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Article
Publication date: 1 March 2017

Capital management: advancing theory and practice

Juita-Elena (Wie) Yusuf and Arwiphawee (Sai) Srithongrung

This article highlights key aspects of capital management, including capital planning, capital budgeting, capital financing, decision making and capital spending outcomes…

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Abstract

This article highlights key aspects of capital management, including capital planning, capital budgeting, capital financing, decision making and capital spending outcomes. We provide a background discussion of public sector capital management, followed by a summary of the articles that comprise this symposium. Combined, these articles illustrate the complexity of and challenges to capital management at the state and local government levels. We discuss common themes that emerge from reading these articles as a collective symposium, including: (1) modest progress in applying and empirically testing theoretical frameworks; (2) the variety of actors and institutions; and (3) the deteriorating condition and poor performance of public infrastructure. We use the articles to illustrate gaps in the research and offer suggestions for future research on capital management theory and practice.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 29 no. 2
Type: Research Article
DOI: https://doi.org/10.1108/JPBAFM-29-02-2017-B002
ISSN: 1096-3367

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Article
Publication date: 1 April 2017

Public capital asset management:A holistic perspective

Yaotai Lu

U.S. state governments own a large array of fixed assets and lease a great number of parcels of private real properties for public uses. The purpose of this paper is to…

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Abstract

U.S. state governments own a large array of fixed assets and lease a great number of parcels of private real properties for public uses. The purpose of this paper is to explore the public asset management system of the U.S. state governments. First, this paper analyzes the major, current public asset management systems and the public procurement systems created by the Organization for Economic Co-operation and Development and the U.S. Government Accountability Office. Based on the analysis, this paper constructs a comprehensive public asset management system that consists of six cornerstones. Second, this paper verifies the comprehensive public asset management system using the data collected from thirty-seven surveyed state governments. The data analysis demonstrates that the comprehensive public asset management system is supported. However, each cornerstone of the comprehensive public asset management system presents different strengths. Third, this paper suggests that further research may delve into particular areas of capital asset management at the state government level to identify critical issues and to provide appropriate resolutions.

Details

Journal of Public Procurement, vol. 17 no. 4
Type: Research Article
DOI: https://doi.org/10.1108/JOPP-17-04-2017-B002
ISSN: 1535-0118

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Article
Publication date: 4 November 2020

The effects of Tier-1 capital to risk management and profitability on performance using multiple fixed effect panel data model

Zulkifli Rangkuti

This paper aims to examine the effects of Tier-1 capital toward risk management and profitability on the performance of Indonesian Commercial Banks.

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Abstract

Purpose

This paper aims to examine the effects of Tier-1 capital toward risk management and profitability on the performance of Indonesian Commercial Banks.

Design/methodology/approach

The research population consisted of all commercial banks listed on the Indonesia Stock Exchange. The data were in the form of financial statements of commercial banks for the periods of 2012 to 2016 with a total of 42 companies (bank). From a total of 42 commercial banks listed in the Indonesia Stock Exchange, not all of them met the criteria. Commercial banks that meet these criteria are as many as 28 banks are sampled research.

Findings

Tier-1 capital has a positive direct effect on risk management, Tier-1 capital has a positive indirect effect on profitability with risk management as a mediation variable, risk management has a positive direct effect on profitability, Tier-1 capital has a positive indirect effect on performance with risk management and profitability as mediation variables, risk management has a positive indirect effect on performance with as mediation variable and profitability has a positive impact on performance.

Originality/value

The originality of this research can be seen from the causal relationship between the effects of Tier-1 capital, risk management and profitability on the performance of commercial banks in the context of stock performance among Indonesia commercial banks. Also, the analysis tools using multiple fixed effect panel data models in this research as a novelty in this research. In addition, previous research findings remain inconsistent with one another. By conducting this research, it is expected that more consistent research findings than the previous ones can be generated. Sluggish global economic conditions, which result in declined bank performance are an interesting topic to investigate. The paper uses an original sample, 28 Indonesian banks in 2012-2016. Also, it links Tier 1 capital with risk management and performance in a novel theoretical framework.

Details

Measuring Business Excellence, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/MBE-06-2019-0061
ISSN: 1368-3047

Keywords

  • Tier-1 capital
  • Risk management
  • Profitability
  • Performance
  • Fixed effect panel data model

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Article
Publication date: 17 September 2020

Investigating the relationship between working capital management and business performance: evidence from the 2008 financial crisis of EU-28

Ali İhsan Akgün and Ayyüce Memiş Karataş

This study examines the relationship between working capital management and business performance.

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Abstract

Purpose

This study examines the relationship between working capital management and business performance.

Design/methodology/approach

The relationship between the working capital management and business performance is examined using panel data analysis for a sample of EU-28 listed firms for the period from 2003 to 2012. To examine this relationship, an ordinary least squares (OLS) regression model is used to analyze the data obtained from the sample. The dependent variable consists of three measurements, namely return on asset (ROA), return on equity (ROE) and earnings before interest and taxes margin (EBITM), which are used as proxies for accounting-based measures of performance.

Findings

The authors examined the aforementioned relationship during the 2008 financial crisis. The OLS regression analysis suggests that there is a negative relationship between gross working capital and business performance for code law countries. The results also show that liquidity measures estimated by current ratio have a statistically significant impact on business performance indicated by ROA for all EU countries. The 2008 financial crisis had a significantly negative impact on ROA. Additionally, the findings regarding financial inclusion show a negative relationship between gross working capital and business performance among EU and other performer countries.

Practical implications

Overall, the empirical findings are consistent with Afrifa's (2016), who suggests that cash flow should increase investment in working capital to improve performance indicated by EBITM for old EU members.

Originality/value

While many empirical studies investigate the relationship between working capital and firm profitability, most do not consider the impact of the 2008 financial crisis apart from Tsurate (2019). The authors examine whether legal origins are important determinants of working capital management policies and business performance. Thus, empirically, the code law countries have a negative relationship between gross working capital, business performance and EBITM.

Details

International Journal of Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/IJMF-08-2019-0294
ISSN: 1743-9132

Keywords

  • Business performance
  • Working capital
  • Global financial crisis
  • Financial inclusion
  • Legal origin

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Article
Publication date: 21 July 2020

Journal of Intellectual Capital: a review of emerging themes and future trends

Marco Bellucci, Giacomo Marzi, Beatrice Orlando and Francesco Ciampi

This article aims to provide a bibliometric and systematic literature analysis of studies published in the Journal of Intellectual Capital (JIC) from 2014 to 2018 in order…

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Abstract

Purpose

This article aims to provide a bibliometric and systematic literature analysis of studies published in the Journal of Intellectual Capital (JIC) from 2014 to 2018 in order to highlight emerging themes and future trends.

Design/methodology/approach

The analysis focused on 187 papers published on JIC over a period of five years. A scientometric approach to data mining enabled the detection of patterns in the dataset. Precisely, the investigation was conducted by integrating a bibliometric analysis on VOSviewer with a systematic literature review.

Findings

Four main streams of research on JIC emerged in the years of the analysis: reporting and disclosure of intellectual capital; intellectual capital research in universities, education and public sector; knowledge management; intellectual capital, financial performance, and market value.

Research limitations/implications

The study offers valid insights to the topics covered by the Journal of Intellectual Capital by identifying the main research gaps and trends, along with future research avenues.

Originality/value

Prior scholars mostly focused on systematic literature reviews, whilst the use of bibliometric methods generally seems to be a missing tile in the research domain. Also, none of the extant studies has focused on the Journal of Intellectual Capital with reference to the 2014–2018 period. The use of both bibliometric and systematic approaches to literature review delivered extremely fine-tuned results in terms of factors such as citations, contents and evolution of clusters over time.

Details

Journal of Intellectual Capital, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/JIC-10-2019-0239
ISSN: 1469-1930

Keywords

  • Intellectual capital
  • Systematic literature review
  • Bibliometric analysis
  • Bibliographic coupling
  • VOSviewer
  • Intellectual capital reporting
  • Knowledge management

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Book part
Publication date: 18 November 2013

Background of Study

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Details

Intellectual Capital and Public Sector Performance
Type: Book
DOI: https://doi.org/10.1108/S1479-3512(2013)0000027007
ISBN: 978-1-78350-169-4

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Article
Publication date: 31 March 2020

How does intellectual capital efficiency affect firm performance? The moderating role of family management

Yolanda Ramírez, Julio Dieguez-Soto and Montserrat Manzaneque

The purpose of this paper is twofold: to know whether those firms that achieve greater efficiency from their intangible resources (intellectual capital) also obtain…

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Abstract

Purpose

The purpose of this paper is twofold: to know whether those firms that achieve greater efficiency from their intangible resources (intellectual capital) also obtain greater performance; and to analyze the moderating role of family management on that relationship in small to medium-sized enterprises (SMEs).

Design/methodology/approach

This paper conducts an empirical study with different econometric models using a panel data sample of 6,132 paired firm-year observations from Spanish manufacturing SMEs in the period 2000–2013.

Findings

The findings suggest that intellectual capital efficiency is a key factor that allows the firm to achieve and maintain competitive advantages, obtaining greater performance. Additionally, this research also shows that the moderating role of family management can be a double-edged sword depending on the type of intangible resources.

Practical implications

This paper may give managers an insight in how to better utilize and manage intangible resources available in their firms to improve competitive advantage and ultimately firm performance. Additionally, on the basis of the Socioemotional Wealth perspective (SEW), this article argues that family-managed firms that focus on SEW preservation can enhance the impact of structural capital efficiency on performance.

Originality/value

This paper extends the prior literature by studying the joint effects of intellectual capital efficiency, distinguishing between human capital and structural capital efficiency, and family management on performance in the context of SMEs.

Details

International Journal of Productivity and Performance Management, vol. 70 no. 2
Type: Research Article
DOI: https://doi.org/10.1108/IJPPM-03-2019-0119
ISSN: 1741-0401

Keywords

  • Intellectual capital efficiency
  • Performance
  • Family management
  • SMEs

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Article
Publication date: 20 April 2010

Intellectual capital models in Spanish public sector

Yolanda Ramírez

The purpose of this paper is to provide assistance to public organizations in the process of developing their ability to identify, measure and manage their intangible assets.

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Abstract

Purpose

The purpose of this paper is to provide assistance to public organizations in the process of developing their ability to identify, measure and manage their intangible assets.

Design/methodology/approach

A review of the most important intellectual capital management initiatives at Spanish public organizations is realized.

Findings

The paper shows the importance of intellectual capital approaches as instruments to face the new challenges in public sector. The experience gained from the case studies provides a practical help to public organizations to develop means to identify, measure and manage their intangible assets.

Practical implications

The study provides a basis to understand how Spanish public organizations are measuring and managing their intellectual capital. In this sense, the first step would be the definition and diffusion of the organization's strategic objectives. Then, critical intangibles related to these objectives should be identified. Afterwards, a set of indicators is defined and developed for each intangible.

Originality/value

Public managers work with intangible concepts, although there is not always a methodology available that systematizes their identification, measurement and presentation. To deal with this problem, it is considered fundamental to know which initiatives have been carried out in Spain in relation to models of intellectual capital management for public organizations.

Details

Journal of Intellectual Capital, vol. 11 no. 2
Type: Research Article
DOI: https://doi.org/10.1108/14691931011039705
ISSN: 1469-1930

Keywords

  • Intellectual capital
  • Public sector organizations
  • Spain

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Article
Publication date: 1 February 1993

An Introduction to Financial Management

Richard Dobbins

Sees the objective of teaching financial management to be to helpmanagers and potential managers to make sensible investment andfinancing decisions. Acknowledges that…

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Abstract

Sees the objective of teaching financial management to be to help managers and potential managers to make sensible investment and financing decisions. Acknowledges that financial theory teaches that investment and financing decisions should be based on cash flow and risk. Provides information on payback period; return on capital employed, earnings per share effect, working capital, profit planning, standard costing, financial statement planning and ratio analysis. Seeks to combine the practical rules of thumb of the traditionalists with the ideas of the financial theorists to form a balanced approach to practical financial management for MBA students, financial managers and undergraduates.

Details

Management Decision, vol. 31 no. 2
Type: Research Article
DOI: https://doi.org/10.1108/00251749310031851
ISSN: 0025-1747

Keywords

  • Cash flow
  • Financial management
  • Financial statements
  • Managers
  • Profit forecasting
  • Ratios
  • Standard costing
  • Students

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Article
Publication date: 1 January 2006

Beyond human resource management in co‐operatives

Peter Davis

This paper seeks to critically review developments in the literature spanning personnel management, HRM, learning organization and intellectual capital approaches to…

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Abstract

Purpose

This paper seeks to critically review developments in the literature spanning personnel management, HRM, learning organization and intellectual capital approaches to employee utilization and development. The purpose being to identify the benefits, limitations and lessons for the management of people in the co‐operative and mutual sectors.

Design/methodology/approach

The problem of inadequate Personnel or HRM systems in the majority of co‐operatives has been established by the author over a period of seven years, field work with co‐operative organizations including the international co‐operative alliance (ICA), asian confederation of credit unions (ACCU), and the British society for co‐operative studies. Direct interviews and a sample of HRM and Membership Relations audit forms developed as part of the ongoing field research and special project work have been applied to various co‐operative contexts in all the regions of the ICA.

Findings

The findings are that co‐operatives generally are lagging behind the private sector in their application of all four approaches. Mostly smaller co‐operatives lack effective basic personnel systems and few of the larger co‐operatives go beyond HRM. This failure to develop clear programs for the utilization and development of their people is a missed opportunity.

Practical implications

The membership base and its roots in a community of shared interests means that, whilst co‐operatives have lessons to learn from all four approaches, they can and must go beyond them if they are to optimize their people‐centered business advantage in the marketplace.

Originality/value

The paper suggests a new strategy for co‐operatives of Co‐operative Social Capital Management to help them compete, whilst retaining their co‐operative difference.

Details

Cross Cultural Management: An International Journal, vol. 13 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/13527600610643493
ISSN: 1352-7606

Keywords

  • Personnel administration
  • Human resource management
  • Learning organizations
  • Intellectual capital
  • Co‐operative marketing

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