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Regular version of the site
Master 2018/2019

Managing intangibles

Type: Compulsory course (Finance)
Area of studies: Finance and Credit
When: 1 year, 3, 4 module
Mode of studies: Full time
Instructors: Mariya Molodchik
Master’s programme: Finance
Language: English
ECTS credits: 5

Course Syllabus

Abstract

Course “Managing Intangibles” presents theories such as resource-based view, value-based management and human resource concept, which allow at understanding the role of intangibles in company long-term success and competitiveness. In the framework of the course students get an opportunity to measure intangible resource, to understand their impact on company performance. Special focus is pointed to human resources as a core driver of company’s value. During the course students develop their analytical skills as well as presentation skills. Econometrics is used for estimation of “intangible-performance” link. Course is realized on Zoom platform and is supported by LMS.
Learning Objectives

Learning Objectives

  • The aim of the course is to provide students with the new knowledge about intangible resources as core competitive advantages of a company; to learn how to measure intangibles; to develop analytical thinking when doing investments in intangible resources; to apply econometrics for better understanding performance effect of intangibles.
Expected Learning Outcomes

Expected Learning Outcomes

  • Identify intangible resources of a company and describe their specific features; To measure in-tangible resource.
  • To estimate performance effect of intangible resources using different econometric techniques; To reveal supporting and obstructing factors for transformation of intangibles into company performance.
  • To make investment decisions with regard to human resource.
Course Contents

Course Contents

  • Intangible resources: identification and measurement
    1. What are the sources of competitive advantages of a company? TRIPOD model: resource-based view, industrial-based view, institutional-based view. Specific features of competitive resource: valuable, rare, inimitable, non-transferable (VRIN). Competitive advantages through the lens of digital economy. 2. What are intangible resources? Intellectual Capital Concept. Specific features of intangibles: non additive, multiply rule. Challenges by managing intangibles. IC Model for particular company (Lego game). 3. How to measure intangibles? Measurement approaches: metrics, survey, valuation. European and Danish guidelines for management intangibles. Tobin’s Q, Economic Value Added, Market Value Added. Aggregation methods: principal component analysis, structural equation modeling. Index of intangible resources: analytics for companies. 4. Does it make sense to disclose intangibles? Voluntary and non-voluntary disclosure. Non-financial reporting. Corporate Social Responsibility. 5. Valuation of intangibles. Patent valuation, brand and trade mark valuation, license valuation. 6. Analytical project for a particular company. Roadmap.
  • Intangible-driven value creation
    1. Value-based management. EVA vs. MVA. Framework for value creation analysis: investigated and control variables. 2. Investments in intangibles: the more the better? Endogenous value creation. Web analytics and performance. Index of intangibles and performance. Application econometric techniques for estimations: OLS, SEM, panel data. Managerial implications. 3. In quest for better intangible resource configuration. Econometric tools: SEM, smart-PLS. Managerial implications. 4. Supporting and obstructing factors for intangible-driven value creation. Company size. Multilevel perspective of intangible-based performance (company, industry, region, country). Age, Ownership. Financial leverage. Econometric tools: interaction effects, HLM. Managerial and policy implications. 5. Strategies with regard to different intangibles. Web strategies of global companies: authority vs visibility. Companies’ profiles with regard to intangibles (cluster analysis). Performance effect of strategic behavior. 6. Elaboration of own research project. Presentation.
  • Human capital – core resources of a company
    1. Introduction to HRM concepts. 2. HRM simulation. Making decisions about staffing, wages, trainings, benefits, HR programs. Impact of HR decisions on company outcome. Company competition on the labor market. 3. Presentation of results. Analysis of goal achievements.
Assessment Elements

Assessment Elements

  • non-blocking Project work
  • non-blocking Research case
  • non-blocking Selfwork
  • non-blocking Exam
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.3 * Exam + 0.3 * Project work + 0.3 * Research case + 0.1 * Selfwork
Bibliography

Bibliography

Recommended Core Bibliography

  • Lev, B. (2001). Intangibles : Management, Measurement, and Reporting. Washington, D.C.: Brookings Institution Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=91931
  • Lev, B., & Gu, F. (2016). The End of Accounting and the Path Forward for Investors and Managers. Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=nlebk&AN=1245759

Recommended Additional Bibliography

  • Su, Z., Peng, M. W., & Xie, E. (2016). A Strategy Tripod Perspective on Knowledge Creation Capability. British Journal of Management, 27(1), 58–76. https://doi.org/10.1111/1467-8551.12097