes • no convergence - absent certainty/equilibrium • U-based ToF/BM makes managerial IC central • historical trend of uncertainties engaged • is our economy K-intensive or U-intensive ? • agentic economy - firms as engines of U-economy growth • IC is not only about accounting/investing under U • economic focus is NOT on ICac or ICsm - it is on ICag IFKAD 2010

  11. the new economy IFKAD 2010

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