Lin et al navigating intellectual capital after the financial crisis (2014)

Carol Yeh-Yun Lin · Leif Edvinsson Jeffrey Chen · Tord Beding Navigating Intellectual Capital After the Financial Crisis Navigating Intellectual Capital After the Financial Crisis Carol Yeh-Yun Lin • Leif Edvinsson Jeffrey Chen • Tord Beding Navigating Intellectual Capital After the Financial Crisis Carol Yeh-Yun Lin Department of Business Administration National Chengchi University Taipei, Taiwan Jeffrey Chen Accenture Chicago, IL, USA Leif Edvinsson Universal Networking Intellectual Capital Norrtälje, Sweden Tord Beding TC-Growth AB Gothenburg, Sweden ISBN 978-1-4939-1294-0 ISBN 978-1-4939-1295-7 (eBook) DOI 10.1007/978-1-4939-1295-7 Springer New York Heidelberg Dordrecht London Library of Congress Control Number: 2014941280 © Springer Science+Business Media New York 2014 This work is subject to copyright All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer Permissions for use may be obtained through RightsLink at the Copyright Clearance Center Violations are liable to prosecution under the respective Copyright Law The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made The publisher makes no warranty, express or implied, with respect to the material contained herein Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com) Foreword I The economic crisis is a consequence of many parallel factors which are all related to globalization and digitalization My main concern, assessing this in more detail from the European perspective, is that revolutionary global forces have not been taken early nor seriously enough by most national and regional decision makers The Heads of European States and Governments have once again recalled the importance of fiscal consolidation, structural reform and targeted investment to put Europe back on the path of smart, sustainable, and inclusive growth The main question is how capable and ready are the national governments to tackling the complex and manifold issues of crises and to renewing even radically many of our public and private structures and processes The first basic requirement is that all the European Union Member States remain fully committed to taking the actions required at the national level to achieve the objectives of the Europe 2020 Strategy The second basic requirement is that the national and regional governments, as well as people, are ready for radical changes This volume, and the other 11 booklets by the experienced authors, focus on national intellectual capital and give necessary insights and facts for us the readers and especially for our in-depth systemic thinking of the interrelationships of NIC and economic recovery How should the national and regional decision makers tackle the existing knowledge of intangible capital? The focus needs to be more on the bottom-up approach stressing the developments on local and regional levels I highlight our recent statements by the EU Committee of the Regions The key priorities are to get more innovations out of research and to encourage mindset change towards open innovation The political decision makers are finally aware that the traditional indicators created for and used in industrial production cannot be applied to a knowledgeintensive, turbulent and innovativeness-based global enterprise environment Indicators that perceive the intangible dimensions of competitiveness—knowledge capital, innovation knowledge, and anticipation of the future—have been developed around the world, but their use has not yet become established in practice This booklet accelerates the development and the use of these indicators v vi Foreword I This helps the local and regional, as well as central, governments in taking brave leaps forward on a practical level—giving greater ownership and involving all the stakeholders This means the need of actions towards increasing the structural and relational capital of regions, both internally in communities of practice and in collaboration with others The new generation innovation activities are socially motivated, open and collectively participated, complex and global by nature The regions need to move towards open innovation, within a human-centered vision of partnerships between public and private sector actors, with universities playing a crucial role Regions should be encouraged to develop regional innovation platforms, which act as demand-based service centers and promote the use of international knowledge to implement the Europe 2020 Strategy, smart specialization and European partnerships according to the interests and needs of regions For this to happen, we need to apply the new dynamic understanding of regional innovation ecosystems, in which companies, cities, and universities as well as other public and private sector actors (the “Triple Helix”) learn to work together in new and creative ways to fully harness their innovative potential New innovative practices not come about by themselves One major potential is the use of public procurement The renewing of the European wide rules must increase the strategic agility and activities of municipalities and other public operators as creators of new solutions Especially the execution of pre-commercial procurement should be reinforced even more in combination with open innovation to speed up the green knowledge society development, i.e., for common re-usable solutions in creating the infrastructures and services modern real-world innovation ecosystems are built upon Conditions must be created that also allow for extensive development projects which address complex societal challenges and which take the form of risk-taking consortia One of our working instruments within the Committee of the Regions is the Europe 2020 Monitoring Platform, which broadly reviews and reflects the opinions and decisions on regional level all around Europe It gives a flavor of cultural and other socioeconomic differences inside the EU This brings an important perspective to the intellectual capital, namely the values and attitudes needed for citizens supporting policymakers on appropriate long-term investments and policies Emphasizing the importance of these issues, decision makers in all countries and regions worldwide need a deep and broad understanding of the critical success factors affecting the national intellectual capital With all the facts and frames for thinking this booklet gives a valuable insight in today’s challenges Markku Markkula Advisor to the Aalto University Presidents Member of the EU Committee of the Regions Former Member of the Parliament of Finland Foreword II Financial crisis—words very much heard today What is all this about, actually, and how to get a grip on what we experience today? The booklet gives an important insight on the factors affecting competitiveness and productivity in modern knowledge society We need to see behind the obvious, and we need to have increasingly “qualified guesses” as the character of the society and industry has fundamentally changed What is very important to notice is the shift towards intangible value creation beyond the deterministic phenomena we saw very clearly in the industrial era Cost drivers were the important ones throughout the industry Mass production, bigger is better; very traditional productivity factors were the mantra However, the production picture is changing Increasingly value is created by the intangibles, often services related to the tangible components, and even totally in immaterial value creation, where perceptions and expectations determine the market value of the “extended product” We also see rapid change in organizational forms, we see new type of entrepreneurship growing besides the traditional industry clusters, we see smart specialization of regions and countries This means also that there will be clearly different and complementary roles of the actors in innovation and value creation ecosystems Large companies, small ones, and even microenterprises together with the public sector are traditionally seen as the active partners in such innovation environments The real issue in the dynamic markets is however that the end users are increasingly to be taken on board as active subjects for innovation, and not merely treated as objects, customers Markets need to be shaped and created in much more dynamic way than ever before Open innovation beyond cross-licensing includes the societal capital as an important intangible engine for productivity growth Innovation happens only when the offering is meeting the demand Otherwise we can only speak about inventions or ideas… We need to have a close look at the intellectual capital and the different factors within it when we design our policy approaches Short-term investments in process capital (infrastructures) and market capital seem to be very important for the manufacturing base as such, but at the same time measures for longer term intellectual capital development and efficiency need to be taken vii viii Foreword II Increasingly important is the structure and the open processes related to intangible capital and knowledge pools For sustainable long-term development both the human capital and renewal capital are crucial, as they are directly related to the innovation capability of the region The correlation between these factors and the GDP growth is undisputable In knowledge intense industries talent is attracting talent, and the connectivity which modern ICT provides makes this talent pool fluid across disciplines, organizations, and geographical settings It is imperative to modernize the innovation systems enabling the full dynamics needed for success in knowledge intense industries, beyond the traditional boundaries Measuring performance of innovation systems becomes increasingly complex due to the mash-up of different disciplines, having new types of actors and interactions between them Hence, the importance of analysis of the various components of the national intellectual capital (and equally on national innovation capability) as done in this booklet cannot be underestimated when making qualified guesses for operational choices to create functioning innovation ecosystems The only predictable in true innovation is the unpredictability and the surprises The role of the public sector is to drive strategy and measures enabling the unpredictable, and to catalyze a fluid, seamless and frictionless innovation system to grow, with strong interplay with the surrounding society We need to have courage to experiment, to prototype in real-world settings, to have all stakeholders involved to find and remove the friction points of innovation and to achieve sustainable innovation ecosystems for knowledge intense products and services I wish you interesting reading with this mind opening report Bror Salmelin Advisor, Innovation Systems European Commission DG CONNECT Foreword III The 2008 global financial crisis hit the whole world with unprecedented speed, causing widespread financial panic Consumer confidence dropped to the lowest level since the Great Depression Taiwan, with an export-dependent economy, was seriously impacted by the crisis and the unemployment rate hiked while household consumption levels dropped At the onset of the financial crisis, Professor Lin was the Dean of Student Affairs here at National Chengchi University in Taipei, Taiwan She was the dean in charge of financial aid and student loans and thus saw firsthand the direct impact the financial crisis had upon our students The crisis was so devastating that Professor Lin, along with the university, was compelled to launch several new initiatives to raise money and help students weather the difficult times I am very glad that she took this painful experience to heart and set herself upon the task of investigating the impact of the crisis; trying to look into the causes and consequences for policy implications, not only for Taiwan but for an array of 48 countries In particular, she approaches the crisis from the perspective of “national intellectual capital,” which is very important in today’s knowledge-driven economy Taiwan is an example of a knowledge economy and has enjoyed the fame of being referred to as a “high-tech island.” Without an abundance of natural resources, Taiwan’s hardworking and highly educated population is the single most precious resource that the island has Acknowledging the value of such human resources and intellectual capital, we established the Taiwan Intellectual Capital Research Center (TICRC) under my leadership in 2003 Ever since then, Taiwan’s government has continuously funded the university to conduct relevant research projects aimed at enhancing the intellectual capital of Taiwan Having been thus endowed with the responsibility of nourishing future leaders in the public and private sectors, we have focused on building up our strength in innovation, entrepreneurship, and technology management related research and education To enhance intellectual capital research, we recently formed a joint team of professors for a 4-year project in order to leverage their respective research capabilities Through this project we hope to provide policy suggestions for the government by exploring the creativity, innovation, and intellectual capital at national, ix 214 GCI GDP GDP per capita (ppp) Glossary GCI Global Competitiveness Index (published by World Economic Forum) Gross domestic product Gross domestic product per capita adjusted by purchasing power parity GNI Gross national income HC Human capital IMD International Institute for Management Development in Switzerland IMF International Monetary Fund Long-term NIC Long-term oriented national intellectual capital, represented by human capital and renewal capital MC Market capital NIC National intellectual capital OECD Organization for Economic Cooperation and Development OSFI The Office of the Superintendent of Financial Institutions Canada PC Process capital Ppp Purchasing power parity R&D Research and development RC Renewal capital Short-term NIC Short-term oriented national intellectual capital, represented by market capital and process capital SMEs Small and medium-sized enterprises Stability and Growth Pact The Pact required that countries maintain a government budget deficit of no more than % of the GDP and a country’s public debt cannot exceed 60 % of the GDP VAT Value-added tax WTO World Trade Organization References Abidin, M Z., & Rasiah, R (2009) The global financial crisis and the Malaysian economy: Impact and responses A joint report by the Institute of Strategic International Studies (ISIS) Malaysia and Faculty of Economics and Administration, Universiti Malaya 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Ban, D., 51 Barnes, S., 114 Barta, P., 139 Barton, D., 215 Beding, T., 29, 57, 58, 119, 130, 135 Belkin, P., 74, 75 Bernanke, B.S., 2, 5, 6, 143 Bhaopichitr, K., 59 Boc, E., 72, 118 Bocian, M., 75, 107, 117 Bogetic, Z., 113 Bontis, N., Breuss, F., 83 Briones, I., 48, 135 Brosh, S., 48, 70 Busuioc, A., 81 C Cárdenas, M., 73 Carstensen, M.B., 110 Cerra, V., Chen, J., 29, 57, 58, 119, 130, 135 Chirathivat, S., 58, 61, 74, 75 Cohan, L., 63 Cojanu, V., 81 Cuenca, J.S., 74 D Debelle, G., 5, 143 Dlamini, T., 48, 50, 74, 78 Doerig, H.U., Dowling, J.M., 41 E Edvinsson, L., 2, 3, 29, 31, 53, 57, 58, 119, 129, 130, 135, 138 Elliott, L., Elman, A., 125, 135 England, J., 58, 86, 116 Enoch, C., 111, 112 F Fleet, J.D., 73, 74, 105 Freden, J., 51 Fuentes, A., 115, 118 G Gorton, G., 2, 3, Gurria, A., 48, 84, 112, 118, 120, 121, 123, 124 Gurzo, I., 116–118 H Halvorsen, K., 51 Harrington, C., 56, 57 Heath, M., 63 Herd, R., 58 Holmes, S., 139 Hutchinson, M., 51 C.Y.-Y Lin et al., Navigating Intellectual Capital After the Financial Crisis, DOI 10.1007/978-1-4939-1295-7, © Springer Science+Business Media New York 2014 225 226 I Inotai, A., 59, 62, 72, 75, 117, 122 J Jochem, S., 70, 74, 78 Joseph, M., 74 Juel, S., 58 Author Index N Nanto, D.K., 57, 67, 68, 73, 74, 79 Nelson, R.M., 74, 75 Nonchev, A., 117 Noord, P., 58 O Odra, D.M., 74 K Kaniovski, S., 83 Kehoe, T., Kennedy, S., 78, 121 Kesavapany, K., 59 Kim, J.Y., 49, 73 Klytchnikova, I., 40 Knight, L., 114 Koen, V., 58 Kohler-Toglhofer, W., 115, 121 Kratky, C., 105, 118 Krell, A., 215 L Lachman, D., Larsen, P., 63 Levy-Yeyati, E., 63 Lin, C.Y.Y., 29, 57, 58, 119, 130, 135 Lin, Y.Y., 3, 31, 129, 138 Lungu, L., 81 Lyons, G., 1, 144 M Mallikamas, S., 58, 61, 74, 75 Malone, M., 2, Mantcheva, D., 117 Mapa, D., 74 Meel, F., 83 Melconian, C., 86 Mendonỗa, J.R., 58, 120 Michener, G., 112 Mihaylova, A., 73 Mix, D.E., 74, 75 Molnar, I., 116–118 Moloney, N., 57 Moore, M., 111, 112 Morrison, W.M., 58 Morrissy, J., 121 P Pagoulatos, G., 53, 117 Palkamo, A., Palmieri, D.A., 63 Pascha, W., 50, 79, 84, 85 Pauna, B., 81 Piatkowska, A., 117, 135, 144 Piza, S.F., 74 Plociennik, S., 53 R Ramskogler, P., 115, 118 Rasiah, R., 75, 78 Ratnayake, K., 125, 135 Reavis, C., Reguly, E., 114, 122 Reichardt, A., 50, 116, 117, 124 Reinhart, C., 2, 6, 133 Reiss, L., 115, 121 Reyes, C.M., 74 Rodrik, D., 87 Rogoff, K., 2, 6, 133 Rosenberg, D., 41, 77 S Sadowski, R., 75, 87, 117 Santos, C.A., 74 Saxena, S.C., Schratzenstaller, M., 83 Senel, S., 41, 117 Silgner, M.A., 115, 118 Stam, C., Stefanov, R., 117 Stewart, T.A., Sullivan, M.P., 63 227 Author Index T Tang, H., 40 Terazi, E., 41, 117 Thangavelu, S., 75 V Vassileva, E., 117 Verghis, M.A., 59 Villarreal, M.A., 120, 122 Voinea, L., 81 W Wei, L.T., 56 Y Yalamov, T., 117 Yap, J.T., 74 Yoon, D.R., 40, 59 Yuvejwattana, S., 63 Z Zhou, J., 111, 112 Zhuang, J., 41 Ziegenhain, P., 73, 86, 116 Zoli, E., 40 Subject Index B Bailout, 1, 8, 10, 11, 41, 50–55, 65, 67, 70, 104, 114, 128 Benchmarking, 34, 137, 146 C Capital adequacy ratio, 42, 44, 96, 104 Capital availability, 3, 149 Consumer price inflation (CPI), 5, 11, 21–25, 127, 131, 132 Current account surplus, 44 E Energy-efficient, 67, 74, 76, 77, 79, 83, 84, 144, 145 Enhancing factors, 41–46, 88–107 G Global Competitiveness Index (GCI), 5, 7–10, 24, 25, 127, 128, 131, 132 Greenhouse gas emission, 83, 84, 94, 98, 144 I Impeding factors, 3, 41–46, 88–107 International competitiveness, 51, 52 International Monetary Fund (IMF), 2, 59, 67, 115, 204, 205, 208 L Long-term NIC, 29–34, 37, 38, 129, 130, 137, 189, 195–196, 199, 200 N National development, 3, 39, 48, 50, 51, 53, 57, 65, 68, 81, 93, 104, 113, 115, 117, 118, 130, 134–138, 140, 142, 144–146 National financial capital, 28, 158 National human capital, 3, 136, 145 National market capital, 145 National process capital, 136, 145 National renewal capital, 3, 28, 131, 134, 145, 158 S Short-term NIC, 27, 29–34, 37, 38, 129, 130, 191, 195–197, 199, 200 Stimulus package, 40, 51, 67–79, 81, 83, 88, 105, 136, 139 C.Y.-Y Lin et al., Navigating Intellectual Capital After the Financial Crisis, DOI 10.1007/978-1-4939-1295-7, © Springer Science+Business Media New York 2014 229 .. .Navigating Intellectual Capital After the Financial Crisis Carol Yeh-Yun Lin • Leif Edvinsson Jeffrey Chen • Tord Beding Navigating Intellectual Capital After the Financial Crisis Carol... about the intangible national intellectual capital and the financial crisis comes at the right time As the last volume of the book series Nation intellectual capital and the financial crisis. .. National intellectual capital, human capital, market capital, process capital, renewal capital, and financial capital group comparisons Ranking changes of the 48 countries comparing the most