Relationship Between Learning and Growth in Business

Relationship Between Learning and Growth in Business Introduction The introductory chapter begins with a description of the context of the present study and a presentation of the fundamental issue addressed in this empirical investigation. The significance of intangible assets in knowledge era, objectives, conceptual framework and contribution value of this study is also addressed in this chapter. 1.1 Research Context This section presents the broad context within which this empirical investigation is undertaken. The current problems and significance of intangible assets in knowledge era are explained. Traditionally, profit and loss figures in the balance sheet and annual financial reports are used as the main financial performance indicators for the action previously taken monitoring and crafting short term strategies. Accounting for intangible assets starts with documenting the various categories of expenses. Profit (or loss) is derived from the financial difference between sales revenue and operating cost. The costs include the expenses in brand building, customer database, training, product development, information technology, etc. These are usually treated as part of the operating cost and marketing expenses. The investment of tangible assets such as equipment, machinery, building, etc. is also recorded in balance sheet. This simple accounting record mechanism is no longer sufficient in the knowledge based economy. There is no linkage with long term strategies to compete with global competitors and survive in dynamic economic. Since an increasing share of market value in this era is not represented by inventory or physical assets. Investments in intangible assets are usually not documented in a proper systematic manner because of data non-availability. Consequently, reasonable estimates of the future performance potential of an organization could not be provided to the management. It is intriguing to note that the cause-effect relationships between marketing, production and human resource and financial performance have not so far been made operational. Prior to the knowledge era, business lived in the world of tangibles, which worked well with the traditional accounting practices. However, things are different in todays world of intangibles. Modern management style and strategic crafting have adapted in response to global competition and volatile economic environment. The industrial age management has been replaced by the knowledge age leadership, with corresponding transformational effects on the economy and workplace (Figure 1.1). The focus on tangible assets in the industrial age has shifted to intangible assets in the knowledge age. This paradigm shift encourages organizational employees to utilize their knowledge in line with organizational goals. Globalization is the main driver of knowledge economy. Toffler (1990) proposed knowledge as the key success factor in the present competition. Knowledge can be transferred by information flow from manufacturers to customers. Organization knowledge could be frequently managed by well- organized people in organization. Knowledge and information technology form an important part of intangible assets. With the realization of this paradigm shift, issues concerning intangible assets are now more widely researched and practiced. Figure 1.1 The shift in management style from industrial age to the knowledge age Intangible assets are of increasing importance for the corporate value creation  processes of all kinds of organizations. In 1978, intangible assets were determined to constitute only 5% of all assets, while they become 78% of all assets today. Some 50 to 90 percent of the value created by a firm in todays economy is estimated to come from the management of the firms intellectual capital rather than from the use and production of material goods (Guthrie and Yongvanich, 2004). Some public and private sector organizations do not attempt to incorporate the value of intangible assets. Sonnier et al. (2007) examined 150 high technology companies and found that management may want to reduce the level of disclosure to conceal sensitive strategic information in order to maintain a competitive advantage. As such, management reporting and financial statements will become increasingly irrelevant as a tool supporting meaningful decision making. Forward-thinking management has to ensure that in tangible assets are identified, monitored, built and leveraged. Financial profit alone could not guarantee the long term survival of companies. To be sustainable, companies need to understand and be able to manage intangible factors, including organizational learning and growth, internal process and external structure. Management that aspires for sustainable business growth and industrial leadership in the twenty-first century has to focus on superior management skills and knowledge under limited resources. Augier and Teece (2005) and Johanson (2005) reported that human capital, knowledge and other intangible assets have emerged as key to business performance in the economic systems. The intangible assets are the competitive edge over competitors. Srivastava et al. (1998) suggested the framework linking market-based assets to shareholder value which could be considered as the subset of present study. The market investment in brand and customer-profile databases leads to cash flows via a combination of price and share premiums, faster market penetration, reduced distribution, sales and service costs, and increased loyalty and retention. Brands are economic assets which are to create value shareholders and develop competitive advantage (Doyle, 2001). During the last three decades, brand is widely recognized as playing the key role in business. Brands influence customer choice, but the influence varies depending on the market in which the brand operates. Ittner (2008) suggested several pre vious studies that provided at least some evidence that intangible asset measurement is associated with higher performance. Several previous studies are limited by over-reliance on perceptual satisfaction or outcome variables, inadequate controls for contingency factors, simple variables for capturing complex measurement practices, and the lack of data implementation practice. In this study, the Balanced Scorecard strategy map (Kaplan and Norton, 2004) is chosen to provide a framework to illustrate how strategy links intangible assets to value creating processes. The reasons for choosing Balanced Scorecard as the stage to build the framework for the present research are as follows: First, Balanced Scorecard is a practical approach to measure the intangible assets that has been widely used in a variety of organizations over the past two decades. Second, through the strategy map concept, Balanced Scorecard provides the linkage the relationship between intangible assets and business performance including the interrelationship between intangible assets elements: 1) Learning and growth affect internal process 2) Internal process affects external structure 3) External structure affects business performance. The measures in the four perspectives are linked together by cause-effect relationships. The company builds the core competence and training to support the i nternal process. The internal process creates and delivers the customer value proposition. When the customers are satisfied, the sales and profit are delivered in terms of financial performance which is the key measure of business performance. 1.2 Research Objectives Since developed economies have become knowledge-based and technology intensive, view of the firm has significantly changed and intangible assets have become fundamental determinants of value and control. There are three fundamental elements of intangible assets which are learning and growth, internal process and external structure (Sveiby, 1997; Kaplan and Norton, 2004). The ultimate goal of firm is to maximize the business performance (financial performance, sales performance and customer fulfillment). This study aims to establish empirically the cause-effect relationship between learning and growth, internal process, external structure and business performance, including the interrelationships between the elements leading to business performance. 1.3 Expected Contributions of the Study There are two key areas of expected outcomes of the study. First, the impact of intangible assets on business performance is expected to be empirically established. In particular, the cause-effect relationship between learning and growth, internal process and external structure would be identified and analyzed. This is so that the detail underlying the relationships can be implemented in practice. Second, it is expected that the effect of business size, business sector and establishment age on the causal links between intangible assets and business performance would be established. As there are various types of firms business (service and non-service), sizes of business (large and SME), establishment age in the industry, this study would provide the pattern of cause-effect relationships between intangible assets and business performance in each business characteristic. Given the expected outcomes, the expected academic contributions of the present study would be to encourage similar studies to establish the causal links between intangible assets and business performance in other types of economies. The study would also provide the foundation for the field of intangible asset management For business practitioners, top management will benefit from the understanding of cause-effect relationship and the realization of the importance of intangible assets (learning and growth, internal business process and external structure) and business performance. With the clearer understanding, proper budget allocation and intangible assets management will be more properly focused and controlled to increase sustainable competitive advantage. The intangible assets are the strategic key to a sustainable competitive advantage and future economic profit. 1.4 Conceptual Framework During last decade years, intangible assets are widely expanded and researched. The value of intangible assets is likely to grow over time if the firm undertakes successful intangible assets management. The intangible assets in each fundamental element (learning and growth, internal process and external structure) are selected and classified as shown in Table 1.1. More detail explanation is given in Chapter 2. Table 1.1 Framework of intangible assets indicators The cause-effect relationship is covered in strategic mapping (Kaplan and Norton, 2004). There have also been several studies, e.g. Huselid and Becker (1997), Hitt et al. (2001), Liu and Tsai (2007), that examined the relationship between learning and growth and business performance as explain in more detail in Chapter 2. The main hypotheses in the present study are shown in Figure 1.2. Figure 1.2 Research hypotheses testing model H1: Learning and Growth is positively related to Internal Process H2: Internal Process is positively related to External Structure H3: External Structure is positively related to Business Performance H4: Learning and Growth is positively related to Business Performance 1.5 Outline of Methodology The research hypotheses formulated in this study were tested in the mail survey or questionnaire of registered company at the Thai Chamber of Commerce. The initial step in the analysis of the data collected focuses on examining the frequency distribution and the mean and standard deviation for each item or variable considered in this research. The next step in data analysis is to assess the validity of measures. Here the study uses item-total correlation, confirmatory factor analysis and the Cronbach alpha coefficient. The initial data analysis, and reliability and correlation analyses are performed using the SPSS statistical package. Furthermore, the structural equation modeling (SEM) EQS program (Bentler, 1995) is used to perform the confirmatory factor analysis, discriminant validity tests and testing of the structural model. The entire step-by-step model fit process from data collection by field survey questionnaires is shown in Figure 1.3. More details of research methodology ar e provided in Chapter 3. 1.6 Structure of the Thesis The thesis is structured on the basis of five chapters, which represent the different stages that are involved in the overall research process. Chapter 1 has covered the research context, current problems, purpose and expected contribution of the studies. Chapter 2 provides an extensive review of definition of intangible assets, intangible assets value and the Balanced Scorecard strategic mapping. This detail provide support to conceptual model of the study and the set of research hypotheses of the study which links learning and growth, internal process and external structure to business performance through cause-effect relationship. Chapter 3 presents the step-by-step research methodology used to conduct the study. It illustrates a range of important methodological issues including the research design, sampling, questionnaire development process, data collection and measurement of model variables. The Structural Equation Modeling (SEM) technique is briefly explained. Chapter 4 provides results of validity testing of the constructs and hypotheses of the present study by using EQS program for SEM technique and Statistical Package for Social Science (SPSS) program. Not only the results of the main research hypotheses testing model, but also other possible models are explored. Chapter 5 presents a summary of the major findings and conclusions of the study. It also suggests the long-term strategic implications of the study finding for top management. Finally, consideration is given to the limitations of this empirical investigation and suggestions are made for potential directions and strategies for future research. Literature Review This chapter reviews the definition of intangible assets and its value. The previous correlation empirical research between intangible assets and performance are reviewed. 2.1 Introduction There have been a large number of studies in intangible assets during the last two decades (see Figure 2.1). Intangible assets are involved in the customers, external structure, human resources, and internal process. The intangible assets are defined as non-financial assets without physical substance that are held for use in the production or supply of goods or services or for rental to others, or for administrative purpose (Epstein and Mirza, 2005). Intangible asset is an accounting term, but intellectual capital is a noun used in the management field. They both refer to the same thing. Therefore, Edvinsson and Malone (1997) and Tseng and Goo (2005) pointed out that intangible assets and intellectual capital are synonyms. Intangible assets are identifiable and controlled by the enterprise as a result of past events, and from which future economic benefits are expected to flow. Figure 2.1 Research development on intangible assets 2.2 Intangible Asset Element Classification Several studies have variously attempted to categorize intangible assets as summarized in Table 2.1. Some categorizations are in more common use than others. Table 2.1 Approaches for the categorization of intangible assets The purpose model of the above intangible assets researchers is summarized by Bontis (2000) in Table 2.2. Table 2.2 Purpose of intangible model In Table 2.1 and Table 2.2, there are the intangible elements correspond in each study. Wingren (2004) proposed that framework the correspond to intangible assets framework presented by Sveiby (1997) and Kaplan and Norton (1992) in Figure 2.2. Wingren (2004) mentioned that the Balanced Scorecard is primarily tool for internal development and evaluating the market value of the company for long run. Bose and Thomas (2007) implemented the concept of Balanced Scorecard to a company and they claimed that the formulating of Balanced Scorecard fits the strategic interest of the organization to achieve sustainable competitive advantage. The Balanced Scorecard encapsulates the short and long-term strategies. The motivation and evaluation of employee to achieve goal in BSC is rather than using it just as a measuring tool. When intangible assets are addressed and defined, there are four practical approaches to measure the intangible assets (Luthy, 1998): 1. Direct Intellectual Capital Method (DIC) Estimate the value of intangible assets by identifying its various components. Once these components are identified, they can be directly evaluated, either individually or as an aggregated coefficient. 2. Market Capitalization Method (MCM) Calculate the difference between a companys market capitalization and its stockholders equity as the value of the intellectual capital or intangible assets. 3. Return on Asset Method (ROA) Average pre-tax earnings of a company for a period of time are divided by the average tangible assets of the company. The result is a company ROA that is then compared with its industry average. The difference is multiplied by the companys average tangible assets to calculate an average annual earning from the intangibles. Dividing the above value of average earnings by the companys average cost of capital or an interest rate once can provide an estimate of the value of its intangible assets or intellectual capital. 4. Balanced Scorecard Method (BSC) The various components of intangible assets or intellectual capitals are identified and indicated. Indices are generated and reported in scorecards or graphs. Wingren (2004) has chosen to use the BSC concept because BSC contains outcome measures and the performance driver of outcomes, linked together in cause-effect relationships. There are linkages between customer, internal process and learning/growth with financial performance. The financial performance is the outcome and visible to the observers. 2.3 Intangible Assets in Balanced Scorecard Among the above four approaches, the Balanced Scorecard is by far the most well-known, although its original intent was not meant to be the measure for intangible assets, as discussed by Marr and Adams (2004) and Mouritsen et al. (2005). The Balanced Scorecard may be used to measure all the intangible assets in Table 2.1. Bose and Thomas (2007) recently applied the Balanced Scorecard in an empirical study of the Foster Brewing Group. The formulating of a scorecard that best fits the strategic interest of the organization is considered vital. In their view, the Balanced Scorecard is never really complete because the business environment (new competitors, changing customer demand, etc.) is dynamic and constantly evolving. As is already well-known, the Balanced Scorecard was introduced by Kaplan and Norton (1992) as a tool to link financial performance with non-financial performance dimensions: learning and growth, internal process and customer perspectives. Linkages and relationships between customers, internal process and learning/growth with financial performance are shown in Figure 2.3. The Balanced Scorecard acts as a measurement system, a strategic management system, and a communication tool. Seggie et al. (2007) made an argument for the Balanced Scorecard to be the measurement tool in marketing to measure non-financial assets and provide the organization with a long-term perspective. The Balanced Scorecard is at least partially forward-looking and partially geared toward the long-term performance of the firm. The Balanced Scorecard concept has been examined the performance measurement of bonus plan in major financial services firm. Ittner et al. (2003) recommended that the future research on Bal anced Scorecard adoption and performance consequences must move to encompass the entire implementation process. . The concept of cause-effect relationship separates the Balanced Scorecard from other performance management systems. The measures appearing on the scorecard should be linked together in a series of cause-effect relationships to tell the organizations strategic story. Increasing promotional expenses will lead to the increase in brand value. Increased brand value will lead to higher sales revenue The investment of human capital will create the continuous learning and growth in the organization. When the employees have more experience and knowledge, they can create the internal process which serves and fulfills customer satisfaction. The profit and revenue are the final outcomes of this causal chain. Heskett et al. (1994) explained that the linkage of the above model that investment in employee training leads to improvement in service quality. Better service quality lead to higher customer satisfaction. Higher customer satisfaction leads to increased customer loyalty. Increased customer loyalty generates increased revenues and margins. The following are five principles of successful Balanced Scorecard users (Kaplan and Norton, 2004): 1. Mobilize change through executive leadership 2. Translate the strategy into operational term 3. Align the organization to the strategy 4. Make strategy everyones job 5. Make strategy a continual process Intangible assets can be considered very much part of the Balanced Scorecard. Intangible assets are linked mainly to the marketing and human resources. Following is the review of intangible assets in Balanced Scorecard by Kaplan and Norton (1992) and intangible asset monitored by Sveiby (1997) are reviewed. By using the categories developed by Hall (1993), Sveiby (1997), Shaikh (2004) and Roos et al. (1997) reviewed and classified the intangible assets into a framework of internal structure, external structure, and employee competence as shown in Table 2.3. Table 2.3 Framework of intellectual capital/ intangible assets indicators From the above table, the intangible assets are reviewed as follows. 1. Learning and Growth The learning and growth is the capacity of employee to act in a wide variety of situations. Employee is the most valuable asset of the company in the highly competitive market. It is the one asset that creates uniqueness to the company and differentiates the company from the competitors. Sveiby (1997) emphasized employee capability as a key asset for organization growth. Employee satisfaction refers primarily to job and what employees perceive as offerings. Employee satisfaction is positively related to organizational commitment. There are several studies mentioned that human resource is effect to business performance. Huselid (1999) and Hand (1998) have reported the existence of a positive and significant relationship between investments in human resources and the market value of companies. Huselid and Becker (1997) found that there is a strongly positive relationship between a high performance human resource systems and firm performance. Bontis et al. (2000) found that human capita l had positive effect on customer retention and loyalty regardless of industry type. Hitt et al. (2001) and Hurwitz et al. (2002) found that human capital has a positive effect on performance. Also, human capital is shown to have moderate cause-effect relationships with strategy and firm performance. Moon and Kym (2006) confirmed that human capital, structural capital and relational capital have direct impact on intellectual capital. Liu and Tsai (2007) surveyed 560 managers from major Taiwanese hi-tech companies and found that knowledge management has a positive effect on operating performance. Lin and Kuo(2007) also investigated that human resource management influences operational performance indirectly through organizational learning and knowledge management capability. Knowledge is one of learning and growth perspective. In knowledge era, the knowledge management has been widely studies. The knowledge is lost by the organization when the employees leave the firm (Ordonez de Pablos, 2004). McKeen et al.(2006) founded that knowledge management was positive significant to overall organization performance (product leadership, customer intimacy and operational excellence) which is part of internal and customer perspectives in Balanced Scorecard. Organization performance was significant to financial performance. There was no significant direct relationship between knowledge management and financial performance. The knowledge sharing is a key issue in order to enhance the innovation capability that is one of internal process (Saenz et al., 2009). There is also the linkage of learning and growth and internal process. Forcadell and Guadamillas (2002) studies a firm used knowledge management to develop a process of continuous innovation which is in the inter nal business process perspective. 2. Internal Process The internal process includes patents, concepts, models, information technology systems, administrative systems and organizational culture (Aaker, 1991). Such leading companies as GE, Sony, IBM, or Ford used to cover a wide variety of products, but after finding that they could not sustain all product lines, they switched to selective products, while improving the intangible factors, quality and innovation. Deng et al. (1999) suggested that patent attributes are statistically associated with stock return and market to book ratio. Research and Development is one of intangible assets which is the most importance performance. Chu et al. (2008) founded that the valuation of assets and long-term focused in operation of US ICs firms are higher than the firms in Taiwan. 3. External Structure The external structure includes relationship with customers and suppliers. The Balanced Scorecard is concerned only customer value proposition, but the external structure covers supplier. The external structure also encompasses brand-names, customer loyalty, customer satisfaction and the companys reputation or goodwill. In the brand valuation terminology, brand is a large bundle of trademarks and associated intellectual property rights. Cravens and Guilding (1999) reported that brand valuation is one of the most effective means for business to bring accounting and marketing closer for the purpose of strategic brand management and effective means of communication between marketing and accounting. A branded business valuation is based on a discounted cash flow analysis of future earnings for that business discounted at the appropriate cost of capital. The value of the brand business is made up of a number of tangible and intangible assets. There are 2 brand evaluation models 1) research-based approaches measure consumer behavior and attitudes that have an impact on the economic performance of brands. No financial value on brands is in this model 2) purely financially driven approaches. Relationship Between Learning and Growth in Business Relationship Between Learning and Growth in Business Introduction The introductory chapter begins with a description of the context of the present study and a presentation of the fundamental issue addressed in this empirical investigation. The significance of intangible assets in knowledge era, objectives, conceptual framework and contribution value of this study is also addressed in this chapter. 1.1 Research Context This section presents the broad context within which this empirical investigation is undertaken. The current problems and significance of intangible assets in knowledge era are explained. Traditionally, profit and loss figures in the balance sheet and annual financial reports are used as the main financial performance indicators for the action previously taken monitoring and crafting short term strategies. Accounting for intangible assets starts with documenting the various categories of expenses. Profit (or loss) is derived from the financial difference between sales revenue and operating cost. The costs include the expenses in brand building, customer database, training, product development, information technology, etc. These are usually treated as part of the operating cost and marketing expenses. The investment of tangible assets such as equipment, machinery, building, etc. is also recorded in balance sheet. This simple accounting record mechanism is no longer sufficient in the knowledge based economy. There is no linkage with long term strategies to compete with global competitors and survive in dynamic economic. Since an increasing share of market value in this era is not represented by inventory or physical assets. Investments in intangible assets are usually not documented in a proper systematic manner because of data non-availability. Consequently, reasonable estimates of the future performance potential of an organization could not be provided to the management. It is intriguing to note that the cause-effect relationships between marketing, production and human resource and financial performance have not so far been made operational. Prior to the knowledge era, business lived in the world of tangibles, which worked well with the traditional accounting practices. However, things are different in todays world of intangibles. Modern management style and strategic crafting have adapted in response to global competition and volatile economic environment. The industrial age management has been replaced by the knowledge age leadership, with corresponding transformational effects on the economy and workplace (Figure 1.1). The focus on tangible assets in the industrial age has shifted to intangible assets in the knowledge age. This paradigm shift encourages organizational employees to utilize their knowledge in line with organizational goals. Globalization is the main driver of knowledge economy. Toffler (1990) proposed knowledge as the key success factor in the present competition. Knowledge can be transferred by information flow from manufacturers to customers. Organization knowledge could be frequently managed by well- organized people in organization. Knowledge and information technology form an important part of intangible assets. With the realization of this paradigm shift, issues concerning intangible assets are now more widely researched and practiced. Figure 1.1 The shift in management style from industrial age to the knowledge age Intangible assets are of increasing importance for the corporate value creation  processes of all kinds of organizations. In 1978, intangible assets were determined to constitute only 5% of all assets, while they become 78% of all assets today. Some 50 to 90 percent of the value created by a firm in todays economy is estimated to come from the management of the firms intellectual capital rather than from the use and production of material goods (Guthrie and Yongvanich, 2004). Some public and private sector organizations do not attempt to incorporate the value of intangible assets. Sonnier et al. (2007) examined 150 high technology companies and found that management may want to reduce the level of disclosure to conceal sensitive strategic information in order to maintain a competitive advantage. As such, management reporting and financial statements will become increasingly irrelevant as a tool supporting meaningful decision making. Forward-thinking management has to ensure that in tangible assets are identified, monitored, built and leveraged. Financial profit alone could not guarantee the long term survival of companies. To be sustainable, companies need to understand and be able to manage intangible factors, including organizational learning and growth, internal process and external structure. Management that aspires for sustainable business growth and industrial leadership in the twenty-first century has to focus on superior management skills and knowledge under limited resources. Augier and Teece (2005) and Johanson (2005) reported that human capital, knowledge and other intangible assets have emerged as key to business performance in the economic systems. The intangible assets are the competitive edge over competitors. Srivastava et al. (1998) suggested the framework linking market-based assets to shareholder value which could be considered as the subset of present study. The market investment in brand and customer-profile databases leads to cash flows via a combination of price and share premiums, faster market penetration, reduced distribution, sales and service costs, and increased loyalty and retention. Brands are economic assets which are to create value shareholders and develop competitive advantage (Doyle, 2001). During the last three decades, brand is widely recognized as playing the key role in business. Brands influence customer choice, but the influence varies depending on the market in which the brand operates. Ittner (2008) suggested several pre vious studies that provided at least some evidence that intangible asset measurement is associated with higher performance. Several previous studies are limited by over-reliance on perceptual satisfaction or outcome variables, inadequate controls for contingency factors, simple variables for capturing complex measurement practices, and the lack of data implementation practice. In this study, the Balanced Scorecard strategy map (Kaplan and Norton, 2004) is chosen to provide a framework to illustrate how strategy links intangible assets to value creating processes. The reasons for choosing Balanced Scorecard as the stage to build the framework for the present research are as follows: First, Balanced Scorecard is a practical approach to measure the intangible assets that has been widely used in a variety of organizations over the past two decades. Second, through the strategy map concept, Balanced Scorecard provides the linkage the relationship between intangible assets and business performance including the interrelationship between intangible assets elements: 1) Learning and growth affect internal process 2) Internal process affects external structure 3) External structure affects business performance. The measures in the four perspectives are linked together by cause-effect relationships. The company builds the core competence and training to support the i nternal process. The internal process creates and delivers the customer value proposition. When the customers are satisfied, the sales and profit are delivered in terms of financial performance which is the key measure of business performance. 1.2 Research Objectives Since developed economies have become knowledge-based and technology intensive, view of the firm has significantly changed and intangible assets have become fundamental determinants of value and control. There are three fundamental elements of intangible assets which are learning and growth, internal process and external structure (Sveiby, 1997; Kaplan and Norton, 2004). The ultimate goal of firm is to maximize the business performance (financial performance, sales performance and customer fulfillment). This study aims to establish empirically the cause-effect relationship between learning and growth, internal process, external structure and business performance, including the interrelationships between the elements leading to business performance. 1.3 Expected Contributions of the Study There are two key areas of expected outcomes of the study. First, the impact of intangible assets on business performance is expected to be empirically established. In particular, the cause-effect relationship between learning and growth, internal process and external structure would be identified and analyzed. This is so that the detail underlying the relationships can be implemented in practice. Second, it is expected that the effect of business size, business sector and establishment age on the causal links between intangible assets and business performance would be established. As there are various types of firms business (service and non-service), sizes of business (large and SME), establishment age in the industry, this study would provide the pattern of cause-effect relationships between intangible assets and business performance in each business characteristic. Given the expected outcomes, the expected academic contributions of the present study would be to encourage similar studies to establish the causal links between intangible assets and business performance in other types of economies. The study would also provide the foundation for the field of intangible asset management For business practitioners, top management will benefit from the understanding of cause-effect relationship and the realization of the importance of intangible assets (learning and growth, internal business process and external structure) and business performance. With the clearer understanding, proper budget allocation and intangible assets management will be more properly focused and controlled to increase sustainable competitive advantage. The intangible assets are the strategic key to a sustainable competitive advantage and future economic profit. 1.4 Conceptual Framework During last decade years, intangible assets are widely expanded and researched. The value of intangible assets is likely to grow over time if the firm undertakes successful intangible assets management. The intangible assets in each fundamental element (learning and growth, internal process and external structure) are selected and classified as shown in Table 1.1. More detail explanation is given in Chapter 2. Table 1.1 Framework of intangible assets indicators The cause-effect relationship is covered in strategic mapping (Kaplan and Norton, 2004). There have also been several studies, e.g. Huselid and Becker (1997), Hitt et al. (2001), Liu and Tsai (2007), that examined the relationship between learning and growth and business performance as explain in more detail in Chapter 2. The main hypotheses in the present study are shown in Figure 1.2. Figure 1.2 Research hypotheses testing model H1: Learning and Growth is positively related to Internal Process H2: Internal Process is positively related to External Structure H3: External Structure is positively related to Business Performance H4: Learning and Growth is positively related to Business Performance 1.5 Outline of Methodology The research hypotheses formulated in this study were tested in the mail survey or questionnaire of registered company at the Thai Chamber of Commerce. The initial step in the analysis of the data collected focuses on examining the frequency distribution and the mean and standard deviation for each item or variable considered in this research. The next step in data analysis is to assess the validity of measures. Here the study uses item-total correlation, confirmatory factor analysis and the Cronbach alpha coefficient. The initial data analysis, and reliability and correlation analyses are performed using the SPSS statistical package. Furthermore, the structural equation modeling (SEM) EQS program (Bentler, 1995) is used to perform the confirmatory factor analysis, discriminant validity tests and testing of the structural model. The entire step-by-step model fit process from data collection by field survey questionnaires is shown in Figure 1.3. More details of research methodology ar e provided in Chapter 3. 1.6 Structure of the Thesis The thesis is structured on the basis of five chapters, which represent the different stages that are involved in the overall research process. Chapter 1 has covered the research context, current problems, purpose and expected contribution of the studies. Chapter 2 provides an extensive review of definition of intangible assets, intangible assets value and the Balanced Scorecard strategic mapping. This detail provide support to conceptual model of the study and the set of research hypotheses of the study which links learning and growth, internal process and external structure to business performance through cause-effect relationship. Chapter 3 presents the step-by-step research methodology used to conduct the study. It illustrates a range of important methodological issues including the research design, sampling, questionnaire development process, data collection and measurement of model variables. The Structural Equation Modeling (SEM) technique is briefly explained. Chapter 4 provides results of validity testing of the constructs and hypotheses of the present study by using EQS program for SEM technique and Statistical Package for Social Science (SPSS) program. Not only the results of the main research hypotheses testing model, but also other possible models are explored. Chapter 5 presents a summary of the major findings and conclusions of the study. It also suggests the long-term strategic implications of the study finding for top management. Finally, consideration is given to the limitations of this empirical investigation and suggestions are made for potential directions and strategies for future research. Literature Review This chapter reviews the definition of intangible assets and its value. The previous correlation empirical research between intangible assets and performance are reviewed. 2.1 Introduction There have been a large number of studies in intangible assets during the last two decades (see Figure 2.1). Intangible assets are involved in the customers, external structure, human resources, and internal process. The intangible assets are defined as non-financial assets without physical substance that are held for use in the production or supply of goods or services or for rental to others, or for administrative purpose (Epstein and Mirza, 2005). Intangible asset is an accounting term, but intellectual capital is a noun used in the management field. They both refer to the same thing. Therefore, Edvinsson and Malone (1997) and Tseng and Goo (2005) pointed out that intangible assets and intellectual capital are synonyms. Intangible assets are identifiable and controlled by the enterprise as a result of past events, and from which future economic benefits are expected to flow. Figure 2.1 Research development on intangible assets 2.2 Intangible Asset Element Classification Several studies have variously attempted to categorize intangible assets as summarized in Table 2.1. Some categorizations are in more common use than others. Table 2.1 Approaches for the categorization of intangible assets The purpose model of the above intangible assets researchers is summarized by Bontis (2000) in Table 2.2. Table 2.2 Purpose of intangible model In Table 2.1 and Table 2.2, there are the intangible elements correspond in each study. Wingren (2004) proposed that framework the correspond to intangible assets framework presented by Sveiby (1997) and Kaplan and Norton (1992) in Figure 2.2. Wingren (2004) mentioned that the Balanced Scorecard is primarily tool for internal development and evaluating the market value of the company for long run. Bose and Thomas (2007) implemented the concept of Balanced Scorecard to a company and they claimed that the formulating of Balanced Scorecard fits the strategic interest of the organization to achieve sustainable competitive advantage. The Balanced Scorecard encapsulates the short and long-term strategies. The motivation and evaluation of employee to achieve goal in BSC is rather than using it just as a measuring tool. When intangible assets are addressed and defined, there are four practical approaches to measure the intangible assets (Luthy, 1998): 1. Direct Intellectual Capital Method (DIC) Estimate the value of intangible assets by identifying its various components. Once these components are identified, they can be directly evaluated, either individually or as an aggregated coefficient. 2. Market Capitalization Method (MCM) Calculate the difference between a companys market capitalization and its stockholders equity as the value of the intellectual capital or intangible assets. 3. Return on Asset Method (ROA) Average pre-tax earnings of a company for a period of time are divided by the average tangible assets of the company. The result is a company ROA that is then compared with its industry average. The difference is multiplied by the companys average tangible assets to calculate an average annual earning from the intangibles. Dividing the above value of average earnings by the companys average cost of capital or an interest rate once can provide an estimate of the value of its intangible assets or intellectual capital. 4. Balanced Scorecard Method (BSC) The various components of intangible assets or intellectual capitals are identified and indicated. Indices are generated and reported in scorecards or graphs. Wingren (2004) has chosen to use the BSC concept because BSC contains outcome measures and the performance driver of outcomes, linked together in cause-effect relationships. There are linkages between customer, internal process and learning/growth with financial performance. The financial performance is the outcome and visible to the observers. 2.3 Intangible Assets in Balanced Scorecard Among the above four approaches, the Balanced Scorecard is by far the most well-known, although its original intent was not meant to be the measure for intangible assets, as discussed by Marr and Adams (2004) and Mouritsen et al. (2005). The Balanced Scorecard may be used to measure all the intangible assets in Table 2.1. Bose and Thomas (2007) recently applied the Balanced Scorecard in an empirical study of the Foster Brewing Group. The formulating of a scorecard that best fits the strategic interest of the organization is considered vital. In their view, the Balanced Scorecard is never really complete because the business environment (new competitors, changing customer demand, etc.) is dynamic and constantly evolving. As is already well-known, the Balanced Scorecard was introduced by Kaplan and Norton (1992) as a tool to link financial performance with non-financial performance dimensions: learning and growth, internal process and customer perspectives. Linkages and relationships between customers, internal process and learning/growth with financial performance are shown in Figure 2.3. The Balanced Scorecard acts as a measurement system, a strategic management system, and a communication tool. Seggie et al. (2007) made an argument for the Balanced Scorecard to be the measurement tool in marketing to measure non-financial assets and provide the organization with a long-term perspective. The Balanced Scorecard is at least partially forward-looking and partially geared toward the long-term performance of the firm. The Balanced Scorecard concept has been examined the performance measurement of bonus plan in major financial services firm. Ittner et al. (2003) recommended that the future research on Bal anced Scorecard adoption and performance consequences must move to encompass the entire implementation process. . The concept of cause-effect relationship separates the Balanced Scorecard from other performance management systems. The measures appearing on the scorecard should be linked together in a series of cause-effect relationships to tell the organizations strategic story. Increasing promotional expenses will lead to the increase in brand value. Increased brand value will lead to higher sales revenue The investment of human capital will create the continuous learning and growth in the organization. When the employees have more experience and knowledge, they can create the internal process which serves and fulfills customer satisfaction. The profit and revenue are the final outcomes of this causal chain. Heskett et al. (1994) explained that the linkage of the above model that investment in employee training leads to improvement in service quality. Better service quality lead to higher customer satisfaction. Higher customer satisfaction leads to increased customer loyalty. Increased customer loyalty generates increased revenues and margins. The following are five principles of successful Balanced Scorecard users (Kaplan and Norton, 2004): 1. Mobilize change through executive leadership 2. Translate the strategy into operational term 3. Align the organization to the strategy 4. Make strategy everyones job 5. Make strategy a continual process Intangible assets can be considered very much part of the Balanced Scorecard. Intangible assets are linked mainly to the marketing and human resources. Following is the review of intangible assets in Balanced Scorecard by Kaplan and Norton (1992) and intangible asset monitored by Sveiby (1997) are reviewed. By using the categories developed by Hall (1993), Sveiby (1997), Shaikh (2004) and Roos et al. (1997) reviewed and classified the intangible assets into a framework of internal structure, external structure, and employee competence as shown in Table 2.3. Table 2.3 Framework of intellectual capital/ intangible assets indicators From the above table, the intangible assets are reviewed as follows. 1. Learning and Growth The learning and growth is the capacity of employee to act in a wide variety of situations. Employee is the most valuable asset of the company in the highly competitive market. It is the one asset that creates uniqueness to the company and differentiates the company from the competitors. Sveiby (1997) emphasized employee capability as a key asset for organization growth. Employee satisfaction refers primarily to job and what employees perceive as offerings. Employee satisfaction is positively related to organizational commitment. There are several studies mentioned that human resource is effect to business performance. Huselid (1999) and Hand (1998) have reported the existence of a positive and significant relationship between investments in human resources and the market value of companies. Huselid and Becker (1997) found that there is a strongly positive relationship between a high performance human resource systems and firm performance. Bontis et al. (2000) found that human capita l had positive effect on customer retention and loyalty regardless of industry type. Hitt et al. (2001) and Hurwitz et al. (2002) found that human capital has a positive effect on performance. Also, human capital is shown to have moderate cause-effect relationships with strategy and firm performance. Moon and Kym (2006) confirmed that human capital, structural capital and relational capital have direct impact on intellectual capital. Liu and Tsai (2007) surveyed 560 managers from major Taiwanese hi-tech companies and found that knowledge management has a positive effect on operating performance. Lin and Kuo(2007) also investigated that human resource management influences operational performance indirectly through organizational learning and knowledge management capability. Knowledge is one of learning and growth perspective. In knowledge era, the knowledge management has been widely studies. The knowledge is lost by the organization when the employees leave the firm (Ordonez de Pablos, 2004). McKeen et al.(2006) founded that knowledge management was positive significant to overall organization performance (product leadership, customer intimacy and operational excellence) which is part of internal and customer perspectives in Balanced Scorecard. Organization performance was significant to financial performance. There was no significant direct relationship between knowledge management and financial performance. The knowledge sharing is a key issue in order to enhance the innovation capability that is one of internal process (Saenz et al., 2009). There is also the linkage of learning and growth and internal process. Forcadell and Guadamillas (2002) studies a firm used knowledge management to develop a process of continuous innovation which is in the inter nal business process perspective. 2. Internal Process The internal process includes patents, concepts, models, information technology systems, administrative systems and organizational culture (Aaker, 1991). Such leading companies as GE, Sony, IBM, or Ford used to cover a wide variety of products, but after finding that they could not sustain all product lines, they switched to selective products, while improving the intangible factors, quality and innovation. Deng et al. (1999) suggested that patent attributes are statistically associated with stock return and market to book ratio. Research and Development is one of intangible assets which is the most importance performance. Chu et al. (2008) founded that the valuation of assets and long-term focused in operation of US ICs firms are higher than the firms in Taiwan. 3. External Structure The external structure includes relationship with customers and suppliers. The Balanced Scorecard is concerned only customer value proposition, but the external structure covers supplier. The external structure also encompasses brand-names, customer loyalty, customer satisfaction and the companys reputation or goodwill. In the brand valuation terminology, brand is a large bundle of trademarks and associated intellectual property rights. Cravens and Guilding (1999) reported that brand valuation is one of the most effective means for business to bring accounting and marketing closer for the purpose of strategic brand management and effective means of communication between marketing and accounting. A branded business valuation is based on a discounted cash flow analysis of future earnings for that business discounted at the appropriate cost of capital. The value of the brand business is made up of a number of tangible and intangible assets. There are 2 brand evaluation models 1) research-based approaches measure consumer behavior and attitudes that have an impact on the economic performance of brands. No financial value on brands is in this model 2) purely financially driven approaches.

Dr. Henry Jekyll (and Mr.Hyde) was born in to a society of morality, respectability and religion Essay

Dr. Henry Jekyll was born in to a society of morality, respectability and religion. It was believed that ‘progress’ could only be made if everyone was self-disciplined and moralistic. Authors such as Samuel Smiles wrote â€Å"Self-Help† guides. All this was aimed to help the rich get richer and the poor get poorer. In an age of stern, industrious hypocrites, respect was everything to the upper and middle classes. People denied themselves alcohol, gambling and prostitution to gain the respect of others. Jekyll refers to these denied as â€Å"pleasures†. People lived without these â€Å"pleasures† but soon began to wonder what they were missing. This brought about the â€Å"slum adventurers†. These were middle and upper class men who wanted to keep the respect of their society but, through anonymity, still indulge in the â€Å"pleasures† the poor slums had to offer. They would work by day in their offices and at night would journey down t o the alleys of the slums. A person such as Mr Utterson, a London lawyer who does not wish to indulge in pleasures is of a vicarious nature. It is noticed that â€Å"†¦though he enjoyed the theatre, [he] had not crossed the doors of one in twenty years†. It is this vicariousness that helps him solve the case of Dr. Jekyll and Mr Hyde. Utterson is the opposite of Jekyll in the way that Utterson keeps the respectability of the Victorian society, whereas Jekyll ‘rebels’. The rebellious nature of Jekyll leads him to discover how to transform his appearance. Dr. Lanyon, a respectable conventional doctor of Victorian society frowns on Jekyll mostly secret work, which he refers to as â€Å"unscientific balderdash†. In the beginning it is difficult for us to feel sympathy for Dr. Jekyll: he is acting by his own conscience. At this current stage, he is in no way addicted to Mr. Hyde. Even the sight of Mr. Hyde â€Å"†¦ pale and dwarfish†¦ who gave the impression of deformity but with no nameable malformation†, according to Mr. Utterson, who â€Å"†¦had taken a loathing to my gentleman at first sight†, should have forced Jekyll to recognise that Hyde was evil. It is very difficult to feel sympathy for Jekyll after we are told about when Hyde â€Å"†¦trampled calmly over†¦Ã¢â‚¬  a young girl’s body. Normally after this event anyone else would have ceased his transformation into Hyde. But Jekyll starts to become addicted to taking the drugs (as with modern addictions) and continues to turn into Hyde even after trampling the girl. As if trampling the girl was not a big enough deterrent Hyde brutally murders Sir Danvers Carew. Jekyll, knowing what had happened, easily accepts it and shifts the blame to Hyde. He shows this in Dr Jekyll’s full statement of the case, â€Å"it was Hyde, after all, and Hyde alone that is guilty†. The ease at which he accepts this and shifts the blame could almost be inhuman. But after he discovers that he begins to change into Hyde spontaneously, without the drug we see he is very self centred and selfish, â€Å"I must have stared upon it half a minute†¦I rushed to the mirror†¦ my blood was something exquisitely thin and icy†. Even though Jekyll is selfish about this, not mentioning what a terrible thing that he made now controls. We can feel some sympathy for knowing that he is trapped and at anytime Hyde might emerge over which Jekyll has no control. Alternatively we can have sympathy for a man that failed to have foreseen what would happen and stopped the process as soon as possible. But he continued to satisfy his need for the â€Å"pleasures† which otherwise eluded him. It is also very difficult to feel sorry for someone who knows and remembers what happens, but does not take action to prevent it. â€Å"My two natures had memory in common†. Surely the memories of the girl and Carew should be painful enough to force any sane and humane person to put a stop to Hyde’s actions. Hyde goes into hiding after Carew’s murder in fear of being hung, should he be caught. This removes a lot of the sympathy we may otherwise feel towards Jekyll at this point, as yet again he shows signs of being selfish and putting himself before everyone else. Some of this sympathy is regained when he is in hiding, he begins to show genuine remorse for Carew’s death. In the statement of the case, Jekyll finally admits to Hyde’s evil by saying â€Å"†¦It was no longer the fear of the gallows, it was the horror of being Hyde that racked me.† This shows that Jekyll has become altruistic. Jekyll has now begun to put himself after everyone. He now excepts the he must not let Hyde free again for fear of him committing more evil. It is now we finally begin to feel sympathy and start to respect Jekyll for trying to put a stop to Hyde. Finally Jekyll commits suicide to save the world from the terror and evil Hyde could unleash. This gains him the greatest respect and sympathy. He took his life to save others from the extreme evil he had inadvertently created. He finally takes ultimate responsibility and puts a stop to Hyde. In conclusion I think that Jekyll was a victim of Victorian society where respect was everything. In some parts it is hard to offer our sympathy but his final act was one that one must respect and offer sympathy for the pain Jekyll went through. As we have seen restricting things from people can only bring out the bad side of them, as Jekyll explains, â€Å"My devil had been long caged, he came out roaring†. Personal freedom is one of our greatest assets and one we take very much for granted.

If You Read Nothing Else Today, Read This Report on Term Papers for Money

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Moon Landing Conspiracy - 807 Words

Scientific Facts for Moon Landing Conspiracy Theorists: An Essay on the Apollo 11 Conspiracies Tatiana Odishoo Ms. Betances, English 1 Pre-IB Global Issue Research Paper June1, 2011 Odishoo, Tatiana Ms. Betances/ English 1 Pre-IB Per.5 Global Issue Draft 20 May 2011 Scientific Facts for Moon Landing Conspiracy Theorists People around the globe are familiar with the triumphant words, â€Å"One small step for man, one giant leap for mankind.† However, nearly 20% (Russo) believe they were not said up in space, but in a set created by Americans unable to get to the actual moon. It’s concerning that some people think the moon landing was faked, and the conspiracy is starting to become a global issue. The lunar landing was not a hoax.†¦show more content†¦And why the Soviets (also in the space race to get to the moon) did not show any signs of protest? Every conspiracy theory about the Lunar Landing can be posed, but every single one has a logical retaliation, backed up by nothing but scientific fact. Works Cited Russo, Steven. Yes We Did Land on the Moon. Schenectady, NY: Schenectady Museum and Suits-Bueche Planetarium Dylan. An Analysis of the Effects of the Apollo 11 Moon Landing on 20th Century Society. Journal of the 20th Century, May 26, 2009 Schadewald, Robert J. The Flat-out Truth: Earth Orbits? Moon Landings? A Fraud! Says This Prophet. New York, July 1980 â€Å"Another Photograph Fueling the Moon Landing Conspiracy Theory† The Neil Armstrong Moon Landing: Hoax or Reality. April, 2011 â€Å"The Goods and Bads: Fox TV and the Apollo Moon Hoax† Bad Astronomy. February 13,Show MoreRelatedConspiracy Theories: Moon Landing Essay1292 Words   |  6 PagesConspiracy theories have been around since the beginning of time. When NASA sent the first landed on the moon, there are people who believed that NASA faked the moon landings. 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It wasn t until I really sat down and thought about it that I realized the moon landing was questionable. As a kid I always thought it would be amazing to be an astronaut so the thought that maybe there is no real astronauts at all had me concerned. On July 20th 1969, the Apollo 11 with astronaut Neil Armstrong and his crew, guided by thousands of NASA technicians, supposedly landed in the surface of the moon. This landing at its time was considered the mostRead MoreMoon Landing Conspiracy And Its Effects On The World Essay1894 Words   |  8 PagesMoon Landing Conspiracy The United States and Mankind have gone on to do many amazing feats that were once though impossible. However, nothing comes to be quite as amazing as the Apollo 11 mission that landed the first men on the surface of the moon. At the time this act caused widespread celebration, and cheer. Over the years some people started to doubt the legitimacy of what occurred on that day back in 1969. These people came on to form the basis of the moon landing conspiracy theory. A theoryRead MoreApollo 11 Moon Landing/ Conspiracy Paper2749 Words   |  11 Pages Apollo11 Moon Landing, Was it Just a Fake? Many accomplishments throughout the years, in the United States have formed our country to a nationalist society. On July 20th, 1969, the Mission Control Center in Houston, Texas received the call, â€Å"Houston†, which confirmed the landing of these three astronauts on the moon. Recently though, many discussions of the Apollo 11 mission have astonished thoughts of many Americans. Conspiracy theorists are looking at the Moon Landing as a hoax andRead MoreStar Trek Is Real?1183 Words   |  5 PagesStar Trek is Real?: An Analysis on the Moon Landing Conspiracy On September 08, 1966, Captain James T. Kirk set out on his 5 year long voyage in his starship, the Enterprise, with his crew-mates to go where no man has gone before. This isn’t history but the air date and the synopsis for the fictional TV show Star Trek, about a captain and his crew exploring the wonders the galaxy. A great and fictional TV series Star Trek was, it is more surprising that in just approximately 3 years after this dateRead MoreAmericans DID Land on the Moon1056 Words   |  4 PagesCongress, his ambitious goal of sending a human to the moon before the end of the decade. However, this enormous goal, that would appear to be a catalyst for domestic pride, has as many ties to the Cold War, as it does to the moon itself. Regardless of this, when Apollo 11 landed on the moon in July of 1969, the entire country rejoiced. While some doubted the motives of Kennedy’s goal, a bigger conspiracy may have lay just beneath the surface; a conspiracy that could have shaken the entire country and enragedRead MoreThe Discovery Of The Apollo 11 Moon Landing1327 Words   |  6 Pages9/11/15 Jared Barney Earth Landing Stanford Earth Landing 20% of the world are convinced that the Apollo 11 moon-landing in July 20, 1969 was faked. For the past several decades, a small group of NASA-watching sleuths has repeatedly tried to pawn off the incredulous idea that the Apollo Moon program really was an elaborate, $30 billion hoax filmed in a movie studio. This group believes the United States needed to cement its world leadership during the Cold War by pretending to pull off whatRead MoreThe Moon, Has Anyone Yet For Arrive? Essay1585 Words   |  7 PagesThe Moon, Has Anyone Yet to Arrive? On the twentieth of June in the year of 1969, the world watched as Neil Armstrong, Edwin â€Å"Buzz† Aldrin, and Michael Collins completely obliterated the original ideas of what the human race thought was possible and impossible during their expedition to the moon. Apollo 11 could have undoubtedly been the most monumental and extraordinary operation to have happened in history. However, with the abundant amount of unanswered questions and failure to provide furtherRead MoreThe Theory Of The Conspiracy Theory1863 Words   |  8 Pagesof the director and the thrilled clapping of everyone else in the studio. This was Apollo 11 for the moon landing conspiracy theorists, who will swear by their beliefs despite the standard opinion of the television and the textbook. 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