企业无形资产相关外文文献翻译中英文.docx

企业无形资产相关外文文献翻译中英文.docx

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企业无形资产相关外文文献翻译中英文

企业无形资产相关外文翻译中英文2019-2020

英文

Dynamiccapitalassetaccumulationandvalueofintangibleassets:

Anoperationsmanagementperspective

AndrewManikas，PankajPatel，PejvakOghazi

Abstract

Extendingthedynamicresourceaccumulationframeworktooperationsmanagement,weproposethatthestockofyoungercapitalassetsandflowofcapitalassetsarepositivelyassociatedwiththevalueofintangibleassets,anincreasinglypredominantbasisofcompetitiveadvantage.Basedonasampleof1390manufacturingfirmsrepresenting8255firm-yearobservations,thestockofyoungercapitalassetswaspositivelyrelatedtothevalueofintangibleassets,anassociationthatwasstrengthenedbyhigherinventoryefficiency.However,wealsofoundthattheflowofcapitalassetsisnegativelyrelatedtothevalueofintangibleassets,anassociationthatisfurtherexacerbatedbyhighproductionefficiency.Ourfindingsexplainhowoperationsmanagementcouldplayanimportantroleininfluencingtheintangibleassetvalueofmanufacturingfirms.

Keywords：

Capitalassets，Operationsmanagement，Stockandflowofassets，Intangibleassets

Introduction

Intangibleassetsareincreasinglyformingthebasisofcompetitiveadvantageforalargenumberoffirms（Bianchi,2017; Haskel&Westlake,2018）.BecausetheseassetshavebecomeamajorportionofcorporateassetsinUSandEuropeanfirms,theyhavereceivedconsiderableinterestfromscholarsandpolicymakers（Shin,Kraemer,&Dedrick,2017）.Accordingto Itami（1987）,“invisible[intangible]assetsareoftentheonlyrealsourceofcompetitiveedgethatcanbesustainedovertime”（page1）.Intangibleassetsreferto“…aparticulartechnology,accumulatedconsumerinformation,brandname,reputationandcorporateculture”（page1）.Despitethisgrowinginterestinunderstandingthedriversofintangiblecapital,theoperationsmanagementliteraturehaspaidscantattentiontoexplainingthevitalroleoperationsmanagementcanplayinenhancingthevalueofintangibleassets.Toaddressthisgapinourunderstandingofthenatureanddynamicsofcapitalassetsininfluencingthevalueofintangibleassets,wedrawontheclassicaldynamicresourceaccumulationframeworkby DierickxandCool（1989）.Theyhighlightedthatmanagersmustmakedecisionsaboutexpenditures（flow）toacquireassetsinfactormarketstoaccumulate（stock）non-tradableresourcesthatleadtocompetitiveadvantage.Theauthors'bathtubanalogyfocusesoninvestingandbuildingassetsovertime,andillustratesthattheflowofassetsandaccumulationofthestockofresourcesisadynamicprocess:

“[…]atanymomentintime,thestockofwaterisindicatedbythelevelofwaterinthetub;itisthecumulativeresultofflowsofwaterintothetub（throughthetap）andoutofit（throughaleak）.IntheexampleofR&D,theamountofwaterinthetubrepresentsthestockofknow-howataparticularpointintime,whereascurrentR&Dspendingisrepresentedbythewaterflowinginthroughthetap;thefactthatknow-howdepreciatesovertimeisrepresentedbytheflowofwaterleakingthroughtheholeinthetub”（Dierickx&Cool,1989,page1506）

Extendingthismetaphortothecritical,yetlessexplored,processofaccumulatingcapitalassetsduringtheprocessofoperationscouldincreaseafirm'sintangibleassetvaluebymaintainingthestockandflowofcapitalassets.Focusingonbothstockandflowisnecessary,because“whileflowscanbeadjustedinstantaneously,stockscannot.Ittakesaconsistentpatternofresourceflowstoaccumulateadesiredchangeinstrategicassetstocks”（Dierickx&Cool,1989,page1506）.Capitalassetsincludemachine,warehouse,andinventorycapacities.Thedynamicaccumulationofcapitalstockprovidesfirmswiththenecessarybandwidthtosupportoperationalactivitiesthatdriveafirm'sintangibleassetvalue.Currentstockconstitutesacombinationofolderandnewercapitalassets,whereasoldercapitalassetshelpmaintaincontinuityandinterconnectednesswithoperationalandnon-operationalcapabilities.Becausecurrentassetinterconnectednessisalreadyaccountedforinafirm'sstockprice,neweravenuesofinterconnectednessincreasethevalueofintangibleassets（i.e.,marketcapitalizationminusthefirm'sbookvalue）（e.g., Villalonga,2004）.Ahigherflowofcapitalassets,orahigherallocationofcapitalassetsrelativetotheirdepreciation,signalsgreatercommitmenttowardrenewingthecapitalassetbase.Basedonthelimitedunderstandingofhowthestockandflowofcapitalassetscontributetothevalueofintangiblesandtherelevanceofoperationalperformancecharacteristics,ourfirstresearchquestionis:

 Doesthestockofyoungercapitalassetsortheflowofcapitalassetsinfluencethevalueofafirm'sintangibleassets?

Furthermore,operationalcharacteristics—inventoryefficiencyandproductionefficiency—couldfurtherinfluencethestrengthoftheseproposedassociations.Higherinventoryefficiencycouldactasapipelinefortheinterconnectednessofthestockofyoungercapitalassetswithinafirmandinthesupplychain.Firmswithhigherinventoryefficiencycouldbeconstruedasbeingbetterabletomanagethestockofyoungercapitalassetstoimprovethevalueofintangibleassets.However,firmswithahigherflowofcapitalassetsandhigherproductionefficiencywouldbeconstruedasbeinglesscapableofintegratingtheflowofcapitalassetswithbroaderresourcesandcapabilities,leadingtoalowervalueofintangibleassets.

Totestfortheproposedframework,basedonasampleof1390manufacturingfirmsrepresenting8255firm-years,andusingArellano-Bonddynamicpanelregression,firmswithstockofyoungercapitalassetsrealizeahighervalueofintangibleassets;however,firmswithahigherflowofcapitalassetsrealizealowervalueofintangibleassets.Forfirmswithstockofyoungercapitalassets,higherinventoryefficiencywaspositivelyassociatedwiththevalueofintangibleassets;however,forfirmswithahigherflowofcapitalassets,productionefficiencywasnegativelyassociatedwiththevalueofintangibleassets.Thefindingsarerobusttoalternatespecifications.

Thefindingsprovidetheoreticalcontributionstotheoperationsmanagementliterature.First,pastworkinoperationsmanagementhasfocusedonaligningstrategicobjectiveswithoperationsobjectives（Joshi,Kathuria,&Porth,2003）,orhasaskedwhetheroperationscontributetoafirm'scompetitiveadvantage（Flynn,Schroeder,&Sakakibara,1995）.Otherworkhasfocusedonthecontributionoflearningandknowledgeexchangebetweenoperationsfunctionsandotherfunctionalareas（Kim,2006; Luo,Slotegraaf,&Pan,2006）andamongsupplychainpartners（Dyer&Singh,1998; Li,Ragu-Nathan,Ragu-Nathan,&Rao,2006）.Stillyetothershavefocusedontheeffectsofleanproduction（Eroglu&Hofer,2011）orpracticesthatintegratetheoperationsfunctionwithorganizationalfactors,suchasTotalQualityManagement（Douglas&Judge,2001）orqualitymanagementpractices（Flynnetal.,1995）,oncompetitiveadvantage.Capitalassetsformthebuildingblockofoperationalandnonoperationalcapabilities,andyet,thewaysinwhichafirmdynamicallymanagesitscapitalassetshavereceivedlimitedattentionintheoperationsmanagementliterature.

Second,byfocusingonthestockandflowofcapitalassetsweextend DierickxandCool（1989） framework. DeedsandDecarolis（1999） focusedontheflowofknowledgeassetsinthecontextofgeographicspilloversandalliances. Knott,Bryce,andPosen（2003） concludedthatDierickxandCool'smodelissupportedforasseterosion（relatedtoassetstocks）,butisnotmoreimportantthanassetflows.Recently, Erden,Klang,Sydler,andvonKrogh（2014）,inasampleofpublicbiopharmaceuticalfirms,foundthatknowledgeflows2 haveanonlinearimpactonfirmperformance.Toourknowledge,thisisthefirststudytotestthestockandflowofcapitalassetsandextend DierickxandCool's（1989） frameworktooperationsmanagement.

Third,althoughtheoperationsfunctionformsthecoreofafirm,inthebroaderbusinessliteratureitsimpactoncompetitiveadvantagehasreceivedlimitedattention（Adam&Swamidass,1989; Demeester,DeMeyer,&Grahovac,2014）.Whereasmarketingassets（Wernerfelt,2014）,knowledgestocks（Grant,1996）,informationsystemscapabilities（Clemons,1986）,andevenexecutivetalent（Bartlett&Ghoshal,2013）areassociatedwiththeintangibleassetvalueofafirm,thedynamicaccumulationofcapitalassetsalsoseemstoplayanimportantroleinincreasingtheintangiblevalueofafirm'sassets.Workinoperationsmanagementhasfocusedontheresource-basedview（RBV）ofthefirmtoexplainthevalueofoperationalresourcesandcapabilities（Barratt&Oke,2007; Coates&McDermott,2002; Paiva,Roth,&Fensterseifer,2008）.Afirm'sresourcesareafunctionoftype,magnitude,andthenatureoftheresources（Amit&Schoemaker,1993）.Pastworkonoperationshasfocusedonthetypeofresources（relationalcapitalandoperationalcapabilities）,butthenature（tangibleorintangible）andmagnitude（stockandflow）ofresourcesremainlessexplored.Thecurrentframeworkexploresthenatureandmagnitudeofcapitalassets（stockandflow）inadynamicpanelframeworktoexplainhowfirms,throughdynamiccapitalassetmanagement,increasethevalueofintangibleassetsthrougha“cumulativeresultofadheringtoaconsistentsetof[capitalassetstockandflow]policiesoveraperiodoftime”（Dierickx&Cool,1989,page1506）.

Contemporaneousendogeneity

Giventhedynamicpanelspecificationcontrolsforautocorrelationamongstockandtheflowofcapitalassetsandvalueofintangibles,thereislikelytobemutualcausa