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The way to measure the value of an enterprise’s R&D investments remains elusive for theoretical and empirical study on innovation economics. The paper aims to discuss this issue.

This paper expands the asset-value model pioneered by Griliches (1981) and applies it for the first time to the Chinese stock market to calculate the value of R&D investment instilled by Chinese manufacturing listed companies (CMLCs) from 2003 to 2014.

The authors find that: the assets-value model can better explain the enterprise value composition of CMLCs; with equal input, the value of R&D is higher than that of tangible assets, and lower than that of organizational assets; compared with the developed countries, the R&D value of CMLCs is lower; and the R&D value of CMLCs saw a downward trend from 2007 to 2014.

Furthermore, by rationally estimating the value of organizational assets and non-tradable shares, and innovatively introducing semi-annual momentum indicators from the perspective of behavioral finance to control the influence of investor sentiment on enterprise value, this paper tries to develop the asset-value model and provides a feasible solution to the problem of measuring the value of Chinese enterprises’ R&D investment.

The paper investigates if the process that led to the birth of the Euro Area had a significant impact in homogenizing the capital structure decisions of European firms since the first introduction of the common currency.

A large sample of firms was constructed, and a Tobit-censored regression model was utilized to investigate the determinants of firms' observed capital structures. The Black–Scholes–Merton model was used to infer market values of assets, as well as the volatility of those values, from the observed market values of equity and the corresponding volatility. The existing differences in national tax rules were considered for estimating firm-specific marginal tax rates.

It was found that, despite the currency union and the institutional harmonization process, certain factors still play a different role. In particular, the impact of profitability is consistent with the pecking order view in some countries, and with the trade-off theory in others. Assets risk, measured as the annualized volatility of the market enterprise value, is the best predictor of observed leverage ratios. The sector of activity is significant in determining leverage decisions even when assets' risk is taken into account. Despite the monetary union and the increased financial and institutional integration in the Euro Area, the country of origin still plays a significant role in capital structure decisions, suggesting that other country-level factors may affect firms' financing behaviour.

The paper indicates that, despite the long harmonization process of institutions, regulations and public budget required to join the Euro, firms' financing decisions are still affected by country-specific factors once the common currency is introduced. Therefore, new entrant countries in the Euro area should not expect their companies to immediately conform with those located in other countries within the common currency area.

This article investigated the impact of the currency change from national currencies to the Euro on the determinants of capital structure choices. It was shown that, despite the long harmonization process that led to the birth of the Euro Area, national factors still affect firms' financing decisions. This provides guidance for policymakers in countries that are planning to join the Euro about the impact this will have on firms' financing decisions in the entrant country.

This study aims to explore how manufacturing firms master customer lock-in through value creation by servitization innovation strategies from the perspective of asset specificity.

A multiple case study with triangulation fashion is adopted to identify servitization innovation strategies. Several manufacturing firms were investigated, which are distributed in different positions of the value chain. Content analysis and abductive approaches are adopted to analyze the data. Moreover, an in-depth interview and participatory observation were conducted to refine the analysis results.

This study identified four different focusing points of servitization operations. Based on these, the paper further induces an innovative servitization strategy matrix of customer lock-in, concerning communion, intellectual, existential and insubstantial strategies. Furthermore, a conceptual model of customer lock-in by servitization innovation from the perspective of asset specificity is elaborated. It is suggested that companies can use tangible or intangible resources by sharing or storing operations to create servitization value.

This study theoretically proposes a conceptual model to extend servitization innovation as an intangible asset and adopt the new perspective of asset specificity to illustrate the value creation in servitization to generate customer lock-in.

This paper will discuss two problems that have plagued the literature on the Ward-Domar-Vanek labor-managed firm (LMF) model, the perverse supply response problem and the horizon problem. The paper also discusses the solution to the horizon problem and the alleged “solution” of a membership market.

This is a conceptual paper so it analyzes the two problems and shows how they can be resolved. It also shows how one alleged “solution” (membership market) is based on several conceptual mistakes about the structure of rights in a democratic firm.

The perverse supply response is based on the assumption that the members of a democratic firm can expel for no cause some members when it would benefit the remaining members. It is shown that the same perverse behavior happens conceptually and historically in a conventional firm under the same assumptions. The horizon problem is resolved by the system of internal capital accounts (ICAs) that has been independently invented at least four times.

The idea of a democratic firm is quite often dismissed by conventional economists: “At first it seems like a good idea but unfortunately it is plagued by structural problems such as the perverse supply response and the horizon problem.” Hence it is important to see that the first is not a problem under ordinary assumptions and that the second is a solved problem.

The perverse supply response problem can be reproduced in a conventional firm under similar assumptions, and the horizon problem is real problem for social or common ownership firms but is solved in the Mondragon-type worker cooperatives by the system of ICAs. This has been known and published since the early 1980s, but conventional economists ignore the solution and still cite it as an inherent structure problem of a democratic firm.

It has not been previously shown in the LMF literature that the perverse supply response can be reproduced in a conventional corporation under similar assumptions since the maximand for the conventional firm is not total market value but that value per current shareholder. The solution to the horizon problem using ICAs has long been “known” but never acknowledged in the conventional literature as if it was a necessary feature of workplace democracy. The idea of a membership market is analyzed and criticized.

The monetary valuation of cultural heritage of a selection of 16 major public, not-for-profit Australian cultural institutions is examined over a period of almost three decades (1992–2019) to understand how they have responded to the paradoxical tensions of heritage valuation for financial reporting purposes.

Accounting for cultural heritage is an intrinsically paradoxical practice; it involves a conflict of two opposite ways of attributing value: the traditional accounting and the heritage professionals (or curatorial) approaches. In analysing the annual reports and other documentary sources through qualitative content analysis, the study explores how different actors responded to the conceptual and technical contradictions posed by the monetary valuation of “heritage assets”, the accounting phraseology of accounting standards.

Four phases emerge from the analysis undertaken of the empirical material, each characterised by a distinctive nature of the paradox, the institutional responses discerned and the outcomes. Although a persisting heterogeneity in the practice of accounting for cultural heritage is evident, responses by cultural institutions are shown to have minimised, so far, the negative impacts of monetary valuation in terms of commercialisation of deaccessioning decisions and distorted accountability.

In applying the theoretical lens of paradox theory in the context of the financial reporting of heritage, as assets, the study enhances an understanding of the challenges and responses by major public cultural institutions in a country that has led this development globally, providing insights to accounting standard setters arising from the accounting practices observed.

Scholarly discourses regarding heritage values for sustainable heritage management abound in heritage literature but appear elitist as they tend to exclude the perspectives of the people at the lower echelons of society. The study explored the values ascribed to a global heritage monument by the people living around a global heritage site in Ghana and the implications of their perceptual values for sustainable heritage management.

This study used the qualitative design. It was guided by Costin’s heritage values, community attachment theory and values-based approach to heritage management. Data was gathered from the local people living close to the heritage site, and the staff of Museums and Monuments Board at the heritage site. Data were gathered through focus group discussions and in-depth interviews and analysed using the thematic approach and most significant stories.

The results revealed that the local people were aware of the economic, aesthetic, historic, symbolic and informational values of the heritage monument but showed little attachment to the monument. The main reasons for the low attachment were the limited opportunity for them to participate in the management of the monument, and the limited opportunity for direct economic benefits from the heritage asset.

A comprehensive understanding of heritage monument management that reflects the perspectives and values of the local people is imperative.

United Nations Education, Scientific and Cultural Organisation and Ghana Museums and Monuments Board could consider a more community-inclusive heritage management framework that takes cognizance of local values and perspectives to ensure sustainable heritage management and development.

The values and perspectives of the local community matter in heritage management. The heritage authorities need to engage more with the community people and educate them on the best practices regarding the sustainable management of World Heritage Sites.

This paper argues that the management of global heritage sites should not be elitist in orientation and character. It should respect the principle of community participation for inclusive development.

The purpose of this paper is to explore the concept of data assets and how companies can assetize their data. Using the literature review methodology, the paper first summarizes the conceptual controversies over data assets in the existing literature. Subsequently, the paper defines the concept of data assets. Finally, keywords from the existing research literature are presented visually and a foundational framework for achieving data assetization is proposed.

This paper uses a systematic literature review approach to discuss the conceptual evolution and strategic imperatives of data assets. To establish a robust research methodology, this paper takes into account two main aspects. First, it conducts a comprehensive review of the existing literature on digital technology and data assets, which enables the derivation of an evolutionary path of data assets and the development of a clear and concise definition of the concept. Second, the paper uses Citespace, a widely used software for literature review, to examine the research framework of enterprise data assetization.

The paper offers pivotal insights into the realm of data assets. It highlights the changing perceptions of data assets with digital progression and addresses debates on data asset categorization, value attributes and ownership. The study introduces a definitive concept of data assets as electronically recorded data resources with real or potential value under legal parameters. Moreover, it delineates strategic imperatives for harnessing data assets, presenting a practical framework that charts the stages of “resource readiness, capacity building, and data application”, guiding businesses in optimizing their data throughout its lifecycle.

This paper comprehensively explores the issue of data assets, clarifying controversial concepts and categorizations and bridging gaps in the existing literature. The paper introduces a clear conceptualization of data assets, bridging the gap between academia and practice. In addition, the study proposes a strategic framework for data assetization. This study not only helps to promote a unified understanding among academics and professionals but also helps businesses to understand the process of data assetization.

Within the stream of research on public sector accounting standards, heritage asset accounting represents a difficult and challenging issue. This paper intends to join the debate on heritage reporting by carrying out a critical review of the Consultation Paper (CP) “Financial Reporting for Heritage in the Public Sector” issued by the International Public Sector Accounting Standards Board (IPSASB) in order to highlight its strengths and weaknesses and to make recommendations.

To this end, the current study adopts document analysis as a qualitative research method by referring to Italy as a typical and critical case study. Moreover, the authors actively took part in the Italian working group on heritage assets reporting, so they are well-informed people about the Italian point of view as well as the broad discussion underpinning the Italian response.

Evidence demonstrates that, although the proposals included in the CP represent a new step towards an organic regulation of heritage asset reporting, if these preliminary views are confronted with the reality of an emblematic context, as in the Italian case, much room for improvement remains regarding the definition, recognition, measurement and disclosure of such assets.

The originality of the paper lies in its contribution to overcoming the current controversial aspects of heritage assets reporting and the issuing of an accounting standard. In doing so, the authors also attempt to answer the call made by Anessi-Pessina et al. (2019) to investigate in detail an individual country experience to better understand the state of the art in national and international accounting standards on heritage assets.

This study empirically investigates the relationship between goodwill assets and capital structure (i.e. debt ratio) of firms and the moderating effect of financial market development on the relationship between goodwill assets and capital structure.

This research applied a quantitative method. The article collects large samples of listed firms from 23 developing and nine developed countries and applied the panel data techniques. This research used firm-level data from the DataStream database for both developed and developing countries. The study uses 4,912 firm-level data from 23 developing countries and 4,303 firm-level data from nine developed countries.

The findings reveal a significant positive relationship between goodwill assets and capital structure in developing countries, but goodwill assets have a significant negative relationship with capital structure in developed countries. Moreover, financial market development positively moderates the relationship between goodwill assets and the capital structure of firms in developing countries. The results inform firm managers that goodwill assets serve as additional collateral to secure debt financing. Moreover, policymakers should formulate a debt market policy that recognizes goodwill assets as additional collateral for the purpose of obtaining debt capital.

The study has several implications. First, goodwill assets are identified as a factor of capital structure in this study. Fixed assets have been identified as one of the drivers of capital structure in previous research, although goodwill assets are seldom included. Second, this article shows that along with demand-side determinants, supply-side determinants also play an important role in terms of the firms' choice about the capital structure. Therefore, firms should take both the demand-side and supply-side factors into consideration when sourcing for external financing (i.e. debt capital).

The study considered goodwill as a component of capital structure. The study analysis includes a large sample of enterprises, including 4,912 big firms from 23 developing countries and 4,303 large firms from nine industrialized or developed countries, which adds to the current capital structure information. Furthermore, a large sample size increases the results' robustness and generalizability.