مقاله انگلیسی رایگان در مورد انباشتگی دارایی سرمایه ای پویا و ارزش دارایی های نامشهود – الزویر 2019

1- Introduction

2- Theoretical background

3- Hypotheses development

4- Data and methods

5- Discussion

References

Abstract

Extending the dynamic resource accumulation framework to operations management, we propose that the stock of younger capital assets and flow of capital assets are positively associated with the value of intangible assets, an increasingly predominant basis of competitive advantage. Based on a sample of 1390 manufacturing firms representing 8255 firm-year observations, the stock of younger capital assets was positively related to the value of intangible assets, an association that was strengthened by higher inventory efficiency. However, we also found that the flow of capital assets is negatively related to the value of intangible assets, an association that is further exacerbated by high production efficiency. Our findings explain how operations management could play an important role in influencing the intangible asset value of manufacturing firms.

Introduction

Intangible assets are increasingly forming the basis of competitive advantage for a large number of firms (Bianchi, 2017; Haskel & Westlake, 2018). Because these assets have become a major portion of corporate assets in US and European firms, they have received considerable interest from scholars and policymakers (Shin, Kraemer, & Dedrick, 2017). According to Itami (1987), “invisible [intangible] assets are often the only real source of competitive edge that can be sustained over time” (page 1). Intangible assets refer to “…a particular technology, accumulated consumer information, brand name, reputation and corporate culture” (page 1). Despite this growing interest in understanding the drivers of intangible capital, the operations management literature has paid scant attention to explaining the vital role operations management can play in enhancing the value of intangible assets. To address this gap in our understanding of the nature and dynamics of capital assets in influencing the value of intangible assets, we draw on the classical dynamic resource accumulation framework by Dierickx and Cool (1989). They highlighted that managers must make decisions about expenditures (flow) to acquire assets in factor markets to accumulate (stock) non-tradable resources that lead to competitive advantage. The authors’ bathtub analogy focuses on investing and building assets over time, and illustrates that the flow of assets and accumulation of the stock of resources is a dynamic process: “[…] at any moment in time, the stock of water is indicated by the level of water in the tub; it is the cumulative result of flows of water into the tub (through the tap) and out of it (through a leak). In the example of R&D, the amount of water in the tub represents the stock of know-how at a particular point in time, whereas current R&D spending is represented by the water flowing in through the tap; the fact that know-how depreciates over time is represented by the flow of water leaking through the hole in the tub” (Dierickx & Cool, 1989, page 1506) Extending this metaphor to the critical, yet less explored, process of accumulating capital assets during the process of operations could increase a firm’s intangible asset value by maintaining the stock and flow of capital assets. Focusing on both stock and flow is necessary, because “while flows can be adjusted instantaneously, stocks cannot. It takes a consistent pattern of resource flows to accumulate a desired change in strategic asset stocks” (Dierickx & Cool, 1989, page 1506). Capital assets include machine, warehouse, and inventory capacities. The dynamic accumulation of capital stock provides firms with the necessary bandwidth to support operational activities that drive a firm’s intangible asset value. Current stock constitutes a combination of older and newer capital assets, whereas older capital assets help maintain continuity and interconnectedness with operational and non-operational capabilities.