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With the recent global economic crisis, attitudes and practices in relation to intellectual property valuation are changing as exemplified by the dichotomy explained in this book, which makes it unique. While there has been a move towards global harmonisation in terms of valuation of both tangible and intangible assets that are based on innovation, there is also a tendency against global harmonisation because of cultural attitudes and practices of different countries. This can be seen most acutely in relation to intellectual property valuation in Asia, especially East Asia, which often differs from the West's perception of valuation. The book is written by experts in intellectual property, valuation and innovation who are mainly practitioners covering innovators, marketers, accountants, social innovators and business and management academics. The breadth and practitioner background of most of the contributors make the material relevant to those involved in valuation, economics, business, management, accounting and finance, law and maritime insurance. This book takes an interdisciplinary approach that cross-cuts all the above-mentioned disciplines and takes the understanding of intellectual property valuation to a new level.

The expanding practice of accepting patents as collateral for loans has increasingly caught academic attention and the value of a patent has been verified as an important determinant. In this paper, we focus on validity and uncertainty in the context of innovative startups’ patent pledge valuation, arguing that their interplay poses a timing dilemma to lenders. Our empirical tests utilized a database of Chinese innovative startups and their patents for the period 2008–2015. Using patent age as a proxy for time, our findings demonstrate that timing dynamically influences the collateralization potential of a patent. The results also suggest that lenders can use information cues from third parties, such as venture capital backing from the market and high-tech certification from the government, to cope with this timing dilemma, however in different ways. Thus, we advance existing literature on startups’ debt financing by expanding the range of patent collateralization determinants to include dynamic multilevel factors.Plain English SummaryThe timing dilemma in innovative startups’ patent collateralization for loans: the dynamically changing likelihood of a patent being accepted as loan collateral and different roles of information cues from third parties in coping with this dilemma. This study theorizes a timing dilemma that lenders confront when weighting in patents’ validity legal lifetime and the uncertainty of patent valuation for innovative startups proposing patents as loan collaterals. Using a unique panel dataset of Chinese startups and their granted patents, multilevel analyses supported a dynamic view and showed that the age of a valid patent has an inverted U-shaped relationship with the likelihood of this patent being accepted as loan collateral. Being invested by venture capital or certificated as high-tech enterprise by government can accelerate acceptance by lenders. Thus, the principal implication of this study is that small innovative businesses should actively seek to obtain government certification and venture capital investments because this will not only improve their legitimacy and help them obtain equity financing but may also help them obtain more capital from debt investors through using patents as loan collaterals.

PurposeThe aim of this paper is to propose extended intellectual capital (IC) indicators. The study shows that the essence of IC in the context of value is residual income, its growth rate and growth rate of equity taken together. It allows creating IC measures (modified residual income and economic value added of equity) that contain these components. The study investigates the relationship between IC and market value for Russian public firms.Design/methodology/approachThe authors propose modified residual income and modified economic value added of equity as IC metrics. This study tests a relationship between market value and IC to investigate suggested metrics. Static and dynamic panel data models are used. 25 companies from the MOEX Russia Index were included in the study. The study covers the period from 2014 to 2018.FindingsThe findings show a strong positive relationship between market value and IC. The results confirm that extended IC measures have a stronger connection to market value.Practical implicationsFirstly, these results benefit managers. They can use proposed extended IC measures as targets for the company when planning business strategy and generating business environment. Secondly, suggested IC measures can help shareholders and investors achieve their long-term goal – wealth maximization.Originality/valueThe value of this article is the development of IC theory and valuation. The proposed measures differ in the way that they consider the growth rates – the main determinants of value along with efficiency.

This study aimed to investigate the relationship between intellectual capital (human capital, relational capital, and structural capital) and sustainable competitive advantage, and the relationship between sustainable competitive advantage and organizational performance. The sample used was 308 SMEs located in Denpasar, Bali Province, Indonesia. Data were collected using a questionnaire that was sent directly to the CEO of the SMEs. Data were analyzed using SEM-PLS with WarpPLS 8.0. The findings show that there is a significant positive relationship between each dimension of intellectual capital (human capital, relational capital, and structural capital) and sustainable competitive advantage. Sustainable competitive advantage is also significantly and positively related to organizational performance. This study contributes to the understanding of intellectual capital in the value creation process of SMEs in developing countries. This study also enriches the previously developed conceptualization of intellectual capital by proposing intellectual capital as an important variable underlying the sustainability practices of companies, which allows them to achieve superior performances.

From the perspective of intellectual capital theory, this paper attempts to evaluate the operating performance of Taiwan's accounting firms in the four dimensions, namely human capital, process capital, innovation capital and customer capital. It then constructs a multiple regression performance evaluation model. The results suggest that the operating performance is better for firms with young employees, a majority of field staffs, high invested labor cost, long business age, more management consulting firms, high marketing expense ratio, and provision of services in China. Overall, the human, process and customer capitals are major dimensions that affect the CPA industry in maintaining good operating performance. The findings can serve as a reference to the operating performance evaluation of accounting firms, and establishment of a well-planned management system, thus bringing positive benefits for the service quality and operating performance of the accounting firms.

PurposeThis paper aims to examine the relationship between the level of intellectual capital information voluntarily disclosed in the annual reports of companies listed on the Kuwait Stock Exchange (KSE) and their market and financial performance.Design/methodology/approachThe classical framework developed by Sveiby (1997) and modified by Guthrie et al. (2006) forms the basis for the content analysis of annual reports published by KSE-listed companies in 2013. An intellectual capital disclosure (ICD) index is developed from this material. Two traditional indicators of corporate performance, namely, market-to-book ratio and return on assets are used to assess market and financial performance. Regression models are constructed to examine the association between the level of ICD and corporate performance.FindingsEmpirical findings indicate that better ICD has a positive, statistically significant impact on corporate performance. More specifically, the findings suggest that intellectual capital reporting plays a significant role in enhancing market and financial performance.Research limitations/implicationsThis study only focuses on intellectual capital information disclosed in annual reports; other means of corporate communication were not considered. Nevertheless, the annual report has stood the test of time as the best source of corporate disclosure.Practical implicationsGiven the importance of intellectual capital reporting in enhancing corporate performance, a practical implication of this study is to make managers aware of its positive and significant effect on market and financial performance, which may encourage companies to develop better disclosure policies. An important implication of the findings is that the policymakers and regulators need to encourage listed companies to disclose their intellectual capital information to exploit the associated benefits.Originality/valueThis paper extends the literature by examining the influence of ICD on corporate performance in the context of frontier markets, where economic, social, political and cultural conditions have particular characteristics.

Objectives This study aimed to provide an exhaustive description of criteria and methodological recommendations for evaluating them in health technology assessment (HTA) in Western and Asian countries. Methods We conducted a system literature review of HTA-related guidelines by searching the websites of HTA agencies and related data sources. The guidelines, reports, or recommendations introducing the HTA evaluation methods, processes, decision-making frameworks, and criteria for priority setting were eligible to be included. The review was limited to guidelines from countries belonging to the European Network for Health Technology Assessment (EUnetHTA) and HTAsiaLink organisations and other countries with well-established available guidelines. Results A total of 52 guidelines from 24 countries were identified, including 13 countries from the EUnetHTA organisation, 9 countries from the HTAsiaLink organisation and 2 other countries (Canada and the USA). A strong consensus was observed among the HTA agencies on the core set of criteria including efficacy or effectiveness, cost-effectiveness, safety, and budget impact. More similarities were observed than differences in methodological recommendations for clinical and economic evaluations among the agencies. Conclusions Substantial convergence is seen in the criteria included in the HTA process, as well as the methods to evaluate and quantify them. Further efforts are needed to verify whether the criteria identified from the guidelines are incorporated in real HTA decisions, and how they are assessed and weighted in practice.

We compare the influence of entry mode choice on subsidiary performance in two developmentally-differentiated regions of a developing host country. Analysis of 113 subsidiaries located in two provinces of China indicates that wholly owned subsidiaries outperform joint ventures in the developed region, whereas joint ventures outperform wholly owned subsidiaries in the less developed region. However, the smaller performance gap between wholly owned subsidiaries and joint ventures in the developed region indicates that the magnitude of influence of entry mode choices on performance varies across subnational regions. Firms must therefore be more discriminating in formulating entry strategies to regionally heterogeneous countries.

The main objective of present study is to assess the factors influencing innovation capacity of selected Asian countries. The particular emphasis of analysis is placed on intangible and knowledge based factors to understand the knowledge based economic development. The panel data econometric approach is used to assess the impact of R&D, human capital, exposure to foreign technology, financial development, governance, Per capita income, information and communication technology, and population growth on innovation output over the period 1995-2020. For achieving the objective, we synthesized the indices of information & communication technology, innovation output, financial development and exposure to foreign technology by applying Principal Components Analysis (PCA) and Sphericity Bartlett’s test. In this sense, present study introduces indicators to assess the innovation capacity of tested countries. For estimation, the fixed effects approach with robust standard errors is applied on the basis of variety of diagnostic tests. A variety of diagnostics tests, such as Redundant fixed effect, Lagrange Multiplier and Hausman test are used for selection of an appropriate model and estimation technique. The estimates obtained are econometrically robust and arbitrarily accommodate to contemporaneous correlation, serial correlation and heteroskedasticity. The results suggest that, human capital, research &development expenditure, per capita income, governance and financial sector development yield positive and significant impact on the innovation capacity. Based on results of estimated model, it is suggested that Asian countries should make substantial improvement in aforesaid factors in order to develop their innovative abilities.