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Intellectual capital and the capital market: the circulability of intellectual capital

Jan Mouritsen (Copenhagen Business School, Frederiksberg, Denmark)

Accounting, Auditing & Accountability Journal

ISSN: 0951-3574

Article publication date: 1 March 2003

4134

Abstract

This paper argues that intellectual capital and intangible assets are difficult resources for two different reasons. First, intellectual capital and intangibles assets are not (yet) disentangled by the institutions of the capital markets, and therefore they are not (yet) translatable with any degree of confidence into predictions about stock price behaviour. Second, intellectual capital and intangibles are not absent from capital market intelligence; they are just typically translated into financial form, when they are presented to actors in the capital markets, even if in forms that are themselves “invisible”. The capital market may have limited understanding of intellectual capital, but it is also always seeking to understand the complexity of business and (im)possible futures. Its appreciation of intellectual capital is therefore fragile.

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Citation

Mouritsen, J. (2003), "Intellectual capital and the capital market: the circulability of intellectual capital", Accounting, Auditing & Accountability Journal, Vol. 16 No. 1, pp. 18-30. https://doi.org/10.1108/09513570310464246

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MCB UP Ltd

Copyright © 2003, MCB UP Limited

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