Economics and IC Research JC Spender ESADE, LUSEM & Cranfield.
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Economics and IC Research
JC SpenderESADE, 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
• reasonable expectations of IC research
• what else besides IC/IA measurement and valuation ?
25 - Jun - 2010 2IFKAD 2010
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• ???
25 - Jun - 2010 IFKAD 2010 3
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)
25 - Jun - 2010 4IFKAD 2010
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 ?
25 - Jun - 2010 5IFKAD 2010
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
25 - Jun - 2010 6IFKAD 2010
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
25 - Jun - 2010 7IFKAD 2010
IC research methods & findings
25 - Jun - 2010 IFKAD 2010 8
market - made / priced firm-made / expectations
certainty-basedmethods
FV1, market value, ICac
samples, hypothesis testingobjective assessment,
universal laws
FV2, use-discovery, ICsm
idiosyncratic,projective methods,
Kirznerian
U - basedmethods
evolution -Nature’s agency
FV3, use-construction, ICag
idiosyncratic, historical methods,
Schumpeterian
25 - Jun - 2010 IFKAD 2010 9
IC-based value-creation ≈ entrepreneurship
market - made / priced firm-made / expectations
certainty-based
methods
FV1, market value, ICac
samples, hypothesis testingobjective assessment,
universal laws
FV2, use-discovery, ICsm
idiosyncratic,projective methods,
Kirznerian
U - basedmethods
evolution -Nature’s agency
FV3, use-construction, ICag
idiosyncratic, historical methods,
Schumpeterian
AA
BB
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
25 - Jun - 2010 IFKAD 2010 10
25 - Jun - 2010 IFKAD 2010 11
the new economy
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