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The contingency of value creation: Financial capital, intellectual capital, and strategic groups

机译:价值创造的偶然性:金融资本,智力资本和战略集团

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The paper aims to elucidate the value creation and strategic groups of financial capital (FC) and intellectual capital (IC), which will serve as the criteria for business valuation and strategic management. We apply the strategic group concept to explore the value relevance of FC and IC. Cluster analysis is utilized to discover patterns in data. This paper leverages a model to represent value creation and cites four aspects of IC, referred to as “other information,” to combine IC and the Ohlson model. The empirical results indicate that value creation is influenced by both IC and FC. Taiwan''s information technology industry can be classified into three strategic groups. The models of growth firms and stability firms have more explanatory capacities when compared. The contributions of IC to defensive firms yield more incremental information. The findings also indicate the contingency perspective of value creation. To create higher corporate value, enterprises must formulate their IC and FC strategies based on their organizational traits.
机译:本文旨在阐明金融资本(FC)和智力资本(IC)的价值创造和战略群体,该资本(IC)将作为业务估值和战略管理的标准。我们应用战略集团概念来探索FC和IC的价值相关性。集群分析用于发现数据中的模式。本文利用模型来表示值创建和引用IC的四个方面,称为“其他信息”,以组合IC和OHLSON模型。经验结果表明价值创造受IC和FC的影响。台湾的信息技术行业可以分为三个战略组。比较时,增长公司和稳定性公司的型号具有更具解释性的能力。 IC与防御公司的贡献产生更多增量信息。调查结果还表明了价值创造的应急视角。为创造更高的企业价值,企业必须根据其组织特征制定他们的IC和FC策略。

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