Details that stock‐market valuations of many companies reflect values of intangible intellectual assets — but in thee firms managers can rarely even define what intellectual capital is, let alone how to use or promote it for the firm's best interests. Defines codified knowledge as ‘that can be written down, transferred and shared’, while tacit knowledge is ‘know how’ passed on only by on‐the‐job training and demonstration. Pinpoints five definitions that are required: intellectual capital; knowledge firms; human resource (human capital) structural capital; and complementary business assets. States that the two components of intellectual capital are human resources and intellectual assets and the two different management perspectives are value creation and value extraction, and these last two need to come together to become a clear management focus.
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