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Copyright of Contaduría y Administración is the property of Facultad de Contaduria y Administracion-Universidad Nacional Autonoma de Mexico and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Internally developed intangibles are not included in reported assets under U.S. generally accepted accounting principles. The omission of this increasingly important class of assets reduces the usefulness and relevance of financial statement analysis, conducted with reported values of equity and assets. Recent studies overcome this deficiency by capitalizing research and development (R&D) expenses to estimate the value of knowledge capital and by capitalizing selling, general, and administrative (SG&A) expenses to estimate the value of organization capital. Those two estimates are then added to reported values for financial statement analysis. For convenience, many studies rely on two rules of thumb and assume them to be equally applicable in all instances: (1) 30% of SG&A and 100% of R&D expenses are investments, and (2) the useful life of SG&A and R&D investments is three and five years, respectively. We propose a more flexible approach by estimating the capitalization and amortization parameters on an industry–year–specific basis. Our modified values of total assets and equity, inclusive of the value of capitalized intangibles, exhibit greater association with future returns and investments compared with as-reported values and values estimated with uniform rules of thumb. We provide a better estimate of intangible capital for the consumers of financial statements. This paper was accepted by Ranjani Krishnan, accounting. Funding: A. Srivastava and R. Zhao acknowledge financial support from the Social Sciences and Humanities Research Council of Canada. A. Srivastava acknowledges financial support from the Canada Research Chairs Program of the Government of Canada. A. Iqbal acknowledges financial support from the Canadian Securities Institute Research Foundation and Chartered Professional Accountants (Alberta) Education Foundation. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2022.01703. [ABSTRACT FROM AUTHOR]

We are the first to determine the effect of intangible intensity (INTANG) on cross‐sectional stock returns after controlling financial constraints in the Vietnam stock market. Our sample includes 37,938 firm‐month observations from 488 non‐financial firms from October 2008 to February 2021. We employ Fama and MacBeth regressions and portfolio analysis methodologies to estimate the impact of intangible assets and financial constraints on stock returns. Our findings show that a percentage increase in INTANG empowers stock returns by 0.922%. Meanwhile, the cross‐sectional stock returns decrease by 0.506% when the financial constraints index increases by a percentage point. Moreover, the results suggest that intangible assets in the entire sample and before COVID‐19 empower the stock return cross‐sectionally. Our findings are robust after employing alternative INTANG proxies. Our findings support the risk‐based explanation, the pecking order theory, and prior literature. Our findings suggest governments should promote intellectual property and copyright regulations to encourage Small and Medium Enterprises (SMEs) to expand intangible assets. Furthermore, investors can utilize our suggested models to construct their portfolios efficiently. [ABSTRACT FROM AUTHOR]

Research Summary: Entrepreneurial firms are fertile sources of patented inventions. Yet little is known about what happens to patent assets when startups go out of business: Do the assets have a "second life" through redeployment to new owners? Based on 264 failed VC‐backed startups, we document an active market for the patents both as standalone assets and through co‐movement with inventors to the purchasing organization. We then model and test how the redeployment likelihood and mode of transfer is shaped by trading thickness in the secondary patent market and the degree to which asset value is firm‐specific and tied to the original venture. The study sheds new light on conditions that affect the redeployment of intangible assets and the abilities of startups to preserve value in liquidation. Managerial Summary: The process of innovation naturally gives rise to failed attempts and abandoned projects. While prior studies document that disbanded ventures are important sources of human capital and learning spillovers, we are the first to document an active resale market for their patent assets. This study shines new light on conditions that affect the redeployment likelihood and mode of patent transfer, whether as standalone assets or through co‐mobility with an inventor to the purchasing organization. The evidence is based on 264 VC‐backed startups in the semiconductor, software, and medical device sectors. The formal model and empirical findings suggest that trading conditions in the secondary market not only affect the likelihood that patents originating from failed startups will be sold but also influence managerial incentives to retain inventors and preserve complementarities with the human capital. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the impact of monopoly power on the world of work within the logistics segment, particularly in the context of automation processes. We conduct a fieldwork analysis of three workplaces situated in Italy, each owned by distinct types of monopolies: a corporate monopoly, Philip Morris, the global leader in tobacco and cigarette production; a state-owned monopoly, Poste Italiane, the exclusive public provider of mail services within the national borders; and a novel form of digital monopoly that holds control over intangibles and exhibits monopsonistic control over labour — Amazon. Through a comparative examination of these three diverse forms of monopolies, utilising corporate-level metrics and patent data, we scrutinise the restructuring of labour processes following the introduction of Automated Guided Vehicles. Employing a qualitative analysis that includes semi-structured interviews with HR professionals, IT specialists, and workers, we underscore that powerful monopolies play a crucial role in shaping the trajectory of technological development, adoption, and utilisation. Despite notable distinctions observed among the three cases, we document a common trend of standardisation and codification of human activities when interfacing with automated machines. [ABSTRACT FROM AUTHOR]

Canada's world-renowned banking sector is well- regulated, capitalized and one of the world's most stable. It meets the essential pre-conditions for intellectual property (IP) finance methods such as a strong IP regime and a pool of firms with registered trademarks. In 2018 Canada launched its National IP Policy followed by certain IP finance initiatives led by the Canadian Business Development Bank (BDC) in 2019. However, it is not well understood how the Canadian Constitution structures economic relations. Certain longstanding federal and provincial issues remain to be addressed if trademark-backed finance is to become part of mainstream commercial lending in Canada. This article contributes to the nascent academic interdisciplinary trademark law and finance literature. An in-depth literature review highlights the existing gaps between the Canadian federal and provincial legal frameworks that govern security interests in trademarks, and market needs. The traditional legal research methodology evaluates the impact of relevant case law, public policies and law practice, adopting finance, economic and IP rights theory perspectives. A digital shared ledger system technology law solution is proposed to enhance registration of security interests with the aim of making trademark finance in Canada more effective and efficient. This article is foundational in the sense that it paves the way for recommendations for new policies with a view to normalising trademark-backed debt finance processes in Canada. [ABSTRACT FROM AUTHOR]

Experts in the System of National Accounts (SNA) recently considered whether marketing could be included as a capital asset in the national accounts and later recommended that marketing should be an intangible in the 2025 SNA (IMF, 2022, 2023). This paper prepares macroeconomic measures of the United States marketing stock and develops similar measures within 61 industries. We find that, from 1987 to 2020, marketing capital contributed approximately as much to output growth (0.18 percentage point per year) as R&D (0.15) or software (0.19) did. Software grew more rapidly, but marketing had a larger factor share. Marketing contributes even more to output growth if quality is adjusted to allow for the better targeting associated with digital advertising. There is a close relationship between data flows, software, and digital marketing and national accountants will have to allocate expenditures among these categories. [ABSTRACT FROM AUTHOR]

In this paper, we study the asymmetric effects of different types of capital-embodied technological change, as proxied by tangible and intangible assets, on relative wages (high- to medium-skilled, high- to low-skilled and medium- to low-skilled workers), relying upon the technology-skill complementarity and polarization of the labor force frameworks. We also consider two additional major channels that contribute to shaping wage differentials: globalization (in terms of trade openness and global value chains participation) and labor market institutions. The empirical analysis is carried out using a panel dataset comprising 17 mostly advanced European economies and 5 industries, with annual observations spanning the period 2008–2017. Our findings suggest that software and databases—as a proxy for intangible technologies—exert downward pressure on low-skilled wages, while robotics is associated with a polarization of the wage distribution at the expense of middle-skilled labor. Additionally, less-skilled workers' relative wages are negatively affected by trade openness and global value chain participation, but positively influenced by sector-specific labor market regulations. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of the accumulation of tangible capital, ICT and intangible capital assets like software and databases or R&D on employment growth and the changes in labour income shares at the country-industry level. The econometric analysis is derived from a Cobb–Douglas production function taking into account the stylised fact that the capital–output ratios are rather constant or increasing over time with the latter being the case particularly for ICT and intangible assets. The accumulation of tangible assets like machinery and transport equipment then has a relatively strong positive relation to employment growth. Further in line with the theoretical outline, the accumulation of ICT assets or intangible assets are less strongly related to employment growth. Both these conjectures are confirmed econometrically. The impact on labour income shares is mixed, but generally small. • Capital–output ratios are increasing with capital accumulation of ICT and intangible asset types. • Accumulation of tangible capital is positively related to employment growth. • ICT and intangible capital accumulation is also positively but only weakly linked to employment growth. • Impact on labour income shares is mixed and small. [ABSTRACT FROM AUTHOR]

The ACCRUAL reform outlined by the implementation of the EU Council Directive 2011/85/EU for defining accounting principles and standards in public administrations also involves Italian artistic and cultural heritage assets. In the Next Generation EU (National Recovery and Resilience Plan), cultural heritage and culture, in general, are considered as determinants of development from a recovery perspective. Thus, the idea of cultural heritage as a bundle of values and as a mean for sustainable growth, human development, and quality of life has been consolidated. Within such a context, this contribution aims to stimulate reflection on the economic and financial dimension of cultural heritage in the public administrations’ balance sheets and on the contribution that the discipline of Appraisal and Evaluation can provide to defining the methodological framework necessary for estimating their value. Starting from the acknowledgement of the coexistence of a plurality of values characterizing cultural heritage, particular attention has been paid to the economic dimension of Heritage and the evaluation challenges the accounting principles have introduced consistently with the Italian position in the process of defining the conceptual framework and the accounting guidelines.

I examine the economic consequences on corporate innovation when PCAOB inspections cite auditors for insufficient procedures in auditing the valuation of intangibles. I find that the clients of deficient auditors recognize larger and timelier impairments of intangibles, suggesting that affected auditors increase scrutiny about the valuation of intangibles in subsequent audits. This effect obtains only for valuation-related deficiencies and is salient for the clients of auditors who receive such deficiencies repeatedly. I also document real effects that the clients of deficient auditors exhibit less use of external mergers and acquisitions—which yield recognizable intangibles whose valuation is subject to increased auditor scrutiny. Overall, these results suggest that the intervention by the PCAOB effectively alters the measurement of intangibles and perhaps unintentionally affects how clients invest in corporate innovation. [ABSTRACT FROM AUTHOR]

In the context of the developed economies, recent political economy scholarship has highlighted the growing role of intangible assets (brand equity, software, business processes, patents etc.) in corporate portfolios. Much of this literature has emphasized how intangible assets erect barriers to entry, produce artificial scarcity of key inputs, enhance the pricing power of firms and thus lead to greater and greater levels of concentration. Being as they are monopoly rights and privileges, intangible assets represent the relational power of their owner vis-à-vis those excluded from their ownership. While much of this literature has focused on the developed world, this paper turns its gaze to the case of a developing country and analyzes the patterns and trends of intangible assets for a sample of Indian firms for the period 2000–2022. The analysis reveals a substantial acceleration in the weight of net intangible assets relative to net physical assets, especially after 2008. It also suggests that the largest and most powerful corporations are the ones that have contributed to this spike. Ranked by assets, sales and ownership category, the results show that intangible asset accumulation has been the strongest in the highest echelons of the corporate hierarchy. Moreover, the patterns of intangible asset accumulation have been such that they have not been restricted to the traditional "rentier" sectors in the sense that their presence in the "productive" sectors has been as important if not more so. By focusing on firm-level patterns of intangible asset accumulation, the results show the internal and necessary connections between accumulation and value capture that undergirds modern day capitalism in the Southern peripheries. [ABSTRACT FROM AUTHOR]

Copyright of Economic Horizons / Ekonomski Horizonti is the property of Economic Horizons and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Research and development (R&D) is a significant driver of innovation that leads to superior performance. The present study attempts to examine the relationship between R&D intensity and a firm's performance at both aggregate and industry levels in the emerging market of India using a battery of R&D intensity measures and stock market returns as a measure of a firm's performance. The study was conducted on 1097 companies from six R&D-intensive industries. The Fama-French portfolio formation method was used to evaluate the stock market performance of R&D-intensive firms for both equal-weighted (EW) and value-weighted (VW) returns. The findings suggest that R&D intensity and stock returns show a positive relationship. A long–short strategy in R&D-intense firms has yielded 1.43% (t = 4.22) per month in the sample. In general, the results suggest an undervaluation of highly R&D-intensive firms that investors can exploit for above-average returns. The effect is not homogeneous across return schemes (equal-weighted and value-weighted) or across industries. R&D growth measures and R&D capital are not found to have significant impacts on stock returns. Both the market firm size and age are included as control variables, and the results reveal that the relationship is robust to these control variables. The sub-periods ranging from 2000 to 2007 and 2008 to 2019 have been considered in the present study and the results are consistent with the overall sample. The study fills the existing empirical void for R&D intensity and stock returns in relation to the emerging market of India. [ABSTRACT FROM AUTHOR]

Canada’s world-renowned banking sector is well- regulated, capitalized and one of the world’s most stable. It meets the essential pre-conditions for intellectual property (IP) finance methods such as a strong IP regime and a pool of firms with registered trademarks. In 2018 Canada launched its National IP Policy followed by certain IP finance initiatives led by the Canadian Business Development Bank (BDC) in 2019. However, it is not well understood how the Canadian Constitution structures economic relations. Certain longstanding federal and provincial issues remain to be addressed if trademark-backed finance is to become part of mainstream commercial lending in Canada. This article contributes to the nascent academic interdisciplinary trademark law and finance literature. An in-depth literature review highlights the existing gaps between the Canadian federal and provincial legal frameworks that govern security interests in trademarks, and market needs. The traditional legal research methodology evaluates the impact of relevant case law, public policies and law practice, adopting finance, economic and IP rights theory perspectives. A digital shared ledger system technology law solution is proposed to enhance registration of security interests with the aim of making trademark finance in Canada more effective and efficient. This article is foundational in the sense that it paves the way for recommendations for new policies with a view to normalising trademark-backed debt finance processes in Canada.

The COVID 19 pandemic has exposed businesses to high uncertainty through a number of channels. While the magnitude of this economic disruption is much larger than the 2008–2009 global financial crisis, there are pertinent learnings from the latter which can accelerate the recovery envisaged after the current crisis. To identify that, in this paper, we analyse the determinants of firms' ability to maintain positive performance during an unexpected downturn. We do this by using a multinomial logit analysis on Italian automotive industry firm-level data covering the years before and after the 2008 financial crisis. The most significant results are that innovation and intangible assets play a key role in shaping the degree of firm ability to face external shocks. Our findings provide insights into solutions that have practical importance for companies pertaining to a mature industry like automotive. Learning from the economic downturn faced in 2008–2009, which we highlight in this study, can act as the first step into a green and sustainable recovery desired in the aftermath of the COVID 19 pandemic. [ABSTRACT FROM AUTHOR]

Multinational enterprises (MNEs) have incentive to reduce tax payment through transfer pricing. The incentive is stronger when MNEs own intangibles, because it is easy to transfer them across countries. To mitigate such strategic tax planning, the OECD proposes the arm's length principle (ALP). This paper deals with technology patents as an example of intangibles and investigates how the ALP affects MNEs' licensing strategies and welfare in a model with a tax haven. The ALP may distort MNEs' licensing decisions, because providing a license to unrelated firms restricts MNEs' profit-shifting opportunities due to the emergence of comparable transaction. Interestingly, the termination of licensing in the presence of the ALP may worsen domestic welfare if the (potential) licensee and the MNE's subsidiary do not compete in the domestic market but may improve welfare if they compete. The results under ad valorem royalty are in distinct contrast with those under per-unit royalty. [ABSTRACT FROM AUTHOR]

This think piece looks at the traditional reporting for intangibles and concludes that the measuring and reporting of intangibles needs a structural rethinking to incorporate 21st-century technology involving new forward-looking information and methods to provide information that is consistent with current capabilities (e.g., apps, bots, multiple databases, artificial intelligence). Traditional measurement methods, first published by Fra Luca Pacioli, satisfied business needs for centuries, but they limit modern external stakeholders' ability to evaluate and compare firms' current performance or predict their future performance. The traditional concepts of articulation, consolidation, and valuation of intangibles are inadequate, and sometimes blatantly misleading. Further, empirical research has ignored the emergence of new circumstances in business operations and accounting technology. The goal of this think piece is to discuss the traditional backward-looking approach to financial reporting for intangibles and to outline some considerations for developing a new system. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to identify the norms that underlie and condition the decisions made by preparers of financial reports. Design/methodology/approach: This interview-based study illustrates how financial report preparers engage in behaviors linked to the perception of recognition and measurement of internally generated intangible assets by important stakeholders. All of the companies included in the study adhere to International Financial Reporting Standards when creating their consolidated financial statements. The participants selected for the study are involved in accounting decisions related to research and development in accordance with International Accounting Standard (IAS) 38. Findings: The authors identify the normative assumptions underlying the recognition and measurement of internally generated intangibles, which are based on concerns of consistency, credibility and reasonableness. The authors find that the normative basis for legitimacy in financial accounting is primarily related to cognitive legitimacy and is not of a moral or pragmatic nature. Originality/value: The study reveals that recognition and measurement of internally generated intangibles in financial accounting relate to legitimacy. The authors identify specific norms that form the basis of this legitimacy, namely, consistency, credibility and reasonableness. These identified norms serve as constraints, mitigating the risk of judgment misuse within the IAS 38 framework for earnings management. [ABSTRACT FROM AUTHOR]

In this article, three small private R&D intensive European entities have been used in a case study involving game theory combined with content analysis; in an attempt to identify an optimal investment strategy. A game theory matrix is constructed for each entity based on previous exposure of investors to the entities’ capital sources. The basic concept is that the investment exposure’s size is affected by the capitalisation of internally generated intangible assets; in other words, investors consider capitalisation of intangible assets as a positive signal regarding the future economic benefits associated with the intangible asset, and as a result, they adjust their investment positions accordingly. The matrices aim to identify an optimal investment strategy in high-intensity R&D private micro entities. The game theory matrices are constructed using publicly available empirical data extracted from the financial statements of three R&D intensive private micro-entities. The game theory matrix attempts to estimate the effect of the managerial discretionary choice to capitalise or expense the development cost of internally generated intangible assets; the risk appetite of investors could be affected by the capitalisation signalling. The investment strategies are classified based on their risk in three categories. High risk is represented by equity, medium risk is represented by long-term debt and low risk is represented by short-term debt. The results of the game theory matrices indicate that if a potential investor was to select an investment strategy after the end of the investigated time frame, end of 2015 for one entity and 2016 for the other two, the dominant strategy would be a medium risk through long-term debt for Hudol limited and low risk for the other two. These dominant strategies are then evaluated ex-post by reviewing the financial positions of the entities according to the most recent financial statements and additional relevant documentation.

El contenido del artículo aborda desde el derecho y la contabilidad la histórica derivación de la concepción de patrimonio, estableciéndose además su relación con la propiedad y los activos fijos intangibles. Se enmarca en la empresa y la llamada sociedad del conocimiento con el objetivo general de fundamentar teorías de dichas disciplinas para dinamizar la sistematización de la categoría patrimonio intangible empresarial. En ese sentido, el estudio se realiza mediante la aplicación de técnicas y métodos generales de investigación. Del nivel teórico, histórico-lógico, analítico-sintético, inductivo-deductivo y abstracción-concreción, obteniéndose como resultado la inserción de la categoría patrimonio intangible empresarial a través de fundamentos que permiten su comprensión para la práctica jurídica y contable financiera. Se concluye que esta categoría novedosa corresponde o se integra a la totalidad de la propiedad o el patrimonio empresarial que, por su razón de ser en el negocio, se destina o pretende destinar al intercambio o comercio en busca de beneficios o utilidades económicas.

The nature of industry has become increasingly complex over time, and the traditional tripartite division of the economy into three sectors: primary, secondary, and tertiary sectors, which respectively encompass extraction and agriculture, industry, and commerce and services, seems to be found its limits. The traditional understanding of the factory and industry is no longer sufficient to account for recent transformations. In order to clarify the facts and processes that have emerged and previously seemed to be hidden, we must reinterpret industry. We are confronted with the emergence of a post-industrial society? This issue appears to be without merit, as when we say "after" something, we are not qualifying the thing in question; we are merely stating that it occurs subsequently. This method of expression is a means of referring to something without, in point of fact, naming it. The concept of deindustrialisation is questioned not because of a decline in industrial activity, which is a tangible reality according to the prevailing indicators, but because the emergence of new industrial production methods is overlooked. Our perspective is that we are witnessing the advent of a novel form of industrial society, in which the industrial process extends beyond the transformation of raw materials into goods. This has the effect of obscuring the distinction between industry and services. We agree with Veltz (2017) that we live in a hyper-industrial society. [ABSTRACT FROM AUTHOR]

Copyright of Contabilidad y Dirección is the property of ACCID and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Contabilidad y Dirección is the property of ACCID and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Contabilidad y Dirección is the property of ACCID and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Propiedad Inmaterial is the property of Universidad Externado de Colombia, Centro de Estudios de la Propriedad Intelectual and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: This article aims to investigate the factors influencing the evolution of intermediaries specializing in intangible assets within the context of open innovation practices. While existing literature has explored the roles and functions of innovation intermediaries, this study fills a crucial gap by examining how these intermediaries evolve over time. Design/methodology/approach: The research employs a dual approach, starting with a comprehensive literature review on innovation intermediaries. Subsequently, the study delves into the temporal dimension of an intermediary's evolution by conducting an indepth case study of a non-profit organization specializing in intangible asset management. The research methods encompass documentary analysis and semi-structured interviews to capture a holistic understanding of the intermediary's development. Findings: The empirical findings unfold in different stages, delineating how the selected organization transformed into an "innomediary." Two core functions and five pivotal factors influencing the intermediary's evolution are identified: leadership, revenue model, shared interests, open innovation, and service culture. Originality/value: This research contributes to the existing body of knowledge by addressing the temporal evolution of innovation intermediaries, specifically those focusing on intangible assets. The identification of key functions and factors influencing the intermediary's development adds original perspectives to the literature on open innovation practices. The study offers practical implications for managers and organizations involved in open innovation ecosystems. By understanding the facilitators and barriers uncovered in the case study, managers can navigate the complexities of evolving and thriving in the current open innovation landscape. While the findings are case-specific, they provide a foundation for further empirical research, both quantitative and qualitative, to generalize insights across diverse contexts.This study contributes valuable insights into the nuanced process of becoming an effective innovation intermediary. [ABSTRACT FROM AUTHOR]

Copyright of Valori e Valutazioni is the property of Societa Italiana di Estimo e Valutazione (SIEV) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Técnica Tributaria is the property of Asociacion Espanola de Asesores Fiscales and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In recent decades multinational enterprises have developed ways to reorganize production and trade through Global Value Chains (GVCs), and to manage assets and liabilities through Global Wealth Chains (GWCs). This co-evolution has permitted the hyper-extraction of labor and natural resources through financial and legal technologies, entangling value creation and wealth accumulation. While scholars have separately acknowledged the role that GVCs and GWCs play in generating distributional outcomes, entanglements of production, trade, finance, and law are now so extensive that we need a sharper analytical lens to understand their interrelations. In pursuit of such a lens, we propose a research agenda focused on chain entanglements. We argue that GVCs and GWCs are not governed by firms as separate or even sequenced processes, but rather that value creation and wealth accumulation strategies are imbricated in ways that merit careful study. We develop a framework for analyzing entangled chains based on two dimensions: 1) the relative importance of intangible versus tangible assets; and 2) the orientation of firm strategy towards value creation or wealth accumulation activities. Drawing on sector-level examples, we see a general trend in GVC-GWC entanglements towards activities that leverage intangible value and assets for wealth accumulation. We also note how labor and civic activism can highlight the failures of extant regulatory and fiscal systems and intervene on distributional struggles along entangled chains. [ABSTRACT FROM AUTHOR]

Copyright of GeSec: Revista de Gestao e Secretariado is the property of Sindicato das Secretarias e Secretarios do Estado de Sao Paulo (SINSESP) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Resilience is a concept borrowed from different fields of research like psychology, ecology and engineering and established in security studies. But the stability and relevance of the concept is not yet established as we have till the end of 2024, according to NATO agenda, to settle its substance and content. On the epistemological area, we need to establish the usefulness of such a concept as well as its identity and concrete added value to security studies since it overlaps with number of other concepts like security, vulnerability, good governance, sustainability and so on.

This paper examines the importance of marketing and relational capital in value addition. We studied the effect that relational capital has in the timber and related industries of Galicia (Spain) and Portugal for 2002–2018. The industry is characterized by a large number of SMEs, many of them operating in the subsistence and unorganized sectors. Direct marketing and personal contacts with clients are forms of enhancing the relational capital and to add value. The wood sector was divided into three major groups, namely: extraction, conversion and finished products, and using a panel data model, the value addition created by relational capital and the effect that direct marketing can have on the business were measured. While relational capital helps in creating value, its effect is not the same in every sector, implying that much has to be done by managers and CEOs to improve company relationships with stakeholders to develop business alliances.

Resilience has become a concept widely used and extensively abused in the current literature, ready to lose its original means and fighting to find and to prove its real added value and relevance. Till the end of 2024, NATO has assumed to reflect and to decide if resilience can prove its epistemological use. Those “torments” of the resilience as a concept are partially behind us since societal resilience1 has proven its added value during Russia’s war of aggression in Ukraine, being the one that explains the concrete results2 when one side has all figures on its side – manpower, capabilities, weapons and ammunition storages, ideological post – imperial upper hand – but didn’t succeed in wining the war3 . How those elements of societal resilience mix with other valid significances – like the resilience of critical infrastructure or systems that deliver specific services to the communities – is to be determined. [ABSTRACT FROM AUTHOR]

Copyright of Bulletin of the 'Carol I' National Defence University / Buletinul Universitatii Nationale de Aparare 'Carol I' is the property of Carol I National Defence University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We examine corporate rentiership in the contemporary economy and suggest that the idea we are in a moment of step-change within capitalism may be premature. Implicit in arguments for a step-change is the claim that the present-day economy emphasises unproductive or rentier forms rather than the more productive and entrepreneurial forms of the past. In contrast, we argue that to understand our current situation we need to focus on the division of labour and most especially on processes of standardisation and the rise of intangible assets. Moving from Marx's understanding of rent as a class relation, we re-embed rent within the circuit of capital and the realm of value distribution to investigate the class dynamics (among labour, capital and the state) through which giant firms seem to generate value out of rentierism. We argue that these class dynamics include the crucial and unexplored relation between standardisation and intangibles. We suggest standardisation within the division of labour renders people, places, and things interchangeable and that, in contrast, intangible assets differentiate them. When intangible assets emerge as new forms of property, they enable owners to generate scarcity and exert direct and/or indirect control over the wider division of labour. Through examining the combined rise of standardisation and intangible assets within the technical division of labour, we demonstrate how hierarchy within the social division of labour empowers some corporations to capture value produced elsewhere within the circuit of capital. [ABSTRACT FROM AUTHOR]

• R&D has a growing contribution to sales growth for fast-growth firms over time. • There is an increasing concentration of R&D positive effects across high-growth firms and negative effects for the rest of the firms. • Advertising has a growing contribution to sales growth for all types of firms except the top decile. • Capital expenditures have become less relevant for all types of firms across growth-distribution. This article presents new insights into the evolving relation among different types of investments and the growth in sales of US nonfinancial listed firms during the 1979–2018 period. By means of quantile regressions, it is observed an increasing relevance over time of intangible investments vis-à-vis a stable or declining contribution of capital expenditure for all types of firms. However, the impact of different types of intangible investment differs depending on the kind of firm. Whereas advertising has a growing relevance on all types of firms except the top decile in growth distribution, the positive effects of research and development become increasingly concentrated in high-growth firms. [ABSTRACT FROM AUTHOR]

In this article, three small private R&D intensive European entities have been used in a case study involving game theory combined with content analysis; in an attempt to identify an optimal investment strategy. A game theory matrix is constructed for each entity based on previous exposure of investors to the entities' capital sources. The basic concept is that the investment exposure's size is affected by the capitalisation of internally generated intangible assets; in other words, investors consider capitalisation of intangible assets as a positive signal regarding the future economic benefits associated with the intangible asset, and as a result, they adjust their investment positions accordingly. The matrices aim to identify an optimal investment strategy in high-intensity R&D private micro entities. The game theory matrices are constructed using publicly available empirical data extracted from the financial statements of three R&D intensive private micro-entities. The game theory matrix attempts to estimate the effect of the managerial discretionary choice to capitalise or expense the development cost of internally generated intangible assets; the risk appetite of investors could be affected by the capitalisation signalling. The investment strategies are classified based on their risk in three categories. High risk is represented by equity, medium risk is represented by long-term debt and low risk is represented by short-term debt. The results of the game theory matrices indicate that if a potential investor was to select an investment strategy after the end of the investigated time frame, end of 2015 for one entity and 2016 for the other two, the dominant strategy would be a medium risk through long-term debt for Hudol limited and low risk for the other two. These dominant strategies are then evaluated ex-post by reviewing the financial positions of the entities according to the most recent financial statements and additional relevant documentation. [ABSTRACT FROM AUTHOR]