Abstract
In most studies IC (Intellectual Capital) has been seen to consist of three elements: human capital, structural capital and relational capital. However, emerging studies suggest that that three other elements could also be included in IC visualizing and mapping: renewal capital (RC), trust capital (TC), and entrepreneurial capital (EC). The purpose of this paper is to show preliminary results from the Italian research unit of an international project on IC and value creation. We focused on EC and RC, in order to verify if they affect firm performances. Descriptive analysis techniques were applied. We utilized multi-item scales as the key constructs to operationalise entrepreneurial capital and renewal capital. Statistical analysis revealed a significant positive relationship between EBITDA and EC. Moreover, statistical data also confirm the existence of a positive influence of RC and EC levels on ROI and a positive relationship between ROA and RCReferences
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Bontis, N. (2001). Assessing knowledge assets: A review of the models used to measure intellectual capital. International Journal of Management Reviews, 3(1): 63-76. https://doi.org/10.1111/1468-2370.00053
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Cesaroni F.M., Del Baldo M., Demartini P. and Paoloni P. (2015b), Entrepreneurial and Renewal Capital of Finnish and Italian Firms. Insights From An Empirical Study in MakeLearn 2015: Managing Intellectual Capital and Innovation for Sustainable and Inclusive Society, Proceedings of the MakeLearn and TIIM Joint International Conference 27–29 May 2015, Bari, Italy, ISSN 2232-3309. https://doi.org/10.13031/iwqe2012.2013
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Davidson, H. (1987). Offensive marketing: How to make your competitors followers. London: Penguin. https://doi.org/10.1016/b978-0-7506-6248-2.50017-1
Demartini P.& Paoloni P., (2014), Defining the Entrepreneurial Capital Construct, Chinese Business Review, November 2014, Vol. 13, No. 11, 668-680 doi: 10.17265/1537-1506/2014.11.002
Demartini P., Cesaroni F.M., Del Baldo M., and Paoloni P. (2015), Intellectual Capital In Italian Firms: Evidences From an Empirical Study, 4th Workshop - Innovative Processes in SMEs, Re-positioning of SMEs in the Global Value System, University of Urbino Carlo Bo, DESP -
Department of Economics, Society, Politics, September 24th-25th 2015. Proceedings ISBN 9788894122701.
Demartini P., Cesaroni F.M., Del Baldo M., and Paoloni P. (forthcoming), Entrepreneurial and Renewal Capitals as Key Resources of Organisations, International Scientific Conference “EU Future Perspectives: Innovation, Entrepreneurship & Economic Policy” Juraj Dobrila University of Pula, Department of Economics and Tourism "Dr. Mijo Mirković, Pula, Croatia, May 21st - 23rd , 2015 (Proceedings in Press). https://doi.org/10.1080/1331677x.2016.1257844
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Edvinsson, L. (2002). Corporate Longitude. Stockholm: Book House Publishing.
Eisenhardt, K.M. & Martin, J.A. (2000). Dynamic Capabilities: What are
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Cesaroni F.M., Del Baldo M., Demartini P. and Paoloni P. (2015b), Entrepreneurial and Renewal Capital of Finnish and Italian Firms. Insights From An Empirical Study in MakeLearn 2015: Managing Intellectual Capital and Innovation for Sustainable and Inclusive Society, Proceedings of the MakeLearn and TIIM Joint International Conference 27–29 May 2015, Bari, Italy, ISSN 2232-3309. https://doi.org/10.13031/iwqe2012.2013
Cesaroni F.M., Del Baldo M., Demartini P. and Paoloni P. (2015c), Entrepreneurial, Renewal and Trust Capital: are they Factors Influencing Corporate Performance? Evidence From Italian Firms, Sidrea International Workshop: Managing and disclosing Intellectual Capital and other non-financial capitals: emerging issues, Ancona, School of Economics “G. Fuà”, 15th July 2015 Proceedings D.M. Edizioni ISBN 978-88-99198-04-06.
Cesaroni, F.M., Del Baldo, M., Demartini, P. & Paoloni, P. (2014). Intangibles and Entrepreneurial Capital. Proceedings of the 13th International Conference of the Society for Global Business and Economic Development - SGBED Managing the Intangibles: Business and Entrepreneurship Perspectives in a Global Context, Ancona, Italy, July, 16-18, 2014: 14-27. https://doi.org/10.1504/gber.2017.10003413
Chen, J., Zhu, Z. & Xie, H.Y. (2004). Measuring intellectual capital: a new model and empirical study. Journal of Intellectual Capital, 5(1): 195-212. https://doi.org/10.1108/14691930410513003
Chesbrough, H. (2003). The logic of open innovation: managing intellectual property. California Management Review, 45(3), 33-58. https://doi.org/10.2307/41166175
Chuang, S. H. (2004). A resource-based perspective on knowledge management capability and competitive advantage: an empirical investigation. Expert systems with applications, 27(3), 459-465. https://doi.org/10.1016/j.eswa.2004.05.008
Ciambotti, M., & Palazzi, F. (2015). Medie imprese italiane: un'indagine sui valori d'impresa. Piccola Impresa/Small Business, (1), 10-30. https://doi.org/10.3280/mesa2015-023007
Cioppi, M., Curina, I., Forlani, F., & Pencarelli, T. (2016). La visibilità on-line delle imprese alberghiere: un possibile modello di misurazione. Piccola Impresa/Small Business, (1), 78-98. https://doi.org/10.3280/so2013-001005
Covin J.G. & Slevin, D.P. (1991). A conceptual model of entrepreneurship as firm behavior. Entrepreneurship. Theory and Practice, 16(1): 7-25. https://doi.org/10.1007/0-387-24202-3_5
Darroch, J. (2005). Knowledge management, innovation and firm performance. Journal of knowledge management, 9(3), 101-115. https://doi.org/10.1108/13673270510602809
Davidson, H. (1987). Offensive marketing: How to make your competitors followers. London: Penguin. https://doi.org/10.1016/b978-0-7506-6248-2.50017-1
Demartini P.& Paoloni P., (2014), Defining the Entrepreneurial Capital Construct, Chinese Business Review, November 2014, Vol. 13, No. 11, 668-680 doi: 10.17265/1537-1506/2014.11.002
Demartini P., Cesaroni F.M., Del Baldo M., and Paoloni P. (2015), Intellectual Capital In Italian Firms: Evidences From an Empirical Study, 4th Workshop - Innovative Processes in SMEs, Re-positioning of SMEs in the Global Value System, University of Urbino Carlo Bo, DESP -
Department of Economics, Society, Politics, September 24th-25th 2015. Proceedings ISBN 9788894122701.
Demartini P., Cesaroni F.M., Del Baldo M., and Paoloni P. (forthcoming), Entrepreneurial and Renewal Capitals as Key Resources of Organisations, International Scientific Conference “EU Future Perspectives: Innovation, Entrepreneurship & Economic Policy” Juraj Dobrila University of Pula, Department of Economics and Tourism "Dr. Mijo Mirković, Pula, Croatia, May 21st - 23rd , 2015 (Proceedings in Press). https://doi.org/10.1080/1331677x.2016.1257844
Demartini, P. & Paoloni, P. (2013). What Effects is Entrepreneurial Capital having on the value creation in Italian companies? paper presented at 8th International Forum on Knowledge Asset Dynamics - IFKAD 2013, Zagreb: 3070-3089. https://doi.org/10.1108/mbe.26717daa.001
Dzinkowski, R. (2000). The measurement and management of intellectual capital: an introduction. Management Accounting, 78(2): 32-6. https://doi.org/10.1016/b978-0-7506-9850-4.50003-8
Edvinsson, L. (2002). Corporate Longitude. Stockholm: Book House Publishing.
Eisenhardt, K.M. & Martin, J.A. (2000). Dynamic Capabilities: What are
They? Strategic Management Journal, 21(10-11): 1105-1121. https://doi.org/10.1002/1097-0266(200010/11)21:10/11<1105::aid-smj133>3.0.co;2-e
Engstrom, T.E.J., Westnes, P. & Westnes, S. (2003). Evaluating intellectual capital in the hotel industry, Journal of Intellectual Capital, 4(3): 287-303. https://doi.org/10.1108/14691930310487761
Erikson, T. (2002). Entrepreneurial capital: the emerging venture's most important asset and competitive advantage. Journal of Business Venturing, 17(3): 275-290. https://doi.org/10.1016/s0883-9026(00)00062-8
Garcia-Morales, V., Llorens-Montes, F. & Verdu-Jover, A. (2006). Antecedents and consequences of organizational innovation and organizational learning in entrepreneurship. Industrial Management & Data Systems, 106(1): 21-42. https://doi.org/10.1108/02635570610642940
Gategory, D., Dess, G. Lumpkin, J. & Covin, G. (2010). Entrepreneurial strategy making and firm performance: Tests of contingency and configurationally models. Strategic Management Journal, 18, No. 9, 677-695. https://doi.org/10.1002/(sici)1097-0266(199710)18:9<677::aid-smj905>3.3.co;2-h
Gold, A. H., & Arvind Malhotra, A. H. S. (2001). Knowledge management: An organizational capabilities perspective. Journal of management information systems, 18(1), 185-214.. https://doi.org/10.1080/07421222.2001.11045669
Grant, R. M. (1996). Toward a knowledge‐based theory of the firm. Strategic management journal, 17(S2), 109-122. https://doi.org/10.1002/smj.4250171110
Guthrie, J. (2001). The management, measurement and the reporting of intellectual capital Journal of Intellectual Capital, 2(1): 27-41. https://doi.org/10.1108/14691930110380473
Han, J., Kim, N., & Srivastava, R. (1998). Market orientation and organizational performance: Is innovation a missing link? Journal of Marketing, 62: 30−45. https://doi.org/10.2307/1252285
Huang, Y. C., & Jim Wu, Y. C. (2010). Intellectual capital and knowledge productivity: the Taiwan biotech industry. Management decision, 48(4), 580-599. https://doi.org/10.1108/00251741011041364
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